Canada’s EDC Flags EFCC Over Arik Air’s CRJ 1000 Aircraft Controversy

Explore the unfolding controversy involving EDC, EFCC, and Arik Air’s CRJ 1000 aircraft.

How can this situation impact Nigeria’s future investments?

Tug of War: The Arik’s Aircraft Predicament

In a perplexing turn of events, the Canadian corporation, Export Development Canada (EDC), issued a warning to the Economic Financial and Crime Commission (EFCC) of Nigeria.

At the heart of the dispute lies the repossession of the CRJ 1000 aircraft owned by JEM Leasing Limited.

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As we delve into this narrative, we observe the complex dynamics involved in this intriguing situation.

Petition Unveiled: Arik Air’s Founder Steps In

The EFCC’s involvement didn’t emerge in a vacuum.

Sir Johnson Arumemi, founder of Arik Air, played a significant role.

On June 14, 2023, he lodged a petition signed by Phillip Hinds, Director of JEM Leasing Limited, the actual owner of the aircraft in question.

The petition did not fail to reach various influential individuals, with figures from Arik Air, Blue Marble Aviation Limited, Arik Air Aviation Centre, and Asset Management Corporation of Nigeria (AMCON) all being copied in.

Rising Concerns: The Impact on Nigeria’s Economy

The petition voiced grave concerns about the EFCC’s interference in the affairs of the airline.

If not checked, this interference could severely compromise future investment prospects in Nigeria’s already delicate economy.

But why this outcry over an aircraft? The CRJ 1000 aircraft, owned by JEM Leasing Limited, had EDC’s financial backing.

As a financing condition, the aircraft was mortgaged to EDC, which now stands as a significant stakeholder in this unfolding drama.

Validating Claims: EDC Backs Aircraft Agreement

The correspondence from EDC served to validate the contents of the owner’s letter.

It unequivocally confirmed that the owner agreed to sell the aircraft to the new buyer, Alberta Aviation Capital Corp, with EDC’s consent.

The claim that the owner dissociated from the aircraft’s sale or dismantling plan was strongly rebutted.

Implications: Risks of Interference

As a crown corporation wholly owned by the Government of Canada, EDC plays an essential role in global economic growth and development.

This EFCC-led situation not only endangers future investments by EDC in Nigeria but also dampens the spirits of other potential lenders eyeing investment opportunities in Nigeria.

Seeking Accountability: The Need for Truth

Moreover, the company firmly refuted the claim that Receiver Manager Omokide oversaw the dismantling of the CRJ 1000 aircraft without the knowledge of JEM Leasing Limited.

The call for accountability is loud and clear: it’s time to establish the truth and hold those spreading false information responsible.

Amidst the discord, the EDC stands firm in its resolve, supporting the agreement between JEM Leasing Limited and the buyer.

The corporate entity continues to discourage EFCC’s obstruction to the new buyer’s access to the aircraft, marking this as an era-defining moment for foreign investments in Nigeria.

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Frequently Asked Questions

Who is the actual owner of the CRJ 1000 aircraft?

JEM Leasing Limited is the registered owner of the CRJ 1000 aircraft.

Who is EFCC?

The Economic Financial and Crime Commission (EFCC) is a Nigerian law enforcement agency tasked with investigating financial crimes.

Why is EDC involved in this case?

The CRJ 1000 aircraft was partly financed by EDC and mortgaged to them as a condition of the financing, making them a significant stakeholder in the dispute.

What could be the potential impact of EFCC’s interference?

The interference of the EFCC could potentially affect future investment decisions in Nigeria’s fragile economy.

Who is expected to buy the aircraft?

The prospective buyer of the aircraft is Alberta Aviation Capital Corp.

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