‘Ex-Asset Management Corporation Boss Used N4.9bn Arik Funds To Float Eagle Airline’

The Acting Director of the Economic and Financial Crimes Commission (EFCC), Kaduna Zonal Office, Bawa Kaltungo, on Monday, alleged that a former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, diverted N4.9 billion belonging to the now-defunct Arik Air Limited to float a new airline, NG Eagle.

Kaltungo, who was testifying in the ongoing trial of the former AMCON boss, also told the trial judge, Justice Mojisola Dada, that the alleged diversion was uncovered during the anti-graft agency’s investigation of the defendants.

The EFCC had arraigned Kuru, a former Receiver Manager of Arik Airline Ltd., Kamilu Omokide, the airline’s Chief Executive Officer, Captain Roy Ilegbodu, Union Bank Limited, and Super Bravo Ltd. before the court on a six-count charge of conspiracy, stealing, and abuse of office.

The defendants, however, pleaded not guilty to the charge.

While being led in evidence by the prosecutor, Dr Wahab Shittu (SAN), Kaltungo explained that a statement from Arik’s former CFO, Jonathan Sani, detailed how N4.5 billion was transferred from Arik to fund NG Eagle, a new carrier allegedly controlled by the defendants.

The witness further testified that Kuru, Omokide, and Ilegbodu allegedly conspired to move N49 billion of Arik’s assets to establish the airline, while also transferring some Arik employees to NG Eagle.

He also alleged that NG Eagle was incorporated. At the same time, Kuru was still the Managing Director of AMCON, and Omokide was serving as Receiver Manager over Arik, creating a conflict that facilitated the diversion.

Kaltungo testified that Arik Air continued to cover salaries and operational costs for NG Eagle staff during its startup.

During the proceedings, the court admitted various documents, including a certified ex parte order marked P 17.

Other admitted evidence included photographs and a flash drive with video footage of vandalised aircraft, which was played in court.

Justice Dada adjourned the case to January 2, 2026, and January 3, 2026, for further proceedings.