The Asset Management Corporation of Nigeria, AMCON, has announced the takeover of Arik Airlines in efforts to save the obviously distressed company.

Jude Nwauzor, Spokesman of AMCON made this known on Thursday, adding that the intervention is aimed at keeping ArikAir going as a viable concern in the Nation’s aviation industry.

Nwauzor noted that the decision to intervene clearly underscores government’s commitment to instill sanity in the aviation sector and prevent a major catastrophe in the country.

He stated that “the development will afford Arik Airlines, which is the largest local carrier in the country, to go back to regular and undisrupted operations, avoid job losses, protect investors and stakeholder funds as well as ensure safety and stability in the already challenged aviation sector.”

The new arrangement will see Roy Ilegbodu, a veteran aviation expert, takeover the management of the airline under the receivership of Oluseye Opasanya, a Senior Advocate of Nigeria.

The latest of the travails of the distressed Airline was the N6 million fine slammed against it on December 27, last year, by the Nigerian Civil Aviation Authority, NCAA, for the inability of the Airline to deliver passengers’ luggage from London to Lagos weeks after the passengers arrived Nigeria.

The airline was also directed to pay each affected passenger, the sum of$150 as compensation for inconveniences suffered on the delayed arrival of their luggage.

But the Airline’s Public Relations Manager, Adebanji Ola, said in a statement that the failure of the luggages to arrive at the schedule time was not entirely the fault of the company.

He criticized the NCAA, saying that it shouldn’t have gone public with the fine levied against the Airline.

Only on Wednesday, aggrieved passengers shut the airline’s office at the Murtala Muhammed Airport, Lagos over non-refund of their ticket fares following the cancellation of their flights.