April 02, (THEWILL) – Dissatisfied with certain parts of the Judgment relating to the court judgement on Arik Air, the Asset Management Corporation of Nigeria (AMCON) has revealed that it would appeal the ruling.
This is just as the asset managers contended that the Judgment did not either: (i) rule against the appointment of the Receiver/Manager of Arik or (ii) grant all the prayers of the Plaintiffs.
AMCON, in a reactionary statement, maintained that the public should bear in mind that the issues under appeal have no bearing on the continued operation of Arik as a company in Receivership, as the Court has already affirmed the Receivership.
The statement issued by AMCON read, ”The attention of the Receiver/Manager of Arik Air Limited (in Receivership) (Arik) and the Asset Management Corporation of Nigeria (AMCON) has been brought to several online publications concerning a judgement of the Federal High Court, Lagos delivered on Friday, March 31, 2023 (the Judgment).
“The general public should please note that the Judgement clearly and without equivocation affirmed that AMCON was competent and empowered to appoint the Receiver/Manager of Arik, that the appointment by AMCON was proper, and that the continued operations of Arik are not affected. Put simply: the judgement does not affect the operations of Arik or the powers of the Receiver/Manager to superintend the affairs of Arik.
“Specifically, the Judgment did not either: (i) rule against the appointment of the Receiver/Manager of Arik or (ii) grant all the prayers of the Plaintiffs as stated in certain online publications. The Court did hold that the Receiver/Manager was obligated to act in the best interests of Arik and other creditors – a point that AMCON and the Receiver/Manager have never disputed.
“In any event, AMCON and the Receiver/Manager are dissatisfied with certain parts of the judgment relating to AMCON’s dealings in specific transactions concerning limited assets. We are exercising our constitutional rights to appeal, in respect of these.
Meanwhile, the Federal High Court, Lagos on Friday, made a declaration and ruled that the attempt to transfer Arik Air Limited Assets to NG Eagle Airlines (third defendant) – an airline that the Assets Management Corporation of Nigeria tried to transmute Arik to, and Super Bravo Limited is not in the best interest of Arik Air as a whole.
In a certified true copy paper dated March 31, 2023, it noted that Kamilu Alaba Omokhide (First defendant), Reciever Manager of Arik Air, failed to act in accordance with section 553 of the Companies and Allied Matters Act 2020.
The founder of Arik Air, Sir Johnson Arumemi Ikhide, and his wife, Mary Arumemi Ikhide (Plaintiffs), had filed upon the originating motion summon dated December 14, 2021, and filed on December 9, 2021, prayed the court that the duty imposed on the first defendant (Omokhide) by section 553 of the CAMA 202O to act in the best interest of Arik Air Limited as a whole includes the duty to act in the best of the plaintiffs (Arumemi and Mary Ikhide) as members of Arik Air Limited.
Anthony Awunor, is a business correspondent who holds a Bachelor of Arts Degree in Linguistics (UNILAG). He is also an alumnus of the Nigerian College of Aviation Technology (NCAT), Zaria Kaduna State. He lives in Lagos.
