The Federal High Court in Abuja has ordered the sale of assets belonging to Arik Air (W3, Lagos) (in receivership), including aircraft and hangars, resulting from the airline's substantial debt to Nigerian fuel giant Atlas Petroleum International Limited, Nigeria's Independent and Post Times newspapers reported.

Specifically, the court has mandated the sale of the following aircraft:

  • one company-owned 149-seater 16.75-year-old B737-700, 5N-MJF (msn 34762);
  • one company-owned 146-seater 14.79-year-old B737-800, 5N-MJQ (msn 38971); and
  • one company-owned 70-seater 10.11-year-old DHC-8-Q400, 5N-BKX (msn 4470).

The ruling, delivered by Judge O. A. Adeniyi, followed an ex parte motion filed on June 25 by Atlas Petroleum and its CEO Arthur Eze to recover an outstanding debt of an undisclosed sum. The company is Nigeria's largest privately owned petroleum exploration and production company. An ex parte motion allows a judge to decide without all parties being present, and it is typically used in urgent situations. Enforcement actions against Arik Air assets have also been filed in Lithuania.

In February 2024, the High Court served a garnishee nisi order to 18 Nigerian banks in relation to USD2.5 million worth of Arik Air's debt to Atlas Petroleum and its CEO. The banks were told to provide the court with the carrier's account statements.

The airline has been under the receivership of the federal state-owned Asset Management Corporation of Nigeria (AMCON) since 2017. The debt recovery agency was supposed to revive and stabilise the airline, but its operations have gradually been reduced since the takeover. Plans to merge Arik Air with Aero Contractors (N2, Lagos) (also under AMCON receivership) and rebrand as NG Eagle (2N, Lagos) have not materialised. AMCON aimed to transfer to it the assets of Arik and offload the stricken carrier's debt pile.

In October 2023, shareholders of the airline accused AMCON of mismanagement. In response, AMCON's managing director, Ahmed Kuru, challenged the shareholders to propose a plan to repay a debt of NGN240 billion naira (USD147 million at today's rates) to regain ownership of the airline.

According to the ch-aviation fleets module, Arik Air's fleet totals five B737-700s, three B737-800s, three Dash-8-Q400s, and three CRJ900s.

ch-aviation has requested comment from AMCON.