The shareholders of Arik Air, an indigenous airline currently under the control of the Asset Management Corporation of Nigeria, have debunked claims that the debt accruable to the airline’s owner, Johnson Arumem-Ikhide, has risen to N455bn.

The shareholders, through a statement signed by their representative, Godwin Aideloje, described as fallacy the debt record of AMCON against Arik founder.

Earlier, AMCON, through its Head of Corporate Communication, Jude Nwauzor, said the total debt of Arumem-Ikhide was N455.17bn as of December 31, 2024, in all his three investments.

AMCON also said that its intervention in the troubled airline in February 2017 saved the carrier from liquidation, insisting that it would ensure the recovery of the total debts owed to the corporation by various business organisations in Arik Air.

Giving the breakdown of the total debt, Nwauzor alleged that Arik as of December 2024 owed AMCON N227.6bn; Rockson Engineering, N163.5bn, while Ojemai Farms owed the corporation another N14bn, totaling N455bn.

Reacting to this, Arik shareholders refused to comment on the matter saying it was currently before the court.

“This is a matter before the court. Unlike AMCON who have no respect for the courts, we will not resort to subjudical remarks. We will not join the desperate attempt by AMCON to overreach the courts and desecrate our justice system.

“The fictitious claim of N455bn as alleged Arik Air indebtedness to AMCON by Mr Jude Nwauzor is a fallacy. It seems clear that AMCON is invested in dubious storytelling and falsehoods.

This allegation is defeated by AMCON’s claim in its Suit No. FHC/L/CS/175/17 with which it took Arik Air into receivership and gained full control and management of operations, assets, and liabilities of the airline,” they stated in the statement.

The shareholders recalled a Federal High Court judgement of March 31, 2023, ordering AMCON and its Receiver Manager to file a statement of affairs and audited financial reports with the Corporate Affairs Commission to balance and compare the books, Aideloje said AMCON refused to appear before a Financial Reporting Council to defend it positions.

The shareholders said rather than appear before the reporting council, AMCON uploaded the audited account of the business(es) on the Arik Air website, a document the shareholders have also dismissed.

During the press briefing, the Head of Corporate Communication at AMCON said considering the state of Arik Air’s insolvency at the takeover time, the airline would have been sold in its entity if not for the intervention of the Federal Government which directed that the airline should be managed.

But in the shareholders’ reaction, Aideloje stressed that “It is instructive to note the new version of the reason why AMCON took over Arik is a government mandate. What a preposterous statement from a Federal Government employee! This is a gross misrepresentation of the Federal Government as being in the business of arbitrary takeover of private businesses with a stroke of pen. This is indeed a disservice to the government and people of Nigeria by AMCON.

“We wish to state again that before the forceful takeover, Arik Air was recognized for its operational excellence and significant contributions to Nigeria’s aviation sector. Contrary to AMCON’s claims, the airline was meeting its financial obligations, as evidenced by remarks and recognition by global institutions; recently Afreximbank acknowledged legacy Arik as a model in Africa at a just-concluded International Aircraft Leasing and Finance Conference in Ireland Dublin a few days ago.”

Bisi Onasanya, former group managing director (MD) of First Bank of Nigeria (FBN) Limited, has denied involvement in the alleged N12 billion loan fraud at the bank.

On January 17, reports circulated online that the federal government has sued Oba Otudeko, former chairman of FBN Holdings, the parent company of the bank, and Onasanya, for alleged advanced fee fraud of N12.3 billion.

The reports alleged that they connived to secure a N12.3 billion loan from First Bank between 2013 and 2014.

Micheal Osunnuyi, Onasanya’s communication advisor issued a statement to refute the claims that Onasanya was involved in the commercial loan controversy at First Bank 12 years ago.

Osunnuyi described the allegations as baseless and an attempt to tarnish the reputation of the retired banker and Chartered accountant.

Onasanya retired from FBN in 2015 at the successful completion of his tenure in line with the bank’s succession plan.

“Our attention has been drawn to allegations and charge sheet circulating on social media suggesting Dr. Bisi Onasanya’s involvement in a purported commercial loan controversy at First Bank 12 years ago,” the statement reads.

“While we have consistently chosen to ignore such baseless attacks for over ten years, the growing concern expressed by family, friends, and associates from across the globe compels us to address these unfounded claims.

“His stellar reputation of integrity, built over four decades of impeccable professional service, cannot and will not be tarnished by these false allegations and incorrect charges.”

‘ONASANYA READY TO COOPERATE WITH LAW ENFORCEMENT’
Osunnuyi explained that the Economic and Financial Crimes Commission (EFCC) investigated the matter eight years ago, two years after Onasanya voluntarily retired as the bank’s group managing director upon completing his two terms.

He said Onasanya has not received any charges, summons, or formal invitation from any investigating agency since the investigation concluded and is ready to cooperate with law enforcement if required to clear his name.

“What is baffling is that a commercial transaction which occurred in 2013 and was thoroughly investigated eight years ago, where Dr. Onasanya established his innocence and non-involvement in the commercial transaction controversy, has now resurfaced in 2025 in the form of criminal prosecution. This is beyond his imagination,” Osunnuyi said.

“We have noticed a pattern of identical language and content being circulated across various media platforms, suggesting a deliberate attempt to manipulate public perception.

“It looks more like a hatchet job by some unscrupulous people to continue to malign and tarnish the image of Dr. Onasanya.

“We strongly appeal to the media to verify the information they disseminate and act responsibly.

“Since voluntarily leaving First Bank and the banking industry in 2015, he has endured and ignored incessant and unwarranted attacks on his person.”

The statement also clarified that Onasanya has never shown interest in the control or ownership of First Bank or any other financial institution.

Osunnuyi said Onasanya is focused on making a positive impact in people’s lives and other sectors of the economy since leaving banking.

Additionally, he said Onasanya is deeply grateful for the unwavering support of his family, friends, and associates, whose belief in his integrity continues to be a source of strength.

The Nigeria Governors’ Forum (NGF) has finally thrown its weight behind the proposed tax reform bills currently at the national assembly.

In a statement on Thursday, the group proposed an “equitable” sharing formula for value-added tax (VAT).

The development was an outcome of a meeting between the NGF and the presidential tax reform committee, convened on January 16, 2025, to deliberate on critical national issues, including the reform of Nigeria’s fiscal policies and tax system.

According to the statement, the governors recommended that there should be no terminal clause for TETFUND, National Agency for Science and Engineering Infrastructure (NASENI), and National Information Technology Development Agency (NITDA) in the sharing of development levies in the bills.

They also supported the continuation of the legislative process at the national assembly that will culminate in the eventual passage of the tax reform bills.

“The Forum reiterated its strong support for the comprehensive reform of Nigeria’s archaic tax laws. Members acknowledged the importance of modernizing the tax system to enhance fiscal stability and align with global best practices,” the statement reads.

“The Forum endorsed a revised Value Added Tax (VAT) sharing formula to ensure equitable distribution of resources: 50% based on equality, 30% based on derivation, and 20% based on population.

“Members agreed that there should be no increase in the VAT rate or reduction in Corporate Income Tax (CIT) at this time, to maintain economic stability.”

The group advocated for the continued exemption of essential goods and agricultural produce from VAT to safeguard the welfare of citizens and
promote agricultural productivity.

On October 13, 2024, President Bola Tinubu asked the national assembly to consider and pass four tax reform bills.

The proposed legislations are the Nigeria tax bill, tax administration bill, and joint revenue board establishment bill.