The Economic and Financial Crimes Commission (EFCC) on Monday presented documents in court alleging that billions of naira belonging to Arik Air were diverted to fund the establishment and operations of NG Eagle Airlines.
Testifying before the Special Offences Court in Lagos, EFCC’s Acting Zonal Director (Kaduna), Bawa Usman Kaltungo, said financial records showed that ₦1.9bn and ₦4.9bn were transferred from Arik’s accounts for activities unrelated to the airline, including payments made on behalf of NG Eagle.
Kaltungo said NG Eagle’s salaries, operational expenses and quarterly payments were funded directly from Arik’s accounts. He tendered several documents—internal memos, correspondence, loan restructuring files, notices of assignment and payment instructions—to support the claims.
Former AMCON MD Ahmed Kuru, Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank Plc and Super Bravo Ltd. are currently standing trial for the alleged fraud.
The EFCC witness also detailed Arik’s foreign loans, including USD 114.7m obtained from export credit agencies, which Arik serviced through authorised transfers. He said Union Bank restructured Arik’s debts in 2010 and 2011, backed by a ₦46bn general indemnity.
Kaltungo testified that despite Arik not being placed under receivership until February 17, 2017, some documents from 2015 and 2016 carried signatures of individuals who were not Arik staff but were later appointed receivers—suggesting irregularities.
He further alleged that:
Arik Air leased crew to Ibom Air, but payments were not recorded under the receivership.
Arik was not informed about the sale of its loans to AMCON, despite inconsistencies in figures presented by Union Bank.
An aircraft engine allegedly owned by Arik was “leased back” to the airline, with rental payments directed to an AMCON account controlled by the defendants.
The case was adjourned to January 2 and 3, 2026 for continuation of trial.
