The Economic and Financial Crimes Commission (EFCC) presented a series of financial documents to the Special Offences Court in Ikeja, Lagos, on Monday, alleging the misappropriation of billions of Naira and foreign currency loans belonging to Arik Air. The EFCC claims these funds were diverted to establish NG Eagle Airlines.
Bawa Kaltungo, an investigating officer with the EFCC, presented the findings while being led in evidence by prosecution counsel, Dr. Wahab Shittu (SAN). The case involves Mr. Ahmed Kuru, the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), alongside Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank Plc, and Super Bravo Limited.
Kaltungo testified before Justice Mojisola Dada that Arik Air’s account officer documented transfers of N1.9 billion and N4.9 billion from Arik Air for purposes unrelated to the airline’s operations. These included expenses linked to NG Eagle. He further stated that NG Eagle’s operational costs, such as staff salaries and quarterly financial obligations, were paid directly from Arik Air’s accounts.
The EFCC investigator presented numerous documents as evidence, including:
- Correspondence
- Internal memos
- Restructuring records
- Notices of assignment
- Payment instructions
These documents, according to Kaltungo, formed the basis of the EFCC’s investigation and supported their allegations.
Evidence presented included a 2010 document purportedly signed by Arik Air’s CEO authorizing a payment of N100 million. Additional documents indicated that Arik Air serviced foreign loans totaling $114,784,000 obtained from export credit agencies. Kaltungo stated that Arik Air made quarterly repayments on these loans through authorized transfers.
The witness also highlighted evidence demonstrating Union Bank’s restructuring of Arik Air’s debt in 2010 and 2011, citing a November 2010 approval and a December 2010 update. He presented a 2015 general indemnity valued at over N46 billion, which guaranteed the bank’s exposure.
Kaltungo read excerpts from a 2011 letter in which Arik Air questioned Union Bank regarding the alleged sale of its loans to AMCON. The letter indicated that Arik Air had not received formal notification of the sale and sought clarification on its agreements with foreign credit agencies. A February 2011 Notice of Assignment further suggested the involvement of third parties in the transactions.
The EFCC investigator referenced several letters from 2010 and 2011 authorizing transfers involving Arik Air’s safety accounts, operating accounts, loan commitments, and maintenance payments. This included a $4.6 million transfer acknowledged by both Arik Air and Union Bank. A June 2010 letter showed Arik Air’s chairman expressing gratitude to Union Bank for its support and highlighting the achievements of their partnership.
Kaltungo also described correspondence between AMCON and Union Bank, emphasizing that Arik Air was allegedly not informed about the loan sale. He pointed out discrepancies in the figures provided, stating, “What Union Bank sold is N71 billion, but I am seeing N34 billion; the figure does not reflect what Union Bank sold to AMCON.” He also read a January 21, 2011, letter from Arik Air to former President Goodluck Jonathan seeking government intervention.
The EFCC investigator further revealed that Arik Air leased crew members to Ibom Air and received payments. However, he alleged that these funds were not properly accounted for under the receivership managed by the first defendant. Evidence of transfers from Ibom Air’s Zenith Bank account was presented to support this claim.
Kaltungo stated that a certificate of identification, along with Arik Air’s 2015 and 2016 annual statements, demonstrated that the airline was not under receivership at that time, contradicting claims made by the defendants. He stated that receivership commenced on February 17, 2017, yet signatures attributed to receivership appeared on documents from 2015 and 2016, signed by the first and second defendants who were not Arik Air staff.
He presented a board resolution showing that an Arik Air aircraft engine was leased back to Arik Air, with the defendants allegedly directing that payments be deposited into an AMCON remittance account. The agreement stipulated the following terms:
- $70,000 monthly basic rent, payable in advance
- $340 per flight hour
- $200 per completed engine cycle
The agreement was signed by a director of Super Bravo Limited.
The court adjourned the matter until January 2 and 3, 2026, for the continuation of the trial.
