Managing Director of Arik Air, Capt Roy Ilegbodu has clarified that there is connection between his airline and the newly-floated domestic carrier, the Nigeria Eagle (NG Eagle), operated by the Asset Management Corporation of Nigeria (AMCON).
While Arik Air is presently under receivership of the AMCON, the NG Eagle is one of the newest domestic airlines in the country’s aviation industry.
This follows the repainting of two aircraft in the fleet of of Arik Air in the livery of NG Eagle.
AMCON took over the management of Arik Air in February, 2017.
Making the clarification while playing to Aviation correspondents at the airline’s headquarters at the Murtala Muhammed Airport, Lagos, complex, Wednesday, Ilegbodu dismissed any speculations concerning connection between managements of both carriers.
Captain Ilegbodu explained that the fact a couple of planes with Arik aircraft livery were painted in that of the NG Eagle was because the assets were mortgaged for a loan and now the owners have taken possession of their assets.
“Well, in reality there is no connection between the two. That said, you are aware that NG Eagle is solely owned by AMCON and of course you know that Arik Air itself is in receivership and the receivership was instituted by AMCON which is based on the fact that Arik owes significant sums of money to AMCON. So, if you can infer from there that’s the relationship.
“I can boldly say that those airplanes in our industry we call recovery. They have been recovered. If a company is owing and it cannot pay, those airplane were actually mortgaged to AMCON and it is very clear that at some point they would take their assets and that is what was done.
“ So, the fact that they carried the name and logo of Arik does not mean they belong to Arik, the owners have taken their property. Of course the opportunity was given to Arik to pay. I don’t think that happened. So I think it’s pretty straight forward.
“By law, those are mortgaged assets and the owners of the assets have every right to take their assets,“ the Arik Air boss said.
Although, the Nigeria Eagle was incorporated as NG Eagle Limited RC: 1600277 on July 11, 2019, with a share capital of N1 billion, the airline is yet to secure its Air Operator Certificate (AOC) from the Nigerian Civil Aviation Authority (NCAA) in order to commence operations.