The bigger issue is not with Arik but the govt. agencies. Arik is operating within what is allowed by the govt. If the govt agencies were actually up to task, you'd realize a heavy fine would not only teach Arik and others a lesson but also preserve jobs, would prevent the raping of travelers to and from Nigeria by foreign carriers, untold hardship when travelling domestically etc. Accept or not, Arik as bad as it is is many moons better/preferable than Belleview, Sosoliso, and others that were even less of a nationwide airline, but everyone keeps screaming for Arik's demise.
You talk of Arik as the typical Nigerian embarassment. You'd be suprised how many airlines in places like U.S would have long ceased existence if it weren't for their bankruptcy laws that allow them eliminate debt and "start over". Perpetuating the same bad business practices that got them in trouble. As with Nigeria, they operate within what the agencies/laws allow.
Instead of asking for destruction of business and enterprises, people should be clamoring/demanding for tougher laws and enforcement, from the govt. that's what happens most other parts of the world.