N4.9bn Arik Air assets diverted to fund NG Eagle, witness alleges
The fourth prosecution witness in the alleged N76 billion and $31.5 million fraud trial involving former Asset Management Corporation of Nigeria (AMCON) Managing Director, Ahmed Kuru, and four others, has told a Lagos court that Arik Air assets worth N4.9 billion were used to establish and fund NG Eagle Airlines, which was later sold for about N149 million.
The witness, Bawa Usman Kaltungo, disclosed this on Wednesday while being cross-examined by defence counsel, Olasupo Shasore, SAN, before Justice Mojisola Dada of the Special Offences Court sitting in Ikeja. Kuru, Kamilu Alaba Omokide, Roy Ilegbodu, Union Bank of Nigeria Plc and Super Bravo Limited are facing a six-count charge bordering on conspiracy, stealing and abuse of office.
Kaltungo said the EFCC invited Arik Air’s former Chief Financial Officer, Jonathan Sani, during its investigation, and he provided a breakdown of expenses incurred in establishing and funding NG Eagle. “The Chief Financial Officer of Arik Air was invited by the EFCC for questioning, and he gave us the breakdown of all the expenses,” the witness said, adding that Sani also made an additional statement.
On the dismantling of an Arik Air aircraft, registration number 5N-JEA and valued at $31.5 million, Kaltungo said the investigation found that the exercise was carried out without approval from the Nigerian Civil Aviation Authority (NCAA). He said investigators examined email correspondence between Arik Air’s chief executive under receivership, Ilegbodu, and an individual identified as Olanrewaju concerning the removal of aircraft parts.
Although Omokide was not mentioned in the emails, the witness maintained that the dismantling could not have occurred without the receiver-manager’s approval or consent. He also told the court that three Arik Air aircraft were transferred to Super Bravo Limited on December 31, 2020, before the expiration of a 90-day deadline issued by AMCON for Arik Air to service its foreign loan.
According to Kaltungo, AMCON sought its board’s approval for the aircraft transfers several years after the transactions occurred. He added that investigators observed Arik Air aircraft being repainted and converted for use by NG Eagle, which he said gained an undue advantage from the transactions.
On the alleged loan Union Bank claimed Arik Air owed, the witness said investigators found no offer letter or account statement detailing the transaction. He added that the bank failed to provide documents substantiating the alleged loan, while Arik Air told the EFCC it had not obtained a loan from the bank. One of the charges alleges that Union Bank made false statements to AMCON in 2011 concerning Arik Air’s performing loans, leading to the transfer of a purported N71 billion debt to the corporation.
Kaltungo, who said he conducted the investigation but did not file the charges, acknowledged that proceeds from NG Eagle’s sale, approximately N149 million, were paid into AMCON’s account with the Central Bank of Nigeria. He also admitted that Kuru was neither a director nor shareholder of NG Eagle or Super Bravo and that investigators did not trace any payment from Super Bravo to him. Justice Dada adjourned the case until December 3 and 10, 2026, for continuation of trial.
