Business & Finance

Arik Owed N387bn Before FG Took Over

Arik Airline

The management of Arik Air under the leadership of Johnson Arumemi-Ikhide, its founder, owed about N387 billion both locally and internationally before the federal government took over.
According to a fresh deposition before the Federal High Court sitting in Ikoyi, Lagos, it was revealed that the airline was deducting contributory pension from its workers earnings but was not remitting the same to the pension authorities.

A demand letter from the National Pension Commission showed that the airline had an outstanding pension remittance of N4.587 billion.

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