Justice Ambrose Lewis Alagoa of the Federal High Court siting in Lagos on Friday gave the Asset Management Corporation of Nigeria (AMCON) 14 days to render Arik Air’s accounts since 2017 take-over and insisted that the attempt by the federal government agency to transfer the assets of Arik Air Limited to NG Eagle Airlines (third defendant) and Super Bravo Limited (fifth defendant) was not in the best interest of Arik Air.
The Court granted all the prayers of the plaintiffs: Sir Johnson Arumemi Ikhide and his wife, Mary Arumemi Ikhide ordering the defendants (AMCON) to render accounts and/or deliver returns to the Corporate Affairs Commission covering the entire period of receivership over Arik Air Limited within 14 days of making the order.
The court also ruled that the transfer of Arik Air Limited assets to NG Eagle Limited, Super Bravo Limited (fifth defendant) was done in bad faith and a violation of Omokhide’s fiduciary duty to Arik Air Limited as a whole imposed by section 553 of CAMA 2020.
The founder of Arik Air, Sir Johnson Arumemi Ikhide, and his wife, Mary Arumemi Ikhide (Plaintiffs) had filed had upon the originating motion summon dated December 14, 2021 prayed the court that the duty imposed on the first defendant (Kamilu Alaba 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 of the plaintiffs (Arumemi and Mary Ikhide) as members of Arik Air Limited.
The plaintiffs claimed that the transfer of Arik Air Limited assets to NG Eagle (third defendant) and to Super Bravo Limited (fifth defendant) “was done in bad faith and a violation of Omokhide’s (first defendant) the fiduciary duty to Arik Air Limited as imposed by section 553 of the CAMA 2020”.
