outofhereoyibo
3rd Feb 2008, 17:12
http://saharareporters.com/www/news/detail/?id=305
Arik Air creditors in London panic over repayments
Last View on Sun 3rd February, 2008
Last Modified on Fri 06th April, 2007 7:39:38 pm
Author: Admin Sahara
Arik Air creditors in London panic over repayments
A London – based financial institution has entered panic mode as Arik Airline, Nigeria’s newest start-up airline has shown signs that it would default in the first due payments to it leading the bank to begin looking for ways to recoup its loans said to be in the tens of millions of dollars .
It believed that the airline – ARIK Air- is owned by President Obasanjo and Governor Peter Odili of Rivers State - It has been speculated that the name “ARIK” is a combination of President Obasanjo’s middle name Aremu (“AR” ) and Governor Peter Odili’s Igbo name, Ikechuckwu (“IK” ) - ARIK airline was established in April 2006 when the Bureau of Public Enterprises in an unprecedented deal handed over properties of the old Nigeria Airways Limited to Sir Arumemi Ikhide –Johnson the infamous Chairman of Rockson Engineering Company for a paltry sum of N950 million. The new airline inherited NAL hangars, buildings especially the Murtala Airport – based headquarters building and old aircrafts.
ARIK airline without any known capital base began an aircraft buying spree especially an order with Canadian-based aircraft manufacturing company Bombardier for new aircraft worth $69 million. Late last year, not long after takeoff, the airline was rocked by raids by the EFCC which led to the arrest of its Chairman, Sir Arumemi Johnson who was accused by the EFCC as serving as a front for Governor Peter Odili of Rivers State in the massive looting of Rivers State treasury. The EFCC amongst other allegation stated in an interim report published by Saharareporters that monies belonging to Rivers State were diverted to help the airline purchase jets that were used in its operations.
Such business deals according to Saharareporters investigation were beyond what the EFCC reported, according to our investigators; ARIK Air had used funds laundered from Nigeria by top officials in Rivers State to act as collateral for several loans that we arranged in the UK.
The major concern of the financial institution is that funds may not be available to repay the loans which it describes as being in “tens of millions of pounds” especially as the EFCC clampdown seems to have slowed down the movement of funds out of Rivers State. EFCCC Chairman, Nuhu Ribadu said at a public forum in Washington DC that in December 2006 the EFCC recovered over N23 billion from Governor Peter Odili and later returned it to the treasury of the Rivers State. Saharareporters learnt that this huge amount of money was meant to be siphoned into offshore accounts to pay for ARIK Airline businesses.
Arik Air creditors in London panic over repayments
Last View on Sun 3rd February, 2008
Last Modified on Fri 06th April, 2007 7:39:38 pm
Author: Admin Sahara
Arik Air creditors in London panic over repayments
A London – based financial institution has entered panic mode as Arik Airline, Nigeria’s newest start-up airline has shown signs that it would default in the first due payments to it leading the bank to begin looking for ways to recoup its loans said to be in the tens of millions of dollars .
It believed that the airline – ARIK Air- is owned by President Obasanjo and Governor Peter Odili of Rivers State - It has been speculated that the name “ARIK” is a combination of President Obasanjo’s middle name Aremu (“AR” ) and Governor Peter Odili’s Igbo name, Ikechuckwu (“IK” ) - ARIK airline was established in April 2006 when the Bureau of Public Enterprises in an unprecedented deal handed over properties of the old Nigeria Airways Limited to Sir Arumemi Ikhide –Johnson the infamous Chairman of Rockson Engineering Company for a paltry sum of N950 million. The new airline inherited NAL hangars, buildings especially the Murtala Airport – based headquarters building and old aircrafts.
ARIK airline without any known capital base began an aircraft buying spree especially an order with Canadian-based aircraft manufacturing company Bombardier for new aircraft worth $69 million. Late last year, not long after takeoff, the airline was rocked by raids by the EFCC which led to the arrest of its Chairman, Sir Arumemi Johnson who was accused by the EFCC as serving as a front for Governor Peter Odili of Rivers State in the massive looting of Rivers State treasury. The EFCC amongst other allegation stated in an interim report published by Saharareporters that monies belonging to Rivers State were diverted to help the airline purchase jets that were used in its operations.
Such business deals according to Saharareporters investigation were beyond what the EFCC reported, according to our investigators; ARIK Air had used funds laundered from Nigeria by top officials in Rivers State to act as collateral for several loans that we arranged in the UK.
The major concern of the financial institution is that funds may not be available to repay the loans which it describes as being in “tens of millions of pounds” especially as the EFCC clampdown seems to have slowed down the movement of funds out of Rivers State. EFCCC Chairman, Nuhu Ribadu said at a public forum in Washington DC that in December 2006 the EFCC recovered over N23 billion from Governor Peter Odili and later returned it to the treasury of the Rivers State. Saharareporters learnt that this huge amount of money was meant to be siphoned into offshore accounts to pay for ARIK Airline businesses.