Court stops transfer of Arik Air’s assets

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The Federal High Court, Lagos, on Friday, ruled that the attempt to transfer Arik Air Limited Assets to NG Eagle Airlines, an airline that the Assets Management Corporation of Nigeria tried to transmute Arik to, and Super Bravo Limited, is not in the best interest of Arik.

In a certified true copy obtained by our corresponded and dated March 31, 2023, the court noted that Kamilu Alaba Omokhide (first defendant), the receiver manager of Arik Air, failed to act in accordance with Section 553 of the Companies and Allied Matters Act 2020.

The founder of Arik Air, Sir Johnson Arumemi Ikhide, and his wife, Mary Arumemi Ikhide (plaintiffs) had filed an originating motion summon dated December 14, 2021, and prayed the court that the duty imposed on the first defendant (Omokhide) by section 553 of the CAMA 202O to act in the best interest of Arik Air Limited as a whole, includes the duty to act in the best interest of the plaintiffs (Arumemi and Mary Ikhide) as members of Arik Air Limited.

The plaintiffs averred that the transfer of Arik Air Limited assets to NG Eagle (third defendant) and Super Bravo Limited (fifth defendant) “was done in bad faith and a violation of the Omokhide’s (first defendant) fiduciary duty to Arik Air Limited as imposed by section 553 of the CAMA 2020”.

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