BREAKING NEWS: Federal Government Takes Over Arik Airlines

The Federal Government of Nigeria has taken over Arik Airlines. The Government made the announcement on Thursday citing the need to take out the Airline from its financial distress as reason for the gesture.

According to the Asset Management Corporation of Nigeria, AMCON management, the decision to intervene clearly underscores the government’s commitment to instill sanity in the country’s aviation sector to prevent a major catastrophe in the country.

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AMCON spokesperson, Jude Nwauzor, said: “The development will afford Arik Airlines, which is the largest local carrier in the country, to go back to regular and undisrupted operations, avoid job losses, protect investors and stakeholder funds as well as ensure safety and stability in the already challenged aviation sector."

The airline would now be managed by Roy Ilegbodu, a veteran aviation expert, under the receivership of Oluseye Opasanya, a senior advocate of Nigeria.

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