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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!