The full breakdown of Arik Air’s debt profile has finally been released to the general public.
According to a latest filing at the Federal High Court, the airline seems to be owing just about all its suppliers and other sundry parties from hotels to proprietary consultants.
Arik Air has been described as the ‘poster boy’ for the most mismanaged airline in Nigeria’s history. In the early part of February, Arik Air was taken over by the Asset Management Corporation of Nigeria, AMCON. AMCON is Nigeria’s agency that bought bad debt from banks in the wake of the 2007/2008 banking crisis.
AMCON has not disclosed what it plans to do with Arik. While a sell off is inevitable, many analysts are sceptical about the prospect of getting a good price for an airline that is not worth more anything.
S/N | DEBT DESCRIPTION | AGENCY/COMPANY OWED | AMOUNT |
---|---|---|---|
1. | Airline Insurance | Name of insurance companies withheld | N418,893,067.97 |
2. | Staff Pension | National Pension Commission | N4,586,860,471.50 |
3. | Airline Maintenance | Lufthansa Technik Group | €31,000,000 |
4. | Bank Loan | Zenith Bank | N28,346,678,438 |
5. | Bank Loan | Access Bank | N9,447,673,924 |
6. | Service Provision | Amadeus Marketing Nigeria | N632,490,151.60 |
7. | Accomodation | Marriot and Best Western Hotels | N3,800,000 |
8. | Fraudulent Loan | Name of Bank withheld | N2,000,000 |
9. | Services and Use of Facilities | Federal Airport Authority of Nigeria (FAAN) | N11,215,279,204.19 |
10. | Financial advisory services | Pan African Capital Limited | N337,500,000 |
11. | Judgement debt and interest (Suit: FHC/ABJ/CS/234/08) | Nigerian Aviation Handling Company PLC. | N339,996,233.11 |
12. | Aviation Insurance Cover | Name withheld | N203,895,020.37 |
13. | Tax Consulting | Babington Ashaye & Co | N60,750,000 |
14. | Ticket Sales | Wakanow | N40,156,144.68 |
15. | Refund for unused tickets | Passengers | N22,275,450 |
16. | Telephone and Internet services | 21st Century Technologies Limited | N19,082,852.30 |
17. | Tax Liability | Kwara state Internal Revenue Service | N1,474,530 |
18. | Judgement Sum | Akpan Anthony | N1,474,530 |
19. | Lease of aircraft and one spare engine | Export Development Canada | $53,422,583.17 |
20. | Debt | Sky Enterprises LLC | $30,000,000 |
21. | Judgement sum | Arthur Eze and Atlas Petroleum Ltd. | $2,500,000 |
22. | Loan | Ike, Ike & Associates | $2,500,000 |
23. | FAAN Services | FAAN | $942,147.02 |
24. | Services | Airline Rotables Ltd. | $479,036.92 |
25. | Lease of PW 4168A-ID Engine | Pratt & Whitney Engine Leasing LLC | $140,610.21 |
26. | Fuel | World Fuel Services | $26,556.37 |
27. | Foreign Debt (West Africa) | Aviation Authorities in the West Coast | $6,500,000 |
28. | Foreign Debt (US) | US Customs | $987,170 |
29. | Foreign Debt (US) | US Internal Revenue Services | $311,888 |
30. | Foreign Debt (UK) | Heathrow and Her Majesty Revenue | N100,359,000 |
31. | Foreign Debt (UK) | UK Customs | N121,425,097.05 |