• News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Commerce & Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
Saturday, December 20, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Commerce & Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Commerce & Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
  • News
  • Finance
  • StartUPs
  • TechTAINMENT
  • Guest Writer
  • Digital Assets
  • IndustryINFLUENCERS
  • Environment
  • Macro Monday
ADVERTISEMENT

Home » Arik Aircraft Grounded by NAMA over $2.5m Debt

Arik Aircraft Grounded by NAMA over $2.5m Debt

By Destiny Eseaga

Techeconomy by Techeconomy
July 31, 2024
in Commerce & Mobility
Reading Time: 2 mins read
0
Festus Keyamo, Minister of Aviation and Aerospace Development of Nigeria, NAMA, Arik Air

Festus Keyamo, Minister of Aviation and Aerospace Development of Nigeria

RelatedPosts

Lagride Secures $100 Million UBA Financing Facility to Expand its Drive to Own Programme

Whatadeal Lights Up Lagos with Mega Trade Fair

Working with Independent Software Partner Could be Save Your Retail Business

UBA
Advertisements

The Nigerian Airspace Management Agency (NAMA) has grounded some aircraft belonging to Arik Airline over a $2.5m debt.

A statement by the management of the agency on Tuesday said the move was a sequel to an order by the enforcement department of the FCT High Court, regarding a debt of $2.5m owed by Arik to Atlas Petroleum International Ltd.

It said, “On the 19th day of July 2024, the enforcement department of the FCT High Court enforced an Order made by the Court regarding a debt of $2.5 million owed by Arik Airline to one Atlas Petroleum International Ltd. by attaching their aircraft.

‘’Arik was further given a notice of a Public Auction of the planes by the Court which was slated to be held on the 26th day of July 2024 if they fail to pay the Judgment debt. All these were served on our agency and also on our Supervising Minister, the Minister of Aviation.

“The records show that on the 8th day of March 2016, the Judgment Debtor (ARIK) appealed the decision of the High Court of Lagos State entering judgment against it to the Court of Appeal and on 30th September 2021, the appeal was dismissed by the Court of Appeal in a unanimous decision with cost.

“ARIK again appealed to the Supreme Court for leave to appeal the decision of the Court of Appeal, and on the 9th day of January 2024, the Supreme Court, per Okoro, J.S.C., delivered its Ruling dismissing the Judgment Debtor’s application for leave to appeal.

MTN New

“The Judgment Creditor registered the Judgment of the Lagos State High Court in The High Court of FCT and On the 26th day of June 2024, Honorable Justice O. A. Adeniyi, then sitting in Court 8, Maitama, Abuja) made an order after hearing Motion No: M/9785/2024 filed on behalf of Atlas Petroleum attaching all the moveable properties belonging to the Judgment Debtor, including the Judgment Debtor’s aircraft with Registration No: B737-700/ 5N-MJF, B737-800/ 5N-MJQ, DASH8-Q400 and 5N-BKX in satisfaction of the judgment debt. Copies of the Order and Certificate of Judgment were also served on us and the Minister.

“We understand too that Arik has obtained an exparte order stopping FURTHER EXECUTION of the order, though we have not been formally served. In the circumstances, since the first execution took place by attaching the aircrafts, further execution by way of sale can be halted whilst the parties go back to court to resolve the issues.

‘’However, to preserve the subject matter of the present dispute which are the aircrafts in question (the res), which has already been attached, we have decided to comply with the effect of the Supreme Court order, by grounding the aircraft (subject of dispute) so that they are not taken out of the jurisdiction of the court or tampered with in a way as to frustrate the courts.

“Furthermore, the Minister, being a member of the Inner Bar himself understands the implication of the Supreme Court Order dismissing the motion for leave to appeal and will not risk his license as a legal practitioner or his privilege as a Senior Advocate of Nigeria by engaging in acts that will frustrate an order of the Supreme Court of Nigeria.

“The parties to the dispute are encouraged to resolve their issues as quickly as possible so that the Arik aircrafts in question can resume flight operations.”

0Shares

stanbic
Techeconomy

Techeconomy

Related Posts

Lagride and UBA

Lagride Secures $100 Million UBA Financing Facility to Expand its Drive to Own Programme

by Peter Oluka
December 17, 2025
0
0

Lagride has secured a 100 million dollar financing facility from United Bank for Africa to expand its Drive To Own...

Whatadeal Trade Fair

Whatadeal Lights Up Lagos with Mega Trade Fair

by Destiny Eseaga
December 17, 2025
0
0

Whatadeal eCommerce, the online storefront division of Whatadeal Africa, lit up Lagos as it hosted its recently concluded inaugural Mega...

Data Analysis and Reporting for Retails and Black Friday - Discount in Africa | retail business

Working with Independent Software Partner Could be Save Your Retail Business

by Destiny Eseaga
December 17, 2025
0
0

What does success mean in the African software industry in 2025? For some, it’s about scaling fast, diversifying portfolios, or...

Yango and Gigmile

Logistics: Yango Invests Undisclosed Amount in Gigmile

by Peter Oluka
December 16, 2025
0
0

Yango Group, a global tech company bringing advanced technology to local communities, has announced a strategic investment through Yango Ventures...

Bolt Honours 50 Top Driver-Partners Across Nigeria in 2025 End-of-Year Awards

Bolt Honours 50 Top Driver-Partners Across Nigeria in 2025 End-of-Year Awards

by Joan Aimuengheuwa
December 16, 2025
0
0

At its End-of-Year Driver Awards, Bolt honoured driver-partners in Lagos, while also recognising those across Port Harcourt, Abuja and Benin,...

FRSC Don’t Drink & Drive campaign

Road Safety: MAN’s Sectoral Group, FRSC Launch 6th ‘Don’t Drink & Drive’ Campaign

by Destiny Eseaga
December 15, 2025
0
0

The Beer Sectoral Group (BSG) of the Manufacturers Association of Nigeria (MAN), in partnership with the Federal Road Safety Corps...

Load More
Next Post
Zenith Bank

Zenith Bank to Raise N290 Billion in Fresh Capital via Rights Issue and Public Offer

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

MTN New
UBA
Advertisements
  • About Us
  • Advertise
  • Careers
  • Contact Us

© 2025 TECHECONOMY.

No Result
View All Result
  • Home
    • Home – Layout 1
    • Home – Layout 2
    • Home – Layout 3
    • Home – Layout 4
    • Home – Layout 5
  • World
  • Politics
  • Business
  • Science
  • Tech
  • Entertainment
  • Lifestyle

© 2025 TECHECONOMY.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.