Shareholders of Arik Air (W3, Lagos) have demanded an explanation from the airline's receiver manager over the apparent dismantling of a B737-700 at Lagos, questioning the aircraft's identity, ownership, legal status, and the authority for the work, according to reports by local newspapers Punch and The Guardian.
Arik Air has remained under the receivership of the Asset Management Corporation of Nigeria (AMCON) since 2017, with receiver manager Oluseye Opasanya holding overall legal and asset-management control of the airline, including decisions on aircraft and creditors.
In an August 17, 2026, letter signed by major shareholder Johnson Arumemi-Ikhide, the shareholders challenged the dismantling of the B737-700 after it was sold to recover debt linked to Arik Air, specifically an alleged obligation to Nigeria's Access Bank, the country's largest commercial bank.
The shareholders questioned the handling of the airline's assets under receivership. They demanded that Opasanya disclose the aircraft's registration and ownership records; the legal authority for selling and dismantling it; evidence of Access Bank's alleged security interest over the aircraft and engines; whether that security actually covered the aircraft or its components; and if the disposal complied with ongoing court and investigative proceedings.
The receiver's position, as reported by The Guardian, was that the aircraft was sold after the necessary legal procedures had been completed.
According to ch-aviation data, Arik Air's fleet includes four B737-700s, of which three are stored and one is in repair.
Shareholders have been in a long-running legal dispute with AMCON over Arik Air’s financial obligations and the status of its aircraft and other assets.
The latest controversy follows an earlier case where the Federal High Court in Lagos authorised parties connected to Export Development Canada to take custody and dismantle a CRJ1000ER, 5N-JEE (msn 19037), formerly operated by Arik Air.
ch-aviation has contacted AMCON for comment.
