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The Export Development Canada (EDC) has warned the Economic Financial and Crime Commission (EFCC) to lay off its Mortgage Rights, the CRJ 1000 which the crime commission is obstructing the owner from repossessing following a petition filed by Sir Johnson Arumemi, founder of Arik Air.
Based on this, some aviation observers are urgently calling upon the Nigerian state to protect the interests of international lenders, such as Export Development Canada (EDC), and other potential lenders closely monitoring the ongoing investigations by EFCC into the affairs of the Receiver Manager of Arik, as it relates to the enforcement of mortgage rights by EDC, in respect of a CRJ 1000 Aircraft owned by JEM Leasing.
Join our WhatsApp ChannelThe handling of the matter will significantly impact their decisions on whether to invest in Nigeria’s economy in future.
Recent events surrounding the unjustified interference by the EFCC further to a petition by Sir Johnson Arumemi Ikhide, in respect of the sale of an aircraft by JEM Leasing Limited in cooperation with financing provided by EDC, have raised concerns about the interference faced by lenders and the potential repercussions for Nigeria’s economic fortunes. It is imperative for the Nigerian government to prioritize the preservation of investor confidence and provide a stable and supportive environment for international lenders.
READ ALSO: Why Arik Air Removed CRJ 1000 From Fleet
The spurious allegations and mis-narrations circulating in the public domain, particularly that the Receiver Manager of Arik has superintended over the stripping of the CRJ 1000 Aircraft, without the knowledge of the owner of the said Aircraft – JEM Leasing Limited, is untrue. It is crucial to establish the truth and hold accountable those responsible for disseminating false information.
EDC, as a Crown Corporation wholly owned by the Government of Canada, plays a pivotal role in driving economic growth and development through investments in various projects worldwide. This episode superintended by the EFCC threatens not only future investments by EDC in Nigeria but also sends a discouraging message to other potential lenders considering investments in Nigeria.
