Arik Air Chairman, Joseph Arumemi-Ikhide and Asset Management Corporation of Nigeria (AMCON) are locked in fresh war. AMCON revealed recently that the total debt owed the corporation by businesses where Joseph Arumemi-Ikhide is a major shareholder amounts to N263.7 billion. These debts include Arik Air – N146. 2 billion; Rockson Engineering – N107 billion; Ojemai Farms Limited – N8.6 billion; and Ojemai Investment Limited – N1.9 billion.
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However, the Chairman of Arik Air is insisting that the total debt exposure the airline owed AMCON is N90 billion, admitting that the airline also owed Zenith Bank N35 billion, Access Bank N7 billion and Ecobank N12 billion, bringing the debts to N140 billion.