Complete debt profile of Arik Air unmasked

Arik AIr

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.

 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