How takeover of Arik saves 2,600 jobs – AMCON

Date:

The takeover of Arik Air has saved more than 2,600 jobs and improved the fortune of the airline in the last two years, Assets Management Company of Nigeria (AMCON) has said.

Thank you for reading this post, don't forget to subscribe!

Two years after Arik was handed over to the receiver manager, the prospects of the airline are significantly becoming brighter, the CEO, Arik Air, Roy Ilegbodu who heads the receiver managers team, said.

“AMCON did not just jump into Arik. We bought these loans in 2011 and 2012 and after buying the loans, we gave Arik N20billion, additional landing to help them rejuvenate. So, talking about putting Arik in a position to pay its debt, we did that several years before we decided to appoint a receiver manager to intervene. So where we are now is a different recovery level,” Mr Ilegbodu said.

He said “the initial recovery level was pursuing to build capacity and let them repay but where we are now is build capacity and exist. How you exist can take different forms and we have people in AMCON that are working on that.”

From a fleet of six poorly maintained aircraft, the airline now operates 17 functional aircraft which convey 5000 passengers daily, up from 1,400 at the point of takeover.

Months before its takeover, between September and December 2016, Arik operations were completely grounded because it could not pay for aviation fuel and other basic services.

The airline which hitherto accounted 55 percent of national passenger traffic at its peak of its glory was groaning under a huge debt burden and had not paid its staff for months prior to the take-over.

Peter Okafor
Peter Okaforhttp://Naija247news.com
Peter Okafor Financial Journalist | Editor | Contributor Overview: Peter Okafor is a seasoned Financial Journalist, astute Editor, and valued Contributor at Naija247news Media Group. With an unwavering passion for dissecting complex financial landscapes, Peter has become a trusted name in delivering incisive and insightful coverage of economic events, market trends, and corporate dynamics. Professional Journey Peter's journey in financial journalism has been marked by a commitment to excellence. Joining the ranks of Naija247news, he has consistently demonstrated a keen understanding of the intricate interplay between finance and the global socio-economic fabric. Expertise: Specializing in financial markets, economic analyses, and business developments, Peter Okafor has honed his expertise over the years. His ability to unravel intricate financial narratives and present them in a comprehensible manner sets him apart in the world of financial journalism. Contributions As an Editor and Contributor, Peter has played a pivotal role in shaping the narrative of Naija247news. His contributions extend to thought-provoking articles, in-depth market analyses, and coverage of key events that impact the financial landscape. Educational Background: Peter holds a degree in Journalism, complemented by specialized courses in Finance and Business Reporting. His educational foundation has provided him with the tools to navigate the intricate world of financial journalism. Innovation and Adaptability: In an era of evolving media landscapes, Peter Okafor exemplifies innovation and adaptability. Leveraging digital platforms and emerging technologies, he ensures that financial insights reach a diverse audience, fostering financial literacy and awareness. Awards and Recognition: Peter's commitment to journalistic excellence has not gone unnoticed. He has been the recipient of several awards, recognizing his outstanding contributions to the field of financial journalism. Vision for the Future: Looking ahead, Peter Okafor envisions a future where financial journalism continues to empower individuals, shape economic policies, and drive positive change. His dedication to staying at the forefront of financial news underscores his commitment to this vision. Connect with Peter Okafor: - LinkedIn: [Peter Okafor](#) - Twitter: [@PeterOkafor_N247](#) In the dynamic realm of financial journalism, Peter Okafor stands as a stalwart, combining experience, expertise, and a forward-looking vision to illuminate the path of financial understanding for a global audience.

Share post:

Subscribe

Popular

More like this
Related

Access Holdings to pay N1.80 as final dividend to shareholder

March 28, 2024. Azonuchechi Chukwu. Access Holdings has revealed plans to...

Police gun down two notorious bandits in Benue

March 28, 2024. Azonuchechi Chukwu. Men of Operation Zenda, a Joint...

Army declares eight wanted in connection with the k!lling of its officers in Okuama

March 28, 2024. Azonuchechi Chukwu. The Nigerian Army has declared eight...

Naira Appreciates Against Dollar at the NAFEM Window

March 28, 2024. Azonuchechi Chukwu. The Naira’s euphoric appreciation against the...
Social Media Auto Publish Powered By : XYZScripts.com

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading