Export Development Canada (EDC) has called on the Economic Financial and Crime Commission (EFCC) to lay off its mortgage rights, the CRJ 1000, that Economic and Financial Crimes Commission (EFCC) is preventing the owner, Sir Johnson Arumemi, from repossessing. This followed a person by Arumemi to the effect.
Due to this, metrowatchxtra.com, gathered, some aviation observers, are urgently urging the Nigerian government to defend the interests of foreign lenders like Export Development Canada (EDC) and other potential lenders while closely monitoring the EFCC’s ongoing inquiries into the activities of the Receiver Manager of Arik in relation to the enforcement of EDC’s mortgage rights on a CRJ 1000 owned by JEM Leasing.
“The way this issue is handled will have a big influence on their future investment choices in Nigeria’s shaky economy”, a source said.
Recent events surrounding the invitation of the EFCC in response to a petition by Sir Johnson Arumemi Ikhide, in respect of the sale of an aircraft by JEM Leasing Limited in cooperation with financing provided by EDC, may have raised concerns about the interference faced by lenders and the potential repercussions for Nigeria’s economic fortunes.
Not a few believed that it was imperative for the Nigerian government to prioritize the preservation of investor confidence and provide a stable and supportive environment for international lenders.
According to EDC, the allegations and counter-arguments that the Receiver Manager of Arik has superintended the stripping of the CRJ 1000 aircraft, without the knowledge of the owner of the said aircraft, JEM Leasing Limited, are untrue.
The Receiver Manager of Arik had threatened to sue media houses that published what it termed a false narrative, saying it was crucial to establish the truth and hold accountable those responsible for disseminating false information.
EDC, as a Crown Corporation wholly owned by the Government of Canada, plays a pivotal role in driving economic growth and development through investments in various projects worldwide.
The EDC is a letter made to Aviation Metric on request and signed by Phillip Hinds for Jems Leasing Limited dated June 5th, 2023 stating that this episode superintended by the EFCC threatens not only future investments by EDC in Nigeria but also sends a discouraging message to other potential lenders considering investments in Nigeria.
According to EDC, “There were numerous, substantial, and continuing defaults (including non-payment of numerous rental amounts due under the lease) by Arik in the performance of its obligations under the lease. The owner granted extensive periods of grace to Arik in order to give him the opportunity to remedy those defaults. The defaults were not remedied, and, accordingly, on June 20, 2022, the owner terminated the leasing of the aircraft under the lease, in accordance with the terms of the lease. A copy of the notice terminating the leasing of the aircraft under the lease is appended to this letter as Appendix 2.”
“Accordingly, neither Arik nor any person claiming through Arik has any title to, interest in, or right to use or possession of, the aircraft (or any part of the aircraft, including its technical records).
“Pursuant to the termination of the leasing of the aircraft under the lease, on July 19th, 2022, the aircraft was de-registered from the registry of the Nigerian Civil Aviation Authority (the NCAA). A copy of the NCAA de-registration notices evidencing such de-registration (and also evidencing the ownership of the aircraft by the owner and the termination of the leasing of the Aircraft to Arik is appended to this letter as appendix 3.
“The owner has agreed to sell the aircraft to ALBERTA AVIATION CAPITAL CORP. (the Buyer), pursuant to a sale and purchase agreement (the SPA) dated December 19th, 2022 between the owner and the buyer. The buyer is a third party unconnected to the owner, EDC or Arik.
