Arik Air is considering filing a fresh lawsuit to challenge the unlawful seizure of its aircraft by Access Bank Plc, following an alleged indebtedness to the financial institution.
The development marks the second controversy regarding the dismantling of an Arik Air aircraft under the Asset Management Corporation of Nigeria (AMCON).
The alleged dismantling of the aircraft—a Boeing 737-700 located at the Murtala Muhammed Airport in Lagos State—has renewed hostilities between the bank and the airline.
This follows a judgment delivered by Justice Alexander Oluseyi Owoeye on November 27, 2024.
In that ruling, the court restrained the Economic and Financial Crimes Commission (EFCC) from harassing, intimidating, detaining, or threatening the applicants or their contractors over the discharge of lawful civil obligations concerning the aircraft.
The judgment followed a dispute over the ownership and repossession of a CRJ1000, which had been removed from Arik Air’s operational fleet several years earlier.
Controversy erupted over the Boeing 737-700, stationed between the Civil Aviation Flying Unit hangar and the Air Force helicopter hangar at the domestic wing of the Lagos airport.
Reports surfaced about a month ago that the aircraft was being dismantled, with several components—including avionics, radome, interior fittings, and doors—removed.
However, Johnson Arumemi-Ikhide, chairman of Arik Air, has denied that the airline defaulted on its obligations to the bank before AMCON took over the airline.
He told The Guardian that any developments after the takeover should be explained by the receiver-manager, who holds responsibility for the airline’s day-to-day management and fiduciary obligations.
He stated that the matter is under investigation by the EFCC, with Access Bank and Arik’s shareholders assisting investigators who requested records of the alleged loans for forensic examination.
Arumemi-Ikhide also explained that Arik shareholders observed the dismantling of the aircraft last week and wrote to the receiver-manager on August 17 seeking clarification.
He expressed concern over what he described as the destruction of Arik’s assets under “pretexts of all sorts of unverified loans,” calling for a full investigation.
Conversely, Simon Tumba, media consultant to Arik Air in Receivership, stated that the aircraft was sold after all necessary procedures and legal requirements were fulfilled.
Tumba told The Guardian Newspaper that the aircraft was secured in favor of Access Bank, which provided the relevant security documents to Arik Air and subsequently to AMCON.
According to the media consultant, the documents were verified as genuine, and neither Arik Air nor AMCON objected to Access Bank exercising its security rights, including the sale of the aircraft.
“The aircraft was subject to security in favor of Access Bank. The bank provided the relevant security documentation to Arik Air and subsequently to AMCON, and the documentation was verified as genuine,” Tumba said.
“Arik Air and AMCON did not object to Access Bank’s exercise of its security rights, including the sale of the aircraft. We understand that the bank has now completed the sale”, Tumba maintened.
