Author: Wole Shadare

 The rescue of Arik Air by the Asset Management Corporation of Nigeria (AMCON) led to panic in the aviation even though many saw it coming. It further raises anxiety as to whether the airline would join others which lifespan were less than ten years, writes, WOLE SHADARE   Call it a specular fall and you won’t be wrong. Nigeria’s biggest airline came with a lot of promise when it was floated on October 30, 2006. Not…

*To submit report in 12 weeks   Wole Shadare   The new management of Arik Airlines has appointed KPMG, world-class financial experts to undertake a forensic and diagnostic audit of the finances of the airline to ascertain the true status of its finances.    According to the statement, the review will among other objectives cover the position of assets and liabilities, and their utilization; recording and utilization of loans, propriety of third party transactions; fraud…

*Legal firework to slow down process     There are indications that the Federal Government may have decided to convert troubled Arik Air into the much anticipated national airline that the government plans to float by the end of this year.   A very reliable source who worked in the Presidency but declined to give his identity because he was not authorized to speak with the media said the coast is getting clearer regarding the…

The low export business in Nigeria has led to the exorbitant charges by cargo airlines operating to Nigeria, the Managing Director of Skyway Aviation Handling Company Limited (SAHCOL), Rizwan Kadri has said.   Consequently, the airlines charge double goods coming into the country because they hardly have goods to take out of the country. This has seriously affected cost of transporting goods t[ the country by air. Investigations also revealed that charges accruable to the…

Ahead of the expected closure of Nnamdi Azikiwe International Airport, Abuja for the repairs of the runway beginning from March 8th 2017, the Nigerian Airspace Management Agency (NAMA) has commenced the upgrading of navigational facilities at the Kaduna airport to absorb the increased volume of traffic to be diverted from Abuja. Towards this end the agency is deploying both equipment and personnel to strategic areas of need to ensure a seamless flow of traffic at…

*Airline almost an empty shell-New Management     For Arik Air to come back to full operations, it new management of the carrier needs to clean the Augean stable as the airline would require N10 billion to do so.   This was the view of the Managing Director of the airline, Capt. Roy Ukpebo Ilegbodu adding that the Assets Management Corporation of Nigeria (AMCON) has discovered deep rooted rot at Arik Airlines, which would require…

The Nigerian Civil Aviation Authority (NCAA) has attributed the Qatar Airways incident of last week Thursday to bird strike which it said hit the number one engine of the aircraft. The NCAA, in a statement by its spokesman, Sam Adurogboye said the Qatar Airways A330 aircraft with registration number AD-AED, Flight no. 1408 scheduled operation from Lagos to Doha received a push back to take off from the Murtala Mohammed International Airport (MMIA) at 14.45hrs…

In the wake of Arik’s financial mess and eventual take over, airline operators under the aegis of Airline Operators of Nigeria (AON) have raised concern over multiple taxes, charges and levies inflicted on them by government that has threatened their existence.   The operators who are showing panic over Arik’s predicament stated that in this time of economic hardship in the nation, it is rather unfortunate that the system has failed to recognize airlines area…

*Creditors get payment assurance     Within 48 hours of intervention by the government, Arik Air is receiving assistance to be able to offer smooth flight services.  A source close to the carrier and the Assets Management Corporation of Nigeria (AMCON) told Woleshadare.net that contrary to what was previously recorded, Arik have debts in huge amounts, in excess of N300 billion, especially with some banks, excluding fuel suppliers, lessors and maintenance companies.  Sources say following it’s…

Aviation think tank, Aviation Round Table (ART) yesterday said treating the Arik Air’s case in isolation would be to trivialize the magnitude of the problem, saying they all saw it coming     On Thursday, the Asset Management Corporation of Nigeria (AMCON) took over the carrier. The takeover would help to save over 2,000 jobs as the carrier is seriously ailing.   President ART, Elder Gbenga Olowo said going back to almost 40 years, Government…