African Trade Bank, Nigerian Airline Settle $38M Suit

Law360, London (August 9, 2019, 5:36 PM BST) -- Troubled Nigerian airline Arik Air Ltd. has settled a London lawsuit from one of Africa’s largest trade banks over unpaid debt used to purchase two jetliners that were later stripped of machinery to throw off creditors.

The $38.1 million claim, brought against Arik Air by African Export-Import Bank, or Afreximbank, has been stayed in the High Court after the airline dropped its jurisdictional challenge and the two parties agreed to terms set out in a confidential out-of-court agreement.

“By consent it is ordered that these proceedings be stayed. Each party shall have liberty to apply to the court to lift the...

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