AMCON has defended the sale of an Arik Air aircraft, saying it was used as security for a loan from Access Bank. The airline’s shareholders, however, strongly oppose the move and insist the aircraft had already been fully paid for.
Last week, Arik Air in receivership reportedly dismantled and sold a Boeing 737-700. The PR consultant for the receiver confirmed the sale, explaining that the aircraft served as collateral for Access Bank and that the bank had provided valid documentation. Two aircraft, with registration marks 5N-MJD and 5N-MJC, were reportedly involved in the arrangement.
The shareholders have rejected the claim of indebtedness. They stated that the aircraft was acquired through a structured finance deal involving US Exim Bank and Intercontinental Bank (now Access Bank), which only acted as guarantor. They maintained that the loan was fully repaid and the mortgage discharged before AMCON took over the airline in 2017.
In a letter dated August 17, 2026, the shareholders demanded clarification from the Receiver Manager on the aircraft’s ownership, security status, and the authority for its dismantling. They noted that the action raises serious concerns about the preservation of the company’s assets.
Industry observers have described the situation as unfortunate, with calls for AMCON to step back and allow Arik Air to recover.
