by Azeez Adeniyi

The Asset Management Corporation of Nigeria (AMCON) has said Arik Air was indebted to the tune of N375 billion naira in local debt before it took over the airline.

Addressing a press conference in Lagos on Wednesday, AMCON spokesperson, Jude Nwauzor said the airline was operating without adequate equipment.

[Read Also: Arik to be managed by foreign airlines – AMCON]

He said Arik Air, operated without spare tyres and other important equipment necessary to facilitate operations.

AMCON said Arik was risking the lives of millions of people that patronize the airline because it did not care about safety.

The corporation noted that critical operational arrangement such as having a simulator, which would have ensured that Arik pilots undertook mandatory trainings as required to improve their efficiency, were non-existent.

Nwauzor disclosed that the airline had accumulated foreign debt totalling 31 million euros and $6.5 million.

Details later…