The Asset Management Corporation of Nigeria (AMCON) has seized assets worth NGN10 billion (USD35.43 million) from defunct carrier Afrijet Airlines (Lagos) following a court order issued in Lagos last week.
State-owned AMCON inherited the carrier's debt obligation when it acquired the defunct FinBank and Bank PHB financial institutions back in 2011.
Among the assets seized are properties owned by the carrier's CEO and founder Chief Vitalis Ibe and include: Afrijet Plaza, the carrier's corporate head office in Ikeja, Lagos; a stand in downtown Lagos; and an office at Lagos airport. The order also affects Chief Ibe’s Continental Aviation Services Limited as well as other offices, branches, stores, warehouses, and factories.
Afrijet Airlines operated an MD-82 and an MD-83 on domestic and regional passenger flights between 1999 and 2009. It also ordered four ATR72-500s from ATR - Avions de Transport Régional (EVX, Toulouse Blagnac) in 2009 though none were ever delivered.
