Nigeria takes over country's largest airline Arik Air

By Rafiu Ajakaye

LAGOS, Nigeria (AA) - Nigeria took control of the country's largest private airline operator Arik Airlines Thursday in a step authorities claimed was aimed at protecting investors and stave off mass unemployment.

Government-owned Asset Management Corporation of Nigeria (AMCON) said in a statement the airline -- which reportedly owes workers months of salaries -- will now be managed by a team led by local aviation veteran Roy Ilegbodu.

“The development will afford Arik Airlines, which is the largest local carrier in the country, to go back to regular...operations, avoid job losses, protect investors and stakeholder funds as well as ensure safety and stability in the already challenged aviation sector,” AMCON said in a statement announcing the decision.

Arik Air has been dogged by financial woes that have led to disruptions of its operations and strikes.