By Ime Akpan
Lagos
In the bid to recover toxic debts, the Asset Management Corporation of Nigeria (AMCOM), has taken possession of the assets of Afrijet Airlines over its inability to pay a N10 billion debt.
The takeover of the defunct airline’s assets was pursuant to the order of Justice Chuka Obiozor of the Federal High Court, Lagos who acted on the application filed by AMCON.
The order also affects Continental Aviation Services Limited owned by Afrijet’s Chairman, Chief Vitalis Ibe.
The court order also mandated the receiver/manager to take over on behalf of AMCON and any other offices, branches, stores, warehouses, factories of Chief Ibe and his companies located and/or traced for the purpose of satisfying the indebtedness.
Justice Obiozor, while granting the order on the application filed by AMCON’s counsel, Prof. Gbolahan Elias, restrained Ibe and his companies, directors, agents, servants and/or privies from operating, withdrawing from or otherwise tampering with the funds belonging to and/or deposited in any of his bank accounts under whatever name or guise in any bank or financial institution in Nigeria.
He also ordered the Inspector General of Police, Assistant Inspector General of Police, the Lagos State Commissioner of Police, his deputy and all the police officers under them to assist Elias, the receiver/manager and the bailiffs of the Federal High Court in the enforcement of the orders of the court.
Meanwhile, the receiver/manager had since taken possession of Ibe’s assets including Afrijet’s corporate head office located on Sheraton-Opebi Link Road Ikeja, his asset at Plot 22, Jimoh Odutola street, Eric Moore Road in Surulere, Lagos as well as his office at the airport.
Established in 1999, Afrijet formally operated from the Nigerian Aviation Handling Company (nahco aviance) building at the international wing of the Murtala Muhammed Airport.
Apart from operating cargo services from Nigeria, the airline was also involved in high profile security flight operations in the Democratic Republic of Congo.
The federal government set a deadline of April 30, 2007 for all airlines operating in the country to re-capitalise or be grounded, in an effort to ensure better services and safety.
