The High Court of Justice in Abuja has issued a major ruling mandating the sale of all aircraft, hangars, and other movable assets owned by Arik Air Limited. This decision comes as a result of the airline’s substantial outstanding debts owed to Atlas Petroleum International Limited and other creditors.

The ruling, handed down by Honorable Justice O. A. Adeniyi, was delivered in the context of a legal dispute where Atlas Petroleum International Limited and Prince Arthur Eze acted as the applicants. Arik Air Limited was identified as the debtor in this case. The judgment explicitly directs the sale of Arik Air’s aircraft, specifically those with the registration numbers B737-700/5N-MJF, B737-800/5N-MJQ, DASH8-Q400, and 5N-BKX.

This legal action underscores the severity of the financial troubles facing Arik Air, once a leading airline in Nigeria. The ex parte motion, which initiated this process, was filed on June 25, 2024. An ex parte motion is a legal procedure where the case is presented and decided by the judge without requiring all parties to be present in court, often used in urgent situations.

The court’s directive to sell off Arik Air’s assets aims to recover the funds owed to Atlas Petroleum International Limited and other creditors. This move is seen as a critical step in addressing the financial liabilities of Arik Air,
Stakeholders in the aviation industry and analysts will be closely monitoring the developments following this judgment to assess its implications and implementation