The Asset Management Corporation of Nigeria (AMCON) has disclosed that it has recovered over N2.1 trillion for the Federal Government despite facing stiff resistance from debtors
The recovery agency also stated that it currently has over 2,000 cases in court, as some of its debtors did not use the borrowed money for its intended purpose.
Speaking at a media briefing in Lagos over the weekend, AMCON’s Head of Corporate Communications, Mr. Jude Nwauzor, stressed the corporation’s commitment to recovering outstanding debts, particularly the N227.6 billion owed by Arik Air Limited (in Receivership) and its founder, Sir Johnson Arumemi-Ikhide.
AMCON reaffirmed its commitment to recovering the N227.6 billion owed by Arik Air Limited (in Receivership) and its founder, Sir Johnson Arumemi-Ikhide, amid ongoing legal battles and allegations of mismanagement.
“At AMCON, we see the media as very strategic to our recovery mandate because most of these obligors run to the media with some skewed narratives in their desperation to make AMCON look bad.
“The point remains that these are debtors who have contributed to killing the Nigerian economy.
“The media must not allow them to eat their cake and have it,” Nwauzor said.
He noted that as the media is the mirror of society, the management of AMCON is convinced that deeper collaboration between AMCON and the media will deliver positive dividends for the country.
Nwauzor further added that the task of debt recovery has been arduous and challenging.
He lamented how AMCON’s efforts have been thwarted, as several Nigerian companies are unwilling to pay without legal battles.
“AMCON has continued to face resistance from a number of debtors who are unwilling to pay without a fight,” he said. Adding: “One of these debtors is Arik Air Limited (in Receivership), an airline company owned by Sir Johnson Arumemi-Ikhide, who is also the promoter of Rockson Nigeria Limited (a power infrastructure company), Ojemai Farms Limited, and Ojemai Investment Limited.
“These companies’ debts were transferred by various banks to AMCON due to their non-performance, with a total indebtedness of N455,171,764,772.80 as of December 31, 2024.
“Arik owes AMCON N227,637,469,394.34; Rockson Engineering N163,502,837,397.75, and Ojemai Farms N14,031,457,980.71.”
Nwauzor explained that no matter the smear campaign being sponsored against AMCON, these debts must be recovered one way or the other.
“The leadership of AMCON knows that there is no nice way of recovering debt. Because of that, obligors go to any length to assassinate the characters of both AMCON staff and management. They malign the name of AMCON, intimidate, and harass our personnel with every arsenal at their disposal.
“AMCON has continued to face resistance from a number of debtors who are unwilling to pay without a fight,” he said. Adding: “One of these debtors is Arik Air Limited (in Receivership), an airline company owned by Sir Johnson Arumemi-Ikhide, who is also the promoter of Rockson Nigeria Limited (a power infrastructure company), Ojemai Farms Limited, and Ojemai Investment Limited.
“These companies’ debts were transferred by various banks to AMCON due to their non-performance, with a total indebtedness of N455,171,764,772.80 as of December 31, 2024.
“Arik owes AMCON N227,637,469,394.34; Rockson Engineering N163,502,837,397.75, and Ojemai Farms N14,031,457,980.71.”
Nwauzor explained that no matter the smear campaign being sponsored against AMCON, these debts must be recovered one way or the other.
“The leadership of AMCON knows that there is no nice way of recovering debt. Because of that, obligors go to any length to assassinate the characters of both AMCON staff and management. They malign the name of AMCON, intimidate, and harass our personnel with every arsenal at their disposal.
“Repeatedly, AMCON has made the point at every opportunity that all stakeholders, including the media, must view the AMCON mandate as one of serious national importance.
“If at sunset AMCON is unable to recover the huge debt of over N4 trillion, it becomes the debt of the Federal Government of Nigeria, for which taxpayers’ money will be used to settle.
“The implication is that the general public will be made to pay for the recklessness of only a few individuals who continue to take advantage of the loopholes in our laws to escape their moral and legal obligations to repay their debts,” he said.
Nwauzor said the question AMCON would want the media to ask Arumemi-Ikhide is whether he indeed took these loans that led the banks to sell the loans to AMCON. If his answer is yes, the aviation media should also be interested in his effort(s) at repayment.
He said, “Amongst several inaccurate claims, the founder of Arik, Arumemi-Ikhide, has consistently peddled a false narrative regarding his debt to AMCON, claiming that Arik never defaulted on its payment obligations to Union Bank and feigning ignorance of the debt owed to AMCON.
“He has also alleged that the receivership was premature and claimed his loan was performing.
“These claims are misleading. The intelligent public must ask: if the loan was performing, why was it sold and restructured? And why did he agree to the restructuring? Did he fulfill the agreed terms?
“Arik’s debt originated from loans taken from Union Bank of Nigeria, Bank PHB (now Keystone Bank), and others.”
AMCON explained that Union Bank classified the loan as non-performing and sold it in 2010 after warning Arik about its financial instability.
“If the loan was performing, why was it sold? Why did he agree to the restructuring? Did he fulfill the agreed terms?” Nwauzor questioned.
AMCON further revealed that Arik had a negative equity value of N80 billion in 2016, with total liabilities reaching N289 billion. By December 2016, the airline’s negative shareholder capital had surged to N139 billion, nearly equivalent to its AMCON debt.
“Following years of financial distress, AMCON took over Arik in 2017, citing chronic mismanagement, flight cancellations, unpaid staff salaries, and regulatory violations. At the time, Arik was on the brink of collapse, struggling to maintain its aircraft and fulfill ticketed obligations.
“Between November 2016 and January 2017, the airline suspended several operations, failed to pay for insurance, and owed around N30 billion to aviation regulators (NCAA, FAAN, and NAMA).
“The government, concerned about the safety of the airline, the welfare of over 1,500 employees, and the stability of the aviation industry, urged AMCON to intervene,” the agency stated.
In 2021, Arumemi-Ikhide challenged AMCON’s takeover in the Federal High Court, Lagos. But Justice Lewis-Allagoa upheld the receivership, affirming AMCON’s exclusive authority to manage Arik.
“The validity of the receivership has been affirmed by the court and is not in question,” Nwauzor stated.
Nwauzor added that despite the court ruling, Arumemi-Ikhide continued to dispute the debt, claiming that AMCON’s takeover was ‘premature’ and that his loans were performing. He also accuses the receivership of mismanaging Arik’s fleet.
AMCON, however, dismissed these claims as false, stating that when it took over, only eight aircraft were operational—far fewer than the 30 planes Arumemi-Ikhide claims were in service.
Some aircraft, AMCON alleged, had been used as collateral for personal debts and were later repossessed by creditors.
AMCON, created in 2010 to stabilize the banking sector, has faced severe resistance from debtors, who often resort to legal delays and media campaigns.
“The task of debt recovery has been arduous. If AMCON cannot recover these debts, the burden falls on taxpayers. The general public will be made to pay for the recklessness of a few individuals,” Nwauzor warned.
