Oh No! Arik Air reportedly Shut down Operations

According to Sahara Reporters, Arik Airline has shut down its operation following its inability to pay its debt owned to its suppliers of aviation fuel and also the airlines insurers in Europe and elsewhere have reportedly withdrawn insurance cover from the airline forcing it to shut down operations altogether.

It is alleged that the airline owes its suppliers of aviation fuel N3 billion. Most of the airline's flights have been cancelled today following these development.

This is not good at all! In less than a year, many companies have folded up and many still folding up. This isn't the change we bargained for. I can't help but ask; what are the financial and economic administrators of this regime doing?