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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
News
“Go and Verify”: How Sunday Umeha Is Redefining Representation in Ezeagu/Udi
Rt. Hon. Barr. Sunday Cyriacus Umeha has continued to distinguish himself not only as a grassroots politician but as a sound parliamentarian who clearly understands the true essence of legislative representation and public service.
Since emerging as the Member representing Ezeagu/Udi Federal Constituency in the House of Representatives, Umeha has consistently demonstrated capacity, vision, and commitment both on the floor of the National Assembly and within his constituency.
Unlike many politicians whose promises disappear after elections, Rt. Hon. Umeha has steadily transformed his campaign mantra, “Go and Verify,” into practical realities visible across communities in Ezeagu and Udi Federal Constituency.
From road construction to solar-powered streetlights, classroom projects, healthcare interventions, agricultural empowerment, scholarships, boreholes, and youth development programmes, his stewardship has remained rooted in service delivery and measurable impact.
Observers say one of the strongest qualities that separates Umeha from many lawmakers is his deep understanding of parliamentary responsibilities. Through strategic bills and motions, he has continued to show that representation goes beyond rhetoric and political appearances.
Among several notable legislative efforts, he sponsored bills seeking the establishment of a Federal College of Entrepreneurship and Skill Acquisition in Ezeagu/Udi Federal Constituency, reforms in the education sector through the abolition of levies in public basic schools, mandatory insurance protection for NYSC members, and the establishment of a National Football Academy.
He also sponsored motions addressing critical national concerns, including the investigation into the gruesome killing of Nigerians by soldiers in Enugu State and the urgent completion of the Karshi/Apo Road project in Abuja to ease traffic congestion.
Political analysts note that these interventions reflect a lawmaker who understands that effective representation must combine constituency development with strong legislative advocacy.
Many constituents equally commend him for remaining faithful to the promises he made during his campaigns. Across the constituency, residents point to completed and ongoing projects as evidence that the lawmaker has not reneged on his commitments to the people.
Beyond governance and legislative duties, Rt. Hon. Umeha also played significant roles in efforts aimed at restoring sanity, stability, and internal cohesion within the Labour Party before his eventual defection to the APC.
Sources within the political space in Enugu State revealed that Umeha consistently pushed for peace, unity, and institutional order within the party during periods of internal crisis and leadership disagreements. His interventions were said to be driven by the desire to protect the interests of party members and preserve the integrity of the platform.
However, following prolonged internal challenges and unresolved structural issues within the Labour Party, the federal lawmaker eventually moved to the All Progressives Congress (APC), a decision many political observers described as strategic and inevitable.
Despite the political transition, supporters insist that his focus has remained unchanged — delivering quality representation, empowering constituents, and sustaining developmental projects across Ezeagu/Udi Federal Constituency.
For many residents, Rt. Hon. Barr. Sunday Cyriacus Umeha represents a rare blend of grassroots leadership, legislative competence, humility, and political responsibility.
And across the constituency, the verdict from many communities remains simple:
“He promised, and he delivered.”
News
Chief Sir Paul Chukwuma Lays His Beloved Sister to Rest
Today, Friday 8 May 2026, Chief Sir Paul Chukwuma (Onwa Umueri) laid his beloved sister, Late Mrs Christiana Amaka Okeke to rest in a solemn but dignified ceremony.
A large number of family and friends gathered in Ogboji in Orumba South Local Government Area for her burial.
It was a solemn yet beautiful celebration of a life well lived, one marked by grace, resilience, and strong family values. The Funeral Mass was officiated by His Emience, Cardinal Peter Ebere Okpalaeke, The Catholic Bishop of Ekwulobia Diocese.
In a heartfelt family tribute, Chief Sir Paul Chukwuma shared that her sister “it is indeed well with your soul and has gone to rest with the Lord,” expressing profound grief over the irreplaceable loss of a beloved sibling who played a significant role in their family. He prayed for God to grant her His mercy and reward her with Beatic Vision. He opined that they as a family will continue from where she stopped. Our Hope in God and Believe in the resurrection of the dead and communion of the saints will spur them on as they continue to place all their hopes in God who made Heaven and Earth.
The Funeral and Burial Ceremony was graced by notable dignitaries including Her Excellency Senator Dr Iyom Uche Ekwunife, APC State Chairman, Most Distinguished Senator Emma Anosike, Chief Uzoma Igbonwa (Okeife Alor), YPP Deputy Governorship Candidate 2025 Governorship Election, His Excellency, Chief Uzu Okagbue, Former Nigeria Ambassador to Burundi, His Excellency, Ambassador Elijah Onyeagba (Ozonkpu Ike Enuguwu-Ukwu N’Umunri, Dr Oby Orah, Executive Director FAAN, Prof Charles Esimone, Former Vice Chancellor Unizik, Chief Hon Raph Okeke, Barr CJ Chinwuba, Hon Chizo Obidigwe, Hon JC Okeke (Deputy Chairman ,APC Anambra State, chief Anthony Obiazie (Ichie Ide), Onwa Lento Aluminium.
Others are The Vice Chancellor of Benue State University and Members of the Governing Council, the Rector Anambra State Polytechnic,Dr Njideka Rita Chiekezie, Hon Obi Henry APC State secretary, Hon Ify Nwachukwu (Ada Onowu), Prof Jaja Nwanegbo, and several other respected leaders from the political, traditional, and religious communities.
Late Mrs Christiana Amaka Okeke died after Major Brain Tumour Surgery in Germany, aged 44 years. May the soul of Late Mrs Christiana Amaka Okeke rest in perfect peace, and may God grant the entire Chukwuma of Umueri and Okeke family of Ogboji, the strength and comfort to bear this irreparable loss.
*Videos and Photos Speak:*
*(C) Paschal Candle.*
News
2027: Anambra ADC Intact Despite Obi, Kwankwaso Departure – Guber Candidate
By Okey Maduforo Awka
Gubernatorial candidate Mr John Nwosu and running mate of the African Democratic Congress ADC in Anambra state Chief Ndubuisi Nwobu have stated that despite the deoature of Mr Peter Obi, and Alhaji Rabiu Musa Kwankwaso,the party is still intact and would run it’s full course in the 2027 general election.
The duo however lamented that the deoature of Obi is indeed painful but was quick to add that the party must forge ahead .
He said as leaders, Obi and Kwankwaso and other key chieftains of the ADC who suddenly left to the Nigeria Democratic Congress (NDC) would have waited to resolve the problems the ADC is facing when it mattered most rather than taking a swift to another fold.
Chief Nwobu bared his mind and feelings of other stakeholders of the ADC while briefing newsmen shortly after the ADC Anambra Leadership Consultative Meeting held on Friday in Awka the state capital.
He noted with nostalgia that the candidate of the Labour Party (LP) during the 2023 general elections, Mr. Peter Obi could have shown restraint and commitment in the ADC even in face of the party’s plethora of litigations pending before different courts than leaving it unceremoniously with others.
He vowed that despite the development, leaders and members of the State chapter of the ADC are resolute to take the full circle of the electoral battle ahead of next year’s general elections and would get to it to successfully.
Accorisng to him, the National leadership of the party was not given the opportunity to settle down even less than 24 hours before the supreme Court judgment on Thursday last week when news about the detection of those who left the party rented the air waves up till Friday and Saturday same week and finally on Sunday when the news was finally blown to the entire world.
Nwobu disclosed that the opposition ADC in the state at the moment parades about nine House of Representatives and six State House of Assembly aspirants who have bought nomination forms to contest the 2027 elections while more have indicated interest to join the epical race.
The ADC stalwart further maintained that all those who indicated interest to contest the various positions are greatly prepared to run the race with high morals.
“We feel pains that these people left the party (ADC); definitely it’s going to affect the gains of the party. There’s no point saying every other thing. That having been said I am telling you that those who remain in the party are resolute and prepared to run the course.
He said the ADC Anambra Leadership Consultative Meeting reaffirm loyalty and support to the National leadership under David Mark as national chairman and Rauf Aregbesola as the National Secretary.
Nwobu who was flanked by Hon. Christian Okeke, Ven. Chris Orajekwe and Arch. Afam Moma, Samuel Ikefuna, and Reginald Akunekwe and Ben Chuks Nwosu said “the state leaders reaffirm loyalty and support of the ADC Anambra state to the National leadership headed by Senator David Mark and His Excellency Rauf Aregbesola.”
“The meeting resolved to commend the founding chairman of the ADC Chief Ralph Okey Nwosu for the exemplary show of representing the ADC platform as an umbrella body for the coalition and his selfless role In navigating the coalition to it’s fruition.”
“And we wish to affirm that the ADC’s best is from Anambra state and Anambra state will not be found wanting in the efforts of the party to achieve success during the 2027 general elections,” he said.
“For our brothers who has moved on tp other platform, we wish them well. I look forward to a day we will all join hands together to salvage this country,” Nwobu stated.
He explained further that no new leadership has been Inaugurated in Anambra,adding that that it’s unnecessary for somebody to say he or she has resigned as the party is still contending on issues of offices, conduct of Congresses at the Federal High court.
Chief Nwobu stated that the Inauguration of officials elected at Congresses across the states would be made on the 11th of this month.
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