Ethiopian Airline has rejected offer by the Asset Management Corporation of Nigeria (AMCON) to invest in Nigeria’s biggest domestic airline, Arik Airline. A source close to the government told BusinessDay that the AMCON had met with Ethiopian Airline to invest in Arik Air, but was turned down. Also, Joseph Arumemi-Ikhide, founder of Arik Air, has also confirmed the development, saying the plan by government to invite Ethiopian Airline to manage Arik had failed, and warned that if Ethiopian Airline dared to take over the management of Arik , he would sue the company. AMCON on February 9 took over the management of Arik Air over mounting debts that it (AMCON) claimed would have grounded the operations of the airline without the corporation’s intervention. AMCON had put Arik’s total debt profile at more than N300 billion and accused the airline of lacking corporate governance.

Source: Ethiopian News February 19, 2017 19:18 UTC