The management of Asset Management Corporation of Nigeria (AMCON) and the former management of Arik Air are bickering over the judgment of the Federal High Court sitting in Lagos on Friday.
While earlier news on Saturday claimed that the Federal High Court nullified the takeover of the airline by AMCON, a statement from AMCON on Sunday debunked the claim.
Some online media houses on Saturday had claimed that the court stopped the transfer of Arik Air assets to AMCON.
The ruling was purportedly delivered by Justice Ambrose Lewis-Allagoa of a Federal High Court.
Kamilu Alaba Omokide, acting as receiver/manager, the group head, AMCON, had handed the management of Arik Air to NG Eagle Limited and Super Barvo Limited.
The management of Arik Air had approached the court to set aside the decision.
Arik Air led by Johnson Arumemi Ikhideits, the founder and Mary Arumemi Ikhide, co-plaintiff, dragged AMCON, its Group Head, NG Eagle Limited; Super Bravo Limited, and Nigeria Civil Aviation Authority (NCAA) before the Federal High Court over the taking-over of Arik Air Limited’s assets and management.
In the suit, the plaintiffs prayed to the court for four reliefs, which included a declaration that the duty imposed on the 1st Defendant by Section 553 of the Companies and Allied Matters Act 2020 to act in the best interest of Arik Air Limited as a whole includes the duty to act in the best interest of the Plaintiffs as members of Arik Air Limited.
But, a statement by AMCON on Sunday, declared the information as misleading.
AMCON insisted that the judgment affirmed its takeover of the airline.
It said the Judgement clearly and without equivocation affirmed that AMCON was competent and empowered to appoint the Receiver/Manager of Arik.
It also maintained that the appointment by AMCON was proper, and that the continued operations of Arik were not affected.
AMCON insisted that the judgment didn’t affect the operations of Arik or the powers of the Receiver/Manager to superintend the affairs of the airline.
The read in part: “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 judgment 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 judgment 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.”
The corporation added that in any event, AMCON and the Receiver/Manager were dissatisfied with certain parts of the judgment relating to its dealings in specific transactions concerning limited assets, stressing that AMCON was exercising its constitutional rights to appeal, in respect of these.
It reiterated that the issues under appeal had no bearing on the continued operation of Arik as a company in receivership, noting that the court had already affirmed this.
