News
FG to convert Arik, Aero Contractors to national carriers
The Asset Management and Corporation of Nigeria has said Arik and Aero Contractors airlines may be merged and converted to a national carrier.
The AMCON Managing Director/Chief Executive Officer, Gbenga Alade, stated this on Monday at an interactive session with media executives in Lagos.
According to Alade, both Arik and Aero Contractor are owing so much money that they may not be able to pay.
He stated that the corporation presented the idea of converting Arik and Aero Contractor to the former aviation minister but it was rejected.
“The former management of AMCON presented the idea of converting Arik and Aero to a national carrier. But the former aviation minister did not buy the idea. We will present it again because that is the best option.
“Unfortunately, the special purpose vehicle that was created by the former management of AMCON for the conversion of Arik and Aero to a national carrier had been sold. But we can create another SPV this,” he explained.
Recall that the former Minister of Aviation, Hadi Sirika, launched the Nigeria Air three days before the end of former President Muhammadu Buhari’s administration.
The development had elicited concerns among stakeholders over the ownership arrangement which gave Ethiopian Airlines a 49 per cent equity stake in the company.
The Federal Government had a 5 per cent equity, while a consortium of three Nigerian investors had 46 per cent.
Reacting to the deal in June 2023, the House of Representatives asked the Federal Government to suspend the operations of Nigeria Air, describing it as a fraud.
In August 2023, the incumbent minister, Festus Keyamo announced that the national carrier project was suspended till further notice.
Keyamo said, “It remains suspended. It was never Air Nigeria. It was not Air Nigeria. That’s the truth. It was only painted Nigeria Air. It was Ethiopian Airlines trying to flag our flag.
“If it is so, why not allow our local plane to fly our flag? So nobody should dispute that it was Nigeria Air.
“Air Nigeria must be indigenous, must be wholly Nigerian, and must be for the full benefits of Nigeria, not that 50 per cent of the profit is for another country.”
Recently, a Federal High Court sitting in Lagos halted the sale of Nigeria Air to Ethiopian Airlines.
The court declared null and void, the sale of the shares of Nigeria Air to Ethiopian Airlines after determining the issues in the suit.
Justice Ambrose Lewis-Allagoa ordered that the Federal Government’s plans to establish a national carrier, Nigeria Air, should be halted.
The judgment was delivered in favour of the Registered Trustees of the Airline Operators of Nigeria and five other aviation industry stakeholders.
At the briefing on Monday, Alade said the present status of Arik and Aero Contractors had been giving him sleepless nights.
“Believe me, it is a very difficult problem to resolve, and it is giving me sleepless nights, particularly Arik.
“Arik is owing so much that they cannot pay,” he stated.
Speaking further, Alade said, “There is a way out. We have met all their major international creditors. Afreximbank is one of them. They (Arik) are owing Afreximbank about $52m.”
After negotiations, he said the airline was only willing to take $8.5m out of the $52m.
“However, where will that $8.5m come from? Where? AMCON doesn’t have money of his own to put there? And then they negotiated and said, okay, ‘let’s take some of the engines of those things away in full and final settlement’. And the truth is that, if they took those engines away, Arik is finished.
“But we said ‘no, we cannot allow you to take it away. Let AMCON give you a kind of bank guarantee. And we will stretch it so that three planes are flying now and by the Lord’s grace, by February next year, we want to make seven planes fly for Arik,” he stated.
The Nigerian Airspace Management Agency grounded aircraft owned by Arik over a court order instituted by the airline’s creditor and billionaire businessman, Arthur Eze.
Eze had approached the court in protest against his unpaid $2.5m by the founder of Arik Air, Johnson Arumemi-Ikhide.
In a statement by the spokesperson of NAMA, Abdullahi Musa, the agency said the development stemmed from an enforcement action by the FCT High Court on July 19, 2024, which involved attaching Arik’s planes to secure the debt.
In 2016, AMCON took over the management of Aero Contractors after it dissolved the board of the company, appointing a manager to run the affairs of the company in an interim capacity.
AMCON said in a statement by its media consultancy firm that the decision to take over the management of the company was in furtherance of its responsibility of acquiring eligible bank assets and putting them to economic use in a profitable manner.
Similarly, Arik Air, founded by Mr Arumemi Johnson, was taken over by AMCON in 2017 after the carrier’s management failed to honour its debt obligation running into several billions of naira.
AMCON had taken over debts from local banks owed by Arik.
Last year, the corporation asked the owners of Arik to present a credible debt resolution plan to the bad debts manager if it hopes to recover the company from the Federal Government.
AMCON’s asset recovery efforts
In a move to recover outstanding debts of nearly N5tn, Alade announced plans to engage international asset tracers to locate and recover assets hidden by recalcitrant debtors offshore including those masqueraded under special purpose vehicles.
Alade stated that since the new management took over about five months ago, they have successfully collected approximately N100bn from several high-profile debtors and revised the sale of some assets.
He emphasised that the organisation had been receiving strong support from President Bola Tinubu, the Central Bank Governor, the Federal Ministry of Finance, the Attorney General of the Federation, and the National Assembly in their efforts to recover debts transferred by banks to AMCON during the different phases of eligible bank asset acquisition.
The AMCON CEO mentioned that the chairman of the House Committee on Finance had pledged to name and shame obligors, who had yet to repay their debts at a major stakeholders’ conference that would be held before the end of the year.
He revealed plans to organise a conference where senior officials from the Central Bank of Nigeria, relevant ministries, banks, and the judiciary would be invited to discuss the challenges posed by non-performing loans in the country.
He expressed confidence that resolving issues surrounding assets in the oil and gas sector would boost production, generate more foreign exchange, and create employment opportunities for citizens.
He noted that the corporation had achieved remarkable results in two of those assets in less than five months.
In the power sector, he disclosed that AMCON had made significant progress in one of the biggest distribution companies and an abandoned power project in Kaduna.
Alade emphasised the potential impact of addressing power challenges in Nigeria, stating that some banks with approximately 400 branches across the country spend as much as N500bn annually on diesel for their generators.
He believed that tackling the power sector would significantly improve the overall business environment.
According to Alade, AMCON is also working on assets in the telecommunications sector, aiming to revive dormant assets and bring them back into operation.
PUNCH
The Methodist Church Nigeria has honoured the General Manager of the Enugu State Community and Social Development Agency (CSDA), Hon. Monday Diamond Ani, with the prestigious “Apostle of Faith Award” in recognition of his outstanding humanitarian services and contributions to community development.
The award was presented by the Methodist Diocese of Akegbe, Aninri and Awgu Archdiocese (AAA) under the leadership of Rt. Rev. C. Orji, the Methodist Bishop of AAA Diocese, Enugu.
According to the Church, the honour was bestowed on Hon. Ani in acknowledgment of his selfless commitment to community development, social welfare, and humanitarian service over the years. The Church noted that his contributions have transcended political considerations and have positively impacted countless lives across communities.
His consistent humanitarian interventions have earned him the popular title “Odoziobodo”, meaning “one who builds and restores communities.”
Hon. Ani is widely regarded as a passionate advocate for community service, driven by a desire to improve living standards and promote love, unity, and a sense of
belonging among the people. His dedication reflects Christ’s teaching on the greatest commandment—love for God and love for one’s neighbour—placing service to humanity at the centre of purposeful living.
Due to his unavoidable absence, the award was received on his behalf and later presented to him at his office by Dr. Okechukwu Animba, Vice President (South-East) of the Senior Staff Association of Nigerian Universities (SSANU).
Responding to the honour, Hon. Ani expressed profound gratitude to Rt. Rev. C. Orji and the entire Methodist Diocese for recognising his humanitarian efforts. He prayed for God’s continued grace and strength to serve humanity and touch more lives through his work.
He also appreciated his principal, the Executive Governor of Enugu State, Dr. Peter Mbah, for appointing him to lead the CSDA, an agency charged with driving community interventions and sustainable development across the state.
When the Enugu State House of Assembly adopted the report of its Special Committee on Land Matters and Disputes in 2024, many observers described it as a watershed moment in the long-running controversy surrounding the Centenary City land in Amechi and Obeagu communities.
The report attracted national attention because it tackled a dispute that had generated numerous court cases, allegations of intimidation, destruction of property, community unrest, and claims involving some of the most influential figures in the state.
For many residents of Amechi and Obeagu, the Assembly’s intervention provided the first official platform where their grievances appeared to receive impartial consideration. The committee’s findings were widely commended for their detailed examination of the circumstances surrounding the acquisition and development of over 1,097 hectares of ancestral land.
At the heart of the controversy was the allegation that Private Estates International West Africa Limited (PEIWA), operating under a development agreement with the Enugu State Government, relied on questionable documents to assert rights over vast portions of land originally linked to a proposed university project initiated during the administration of former Anambra State Governor, Dr. Jim Nwobodo.
After reviewing submissions from the parties, the Assembly committee identified several inconsistencies in documents connected with the acquisition process. Among its findings were concerns regarding the authenticity of a survey plan purportedly prepared for the “Permanent Site of Enugu State University of Science and Technology” in 1985, despite the fact that Enugu State had not yet been created at that time.
Controversial Enugu Centenary Land: A Daniel Has Come To Judgement
The committee also questioned the authenticity of signatures and official endorsements appearing on key documents, including survey records, gazette notices, and correspondences allegedly executed on behalf of traditional authorities in Amechi and Obeagu communities.
Based on these findings, the committee concluded that the host communities had established that they were not properly carried along in the acquisition process and recommended dialogue, compensation, government intervention, and a comprehensive audit of lands developed under the Centenary City project.
At the time, many hailed the report as evidence that the legislature was willing to confront powerful interests in defence of justice and accountability.
Two years later, events appear to have given fresh significance to those findings.
Today, Kingsley Eze, Chamberlin Mbachu and Private Estates International (W.A.) Limited are facing criminal charges before the Federal High Court, Enugu, in connection with the alleged forgery of a survey plan linked to the disputed acquisition of ancestral lands in Amechi and Obeagu communities.
According to the charge sheet in Charge No. FHC/EN/CR/84/2025, the defendants are accused of conspiring to forge a survey plan titled “Permanent Site of Enugu State University of Science and Technology” purportedly dated 1985.
The prosecution alleges that the defendants knowingly made or uttered the survey plan as a genuine document despite its alleged falsity. The offences are said to be punishable under relevant provisions of the Miscellaneous Offences Act.
The criminal charges have drawn renewed attention to the conclusions reached by the Enugu State House of Assembly in 2024, particularly its observations regarding inconsistencies surrounding the same survey plan and related acquisition documents.
The developments have also prompted further advocacy from civil society organisations. The Rule of Law and Accountability Advocacy Centre (RULAAC) has called on the Inspector-General of Police to direct the Police Monitoring Unit to take over investigations and prosecutions connected with the dispute, investigate allegations of misconduct against certain police officers, and review criminal proceedings allegedly used for harassment and intimidation.
In a separate petition dated May 28, 2026, RULAAC also urged the Inspector-General of Police to intervene in two criminal cases pending before the Federal High Court, Enugu, citing repeated failures by law enforcement authorities to produce defendants for arraignment.
The cases include Charge No. FHC/EN/CR/84/2025, IGP v. Kingsley Eze & 2 Others, and Charge No. FHC/EN/CR/222/2024, IGP v. Alex Ifeadi & 2 Others.
As the criminal proceedings continue, many observers believe the matter has entered a decisive phase. The allegations that were once the subject of community petitions, legislative inquiries and public debate are now before a court of law for determination.
Whether the Assembly’s 2024 report marked the beginning of accountability or merely one chapter in a much longer struggle remains to be seen. What is clear, however, is that the issues raised by the Amechi and Obeagu communities have not faded away. Instead, they have evolved into a legal test that could shape public confidence in land administration, governance and the rule of law in Enugu State for years to come.
If the legislative findings, criminal investigations and court proceedings ultimately converge on the truth, then many residents may indeed conclude that, at long last, a Daniel has come to judgment.
Son of the late head of state and former Minister of Defence, Chief Thomas Aguiyi-Ironsi, in a letter of remembrance and solidarity written on behalf of the Aguiyi-Ironsi family to the Fajuyi family, marking the 60th anniversary of his death, said July 29, 2026, will be a solemn occasion to honour a soldier they described as “a war hero who offered himself as a sacrificial lamb for the unity and integrity of the nation.”
The family recalled that Lt Col Fajuyi, then Military Governor of the Western Region, made the ultimate sacrifice in 1966 when mutinous soldiers abducted him alongside Maj Gen Aguiyi-Ironsi in Ibadan during the military counter-coup.
They stated that Fajuyi, in a defining moment of conscience, chose honour over personal safety and refused to abandon his guest and superior, a decision the family said reflected the highest ideals of loyalty, integrity, and military brotherhood.
According to the statement, his action transformed him into a national martyr whose legacy continued to inspire unity, courage, and selfless service.
The Aguiyi-Ironsi family also expressed sympathy with the Fajuyi family, acknowledging the enduring pain of their loss, while praying for continued strength, comfort, and peace.
The statement further stated, “He did not run. He did not hide. He chose to stand. In that sacrificial decision lay the essence of his greatness.”
The family called on government institutions, military authorities, and custodians of national memory to ensure sustained recognition and support for the Fajuyi family, stressing that his sacrifice remained a national responsibility to remember and honour.
It urged Nigerians to draw inspiration from his life and death, noting that his legacy continues to challenge the nation to uphold unity, courage, honour, and selfless service.
Fajuyi was killed on July 29, 1966, during the military counter-coup in Ibadan alongside Aguiyi-Ironsi.
By Okey Maduforo Awka
The emergence of Chief Ikeagwuonu Ugochinyere as the Minority Leader of the Federal House of Representatives has been described as a vindication of the fact that the Action People’s Party (APP ) represents the collective interests of the Nigerian masses.
Recall that recently, Ugochinyere was elected as the Minority Leader of the party in a keenly contested election of the Federal House of Representatives.
According to a statement by the Chairman Anambra state chapter of the APP Chief Chijioke Okeke, Ugochinyere had been consistent in offering himself as the voice of the people and that of the voiceless.
“It did not come to us as a surprise that our great leader High Chief Ugochinyere became the Minority leader of the Federal House of Representatives because he has always been consistent and focus towards providing himself as the only vent for the masses at the Green Chambers”
“We know his pedegre as a politician as well as a leader and he has remained focus in ensuring that the voiceless are heard and this is also a vindication of our party’s unflinching desire to provide a veritable platform in a democratic process”
Okeke further stated that the fifth columnists who had attempted to deregister the party have been put to shame adding that the party shall continue to champion the interests of the Nigerian people.
“They made failed attempt at deregistering our great party but they lost sight of the fact that the APP is firmely rooted on ground and has all that it takes to drive the wishes and aspirations of the Nigerian populace and with this recent development our traducers have been put to shame and our party is on the path of further greatness “. Okeke noted .
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