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Arik Air’s shareholders file lawsuit against Nigerian government and Ethiopian Airlines

Arik Air’s shareholders file lawsuit against Nigerian government and Ethiopian Airlines
  • Comments   -   Wednesday, 13 September 2017 - 13:33

(Ecofin Agency) - After various media relayed that talks between the Nigerian government and Ethiopian airlines regarding the acquisition of Arik Air by the latter were ongoing, shareholders of the private Nigerian company have decided to sue the two parties mentioned by the media.

Indeed, on September 6, 2017, Arik Air’s stakeholders filed a complaint to High Federal Court of Nigeria, in Lagos, against Ethiopian Airlines and the Transport ministry.

The plaintiffs are demanding that ongoing talks are cancelled and ask for a N20 billion (about $55 million) compensation for damage and interest, News Agency of Nigeria (NAN) reported.

According to Chris Ndulue, one of Arik Air’s top executives, the ministry of transport did not have the authority to sell off the firm to Ethiopian Airlines, especially as Arik’s takeover by the Asset Management Corporation of Nigeria (AMCON) last February 8 was contested and the related lawsuit is still pending.

“Negotiations had caused undue hardship and irreparable damage to the Arik Air brand and ongoing investment discussions as well as unbearable distress to the airline’s shareholders and directors,” Ndulue said.

In their complaint, shareholders of the Nigerian private firm also asked the Federal high court to instruct the general attorney’s office to investigate on Ethiopian Airlines for inducing and interfering in the administration of justice in the pending suits.

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