Victor EzejaArik Air Receiver Manager, Omokide, Kamilu Alaba, has debunked allegations of being involved in misappropriation of N120 billion being investigated by the Economic and Financial Crimes Commission (EFCC).
The EFCC had on Friday arrested and detained the Airk Air receiver manager for alleged misappropriation and diversion of about N120 billion.
The EFCC’s investigation into Arik Air’s affairs was due to a petition written by Femi Falana, who is Arik Nigeria Limited’s lawyer.
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Falana’s petition dated April 27 alleged that the receiver manager was involved in financial mismanagement, diversion of monies, sales of assets and misappropriation of funds belonging to Arik Air.
The petition specifically alleged underhand sales of assets, including a number of CRJ Aircraft and inappropriate aircraft lease.
However, reacting to the development, the airline through a statement issued on its behalf by Chief Executive Officer Of SY & T Communications Ltd, Simon Tumba, said the allegations in the petition are “manifestly and patently false and amount to no more than well-concocted lies as part of a deliberate campaign of calumny against the Receiver Manager to abort the ongoing receivership in Arik.”
The statement said the petition was instigated by Sir Arumemi Johnson, a majority shareholder in Arik airline.
The statement explained that Arik owes Asset Management Corporation of Nigeria (AMCON) about ₦240 billion as at May 31, 2023 and Sir Arumemi Johnson is an “obligor in respect of this indebtedness and is personally liable for them.”
It said the reports of the investigations into the affairs of Arik were done “unjustifiably, and without verification of the facts, linked the Receiver Manager of Arik to financial fraud within Arik.”
“The wild allegations of the misappropriation of N120 billion in the petition are manifestly and patently false and amount to no more than well-concocted lies as part of a deliberate campaign of calumny against the Receiver Manager to abort the ongoing receivership in Arik. Indeed, even on the face of the petition, the claims do not add up to N120 billion. It is made up as a publicity stunt.
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“The Petition intentionally presents a disingenuous and deceptive portrayal of actions which are the typical responsibilities and actions of a Receiver/Manager – falsely implying criminal intent. The reality is very different: it is instead that the Receiver Manager seeks only to recover for the Nigerian people, monies owed to them by this recalcitrant debtor.”
The statement said Omokide has been transparent in his dealings in Arik, adding that the Aircraft said to have been sold were never owned by Arik.
“They were simply leased by Arik. The planes were owned by JEM Leasing Limited and JEM Air Limited (both foreign companies) and financed by Export Development Canada (a Crown entity of the Government of Canada) (EDC). These two foreign companies and EDC were the principal actors in the sale of the said Aircraft.
“The Receiver Manager has no influence in respect of the exercise of mortgage rights by a mortgagee. This has been clearly affirmed by EDC who has unequivocally confirmed, including through diplomatic channels, that it was it and the two foreign companies that sold these assets,” the statement further explained.
“The accusations against the Receiver Manager are therefore, cynical and unfounded,” it added.
Clarifying other issues raised in the petition, the statement said: “The Petition suggests a criminal intent in respect of the JV financing of certain wet lease operations. These JV financings were innovative ways of raising capital due to restrictions on Arik borrowing powers– as it is a company that is technically insolvent and being kept alive only by the magnanimity of AMCON, and Federal aviation agencies.
“Furthermore, the Petition raises concerns about the teardown of a Boeing 737-700 Aircraft registered as 5N-MJI – which had been abandoned and cannibalised in Malta ever since 2013 by Arik under the then leadership of Sir Johnson, and years before the receivership commenced. This was a professionally taken decision on an aircraft that was Beyond Economic Repairs (BER) and stood the chance of being sent to the graveyard by authorities of the relevant airport in Malta. The pre-teardown valuation of the Aircraft by McLarens (a foremost Aircraft valuation company) valued the Aircraft at USD1.5 million. This was however seized by Lufthansa Technik over Arik’s indebtedness incurred pre-receivership.”
It accused Sir Arumemi Johnson of resorting to “all forms of bullying” and “underhand tactics” to scuttle the public receivership of the company.
It added that despite the “contrived petitions and unwarranted allegations against the Receiver Manager, he remains resolute and undeterred in ensuring the successful execution of the receivership over Arik.”
It added that “The receiver manager firmly asserts his unwavering determination to steadfastly defend the delicately constructed integrity he has nurtured, firmly refusing to permit any baseless allegations to besmirch it. He assures that he and all staff of Arik Air Limited (in receiver) will accord EFCC maximum cooperation”
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
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