IKEJA, Lagos — The Economic and Financial Crimes Commission (EFCC) on Monday presented multiple financial documents before the Special Offences Court in Ikeja, alleging that billions of naira and foreign-currency loans meant for Arik Air were diverted to establish NG Eagle Airlines.
The allegations were presented by the EFCC’s Kaduna Acting Zonal Director, Bawa Usman Kaltungo, while being led in evidence by prosecution counsel, Dr. Wahab Shittu (SAN).
On trial are former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru, alongside Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank Plc, and Super Bravo Limited.
Kaltungo told Justice Mojisola Dada that Arik Air’s account officer documented transfers of N1.9 billion and N4.9 billion from the airline to unrelated activities, including payments for NG Eagle. He added that NG Eagle’s operational expenses, such as staff salaries and quarterly obligations, were paid directly from Arik’s accounts.
The EFCC witness tendered internal memos, correspondence, restructuring records, notices of assignment, and payment instructions, which he said form the basis of the investigation. Among the documents was a 2010 payment of N100 million signed by Arik’s CEO and records of foreign loans totaling USD 114,784,000 from export credit agencies.
Evidence also highlighted Union Bank’s role in restructuring Arik’s debt in 2010 and 2011, including approvals and updates, as well as a 2015 general indemnity valued at over N46 billion to cover the bank’s exposure.
Kaltungo noted discrepancies in loan figures, stating: “What Union Bank sold is N71 billion, but I am seeing N34 billion; the figure does not reflect what was sold to AMCON.” He also cited a January 21, 2011, letter from Arik to former President Goodluck Jonathan seeking government intervention.
Additional evidence showed that payments from Ibom Air for leased crew members were not accounted for under Arik’s receivership and that documents from 2015 and 2016 bore signatures allegedly representing a receivership that only began on February 17, 2017.
The EFCC further tendered a board resolution indicating that an Arik aircraft engine was leased back to the airline, with payments directed into an AMCON remittal account under an agreement specifying USD 70,000 monthly basic rent, USD 340 per flight hour, and USD 200 per completed engine cycle.
The case was adjourned to January 2 and 3, 2026, for continuation of trial.
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