The Asset Management Corporation of Nigeria (AMCON) on Sunday said it had discovered deep rooted rot that embattled airline, Arik Air.

AMCON said it would require over N10 billion to fix the rot before the largest local carrier could resume full and uninterrupted flight operations to its regular routes across the country and beyond

The asset company made the disclosure in a statement signed by its Spokesman, Mr Jude Nwauzor in Lagos.

Newsmen reports that the airline was on Feb. 9 taken over by the Federal Government under the auspices of AMCON as a result of a whooping debt profile of over N300 billion.

AMCON had directed that the airline would now be managed by Capt. Roy Ilegbodu, a veretan aviation expert, under the receivership of Mr Oluseye Opasanya (SAN).

The statement noted that the situation was so bad that only nine aircraft out of the 30 in the fleet of the airlines were operational.

According to the statement, 21 of them have either been grounded, gone for C-check in Europe, among other forms of challenges.

“As if these problems are not enough, the airline does not have money to procure aviation fuel for the nine operational aircrafts because no dealer wants to sale aviation fuel to Arik if it is not on cash-and-carry basis.

“This also calls for public understanding because flight schedules may be realigned based on the nine aircrafts that are available, technically sound and ready for flight operation,” it said.

The statement said it was discovered that Arik also owe its technical partners and also in perpetual default in its lease payments and insurance premium, leading to regular and embarrassing squabbles with different business partners.

“All these problems in addition to huge staff salaries, which have remained unpaid for 11 months; vendors that supply different items to Arik Air that are also owed means that Nigerians may have to tarry-a-while to allow the new management clean up the huge mess at the airline before Arik would finally resume uninterrupted........VISIT FOR COMPLETE DETAILS http://www.vintageinfo.com.ng/2017/02/13/we-need-n10bn-to-fix-arik-airline-amcon/

cum to my home so dat I'll sign the check

In reality 10 billion naira may not be needed after all

But as usual

The national moi moi/cake must be divided

Naija which way?