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Re: Arik Air To Be Renamed Nigeria Eagle by lazyloxzy: 10:29am On Sep 03, 2020 |
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Re: Arik Air To Be Renamed Nigeria Eagle by minkratin: 4:12am On Sep 06, 2020 |
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Re: Arik Air To Be Renamed Nigeria Eagle by lazyloxzy: 6:49am On Sep 07, 2020 |
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Re: Arik Air To Be Renamed Nigeria Eagle by minkratin: 3:48am On Sep 08, 2020 |
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Re: Arik Air To Be Renamed Nigeria Eagle by minkratin: 6:39am On Sep 09, 2020 |
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Re: Arik Air To Be Renamed Nigeria Eagle by minkratin: 9:33am On Sep 10, 2020 |
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Re: Arik Air To Be Renamed Nigeria Eagle by minkratin: 10:39am On Sep 11, 2020 |
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Re: Arik Air To Be Renamed Nigeria Eagle by minkratin: 9:52am On Sep 13, 2020 |
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Re: Arik Air To Be Renamed Nigeria Eagle by minkratin: 9:08am On Sep 14, 2020 |
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Re: Arik Air To Be Renamed Nigeria Eagle by minkratin: 9:41am On Sep 15, 2020 |
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Re: Arik Air To Be Renamed Nigeria Eagle by johnpablo541(m): 4:36am On Sep 16, 2020 |
Re: Arik Air To Be Renamed Nigeria Eagle by johnpablo541(m): 4:39am On Sep 16, 2020 |
Enwhen:While his beleaguered airline was accumulating over a hundred billion naira in debt, compelling a government takeover with taxpayers’ money, the founder of Arik Air, Joseph Arumemi-Ikhide, sat on vast wealth in real estate, company stocks and other properties stashed around the world, a PREMIUM TIMES’ investigation has revealed. Belaboured by increasing debts including N135 billion owed to the Asset Management Corporation of Nigeria (AMCON), the Nigerian government in February 2017 stepped in, sacked the airline management, and appointed a new one for a carrier that prides itself as the country’s largest commercial airline. Less than two months after the government-appointed management took charge, it revealed that the airline was in a worse financial situation than previously thought. The receiver manager for Arik, Oluseye Opasanya, told a Federal High Court in Lagos that Arik’s total debt was N375 billion. Mr Opasanya said some of the claims the new management received included €31 million was owed to the Lufthansa Technik Group, $6.5 million owed to aviation authorities in West Africa, and N418.89 million unpaid insurance policy. The Airline also owed Zenith and Access Banks N28.347 billion. The airline’s other creditors were Amadeus Marketing Nigeria (N632. 49 million), Marriot and Best Western Hotels (N3. 8 million), undocumented bank loan (N2 billion), the Federal Airports Authority of Nigeria (N11. 21 billion), Export Development Canada ($53.43 million), Sky Enterprises LLC ($30 million), FAAN ($942.14 million) World Fuel Services Inc ($26.55 million) and a loan from one Arthur Ezenwa ($2.5 million). Belaboured by increasing debts including N135 billion owed to the Asset Management Corporation of Nigeria (AMCON), the Nigerian government in February 2017 stepped in, sacked the airline management, and appointed a new one for a carrier that prides itself as the country’s largest commercial airline. Less than two months after the government-appointed management took charge, it revealed that the airline was in a worse financial situation than previously thought. The receiver manager for Arik, Oluseye Opasanya, told a Federal High Court in Lagos that Arik’s total debt was N375 billion. Mr Opasanya said some of the claims the new management received included €31 million was owed to the Lufthansa Technik Group, $6.5 million owed to aviation authorities in West Africa, and N418.89 million unpaid insurance policy. The Airline also owed Zenith and Access Banks N28.347 billion. The airline’s other creditors were Amadeus Marketing Nigeria (N632. 49 million), Marriot and Best Western Hotels (N3. 8 million), undocumented bank loan (N2 billion), the Federal Airports Authority of Nigeria (N11. 21 billion), Export Development Canada ($53.43 million), Sky Enterprises LLC ($30 million), FAAN ($942.14 million) World Fuel Services Inc ($26.55 million) and a loan from one Arthur Ezenwa ($2.5 million). Mr Opasanya added that Arik owed the United States Internal Revenue Service and the United States Customs $987,170 and $311,888 respectively. Arik also violated Section 4 of the Pension Reform Act 2014 by failing to remit funds deducted from its employees’ salaries plus its own 10 per cent contribution to their retirement saving accounts, he said. Multiple sources who worked at the airline said the former management did not remit their pension contribution to their Pension Fund Administrator (PFA) up to at least 65 months between 2010 and 2016. According to the airline’s appointed receiver, its unpaid pension obligation was N4.59 billion. |
Re: Arik Air To Be Renamed Nigeria Eagle by minkratin: 9:10am On Sep 16, 2020 |
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Re: Arik Air To Be Renamed Nigeria Eagle by lazyloxzy: 11:25am On Sep 17, 2020 |
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Re: Arik Air To Be Renamed Nigeria Eagle by lazyloxzy: 11:26am On Sep 17, 2020 |
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Re: Arik Air To Be Renamed Nigeria Eagle by minkratin: 8:34am On Sep 18, 2020 |
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Re: Arik Air To Be Renamed Nigeria Eagle by lazyloxzy: 10:40am On Sep 19, 2020 |
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Re: Arik Air To Be Renamed Nigeria Eagle by minkratin: 8:23am On Sep 20, 2020 |
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