In an ongoing legal proceeding, testimony has revealed details regarding the establishment of NG Eagle airline and the alleged transfer of funds from Arik Air Limited. The Economic and Financial Crimes Commission (EFCC) is investigating the matter, focusing on the roles of key individuals and the flow of finances between the two airlines.
EFCC Investigative Officer Bawa Usman Kaltungo, during his examination-in-chief led by prosecution counsel Dr. Wahab Shittu, SAN, presented findings related to the financial trail uncovered by investigators. The investigation purportedly revealed that funds allegedly belonging to Arik Air Limited were used in the establishment of NG Eagle.
Shareholding Structure Under Scrutiny
A key point of contention revolves around the shareholding structure of NG Eagle. Kaltungo testified that the Receiver Manager’s nominee holds a minimal shareholding in NG Eagle, described as “one unit within a billion-share structure.” This testimony suggests that while the Receiver Manager may appear to have a significant role, their actual ownership stake is minimal.
Kaltungo’s testimony also suggested that the first defendant unilaterally sold NG Eagle shares in the capacity of a Receiver holding majority shares. However, this claim was challenged by the assertion that the defendant is merely a nominee with a single unit of share, while AMCON (Asset Management Corporation of Nigeria), the entity that appointed the Receiver Manager, holds the majority shares in NG Eagle. This discrepancy raises questions about the true control and ownership of the airline.
Allegations of Misappropriated Funds
The court heard allegations that N4.5 billion was moved from Arik Air to fund NG Eagle, with the prosecution arguing that the new airline was controlled by the defendants. Mr. Jonathan Sani, Arik’s former Chief Financial Officer, reportedly provided a statement detailing these transactions. Furthermore, it was alleged that Kamilu Alaba Omokide and Captain Roy Ilegbodu collaborated with Kuru to divert a total of N4.9 billion from Arik’s funds to manage and finance the operations of NG Eagle.
Transfer of Staff and Operational Expenses
Beyond the alleged financial transfers, Kaltungo testified that Arik Air staff were also transferred to NG Eagle. This occurred while Kuru was still serving as the Managing Director of AMCON, and Omokide was the AMCON-appointed Receiver Manager. The prosecution contends that salary payments and operational expenses for the newly formed NG Eagle were being covered by Arik Air Limited, raising concerns about potential conflicts of interest and the misuse of Arik’s resources.
Evidence Presented and Challenges Faced
During the proceedings, the court admitted several pieces of evidence, including a certified true copy (CTC) of an ex parte order, which the prosecution identified as the sole document authorizing the appointment of the Receiver Manager over Arik. This document was marked as P17. Additional exhibits, including photographs and videos on a flash drive depicting allegedly vandalized aircraft, were also presented. These were marked as P18, P25, P26, P44, and P45.
However, the prosecution faced challenges in establishing a direct connection between the alleged acts of the accused and the purported fraud or crime in the management of Arik’s loan. Furthermore, the prosecution reportedly failed to conclusively prove that the vandalized aircraft shown in the video footage actually belonged to Arik. Despite the volume of evidence presented, a clear nexus linking the defendants to the alleged crimes remains to be definitively established.
Passport Release and Adjournment
Counsel for the second and third defendants requested the release of their clients’ passports for renewal and medical purposes. Justice Dada granted these requests, stipulating that the passports must be returned to the court registry by January 2, 2026. The trial has been adjourned to February 25 and 26, 2026, for the continuation of the trial and the examination-in-chief of PW4 (Prosecution Witness 4).
The case continues to unfold, with the court yet to make a final determination on the guilt or innocence of the accused. The allegations of financial impropriety and the complex relationships between the individuals and entities involved warrant careful scrutiny as the legal proceedings progress. The upcoming testimony of PW4 is expected to provide further insights into the matter.
