EFCC reveals how Kuru, others used Arik Air’s N4.9bn to float NG Eagles
The Economic and Financial Crimes Commission has told a Lagos court that billions of naira and foreign-currency loans belonging to Arik Air were allegedly diverted to set up NG Eagle Airlines.
Testifying before the Special Offences Court in Ikeja, the EFCC’s Kaduna Acting Zonal Director, Bawa Usman Kaltungo, said investigators uncovered how huge sums were moved from Arik’s accounts to fund activities linked to NG Eagle, including salaries and quarterly operational expenses.
Former AMCON Managing Director Ahmed Kuru is on trial alongside Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank Plc and Super Bravo Limited.
Kaltungo, led in evidence by prosecution counsel Wahab Shittu (SAN), said Arik’s account officer recorded transfers of N1.9 billion and N4.9 billion for purposes unrelated to the airline’s operations. He tendered several documents, including internal memos, restructuring records, payment instructions and correspondence that formed part of the EFCC’s findings.
One 2010 document allegedly signed by Arik’s chief executive confirmed a payment of N100 million, while another showed the airline serviced foreign loans totalling USD 114,784,000 from export credit agencies. Kaltungo said these repayments were made quarterly through authorised transfers.
He also highlighted evidence of Union Bank’s restructuring of Arik’s debt in 2010 and 2011, backed by a November 2010 approval and a December 2010 update. A general indemnity issued in 2015 put the bank’s exposure at over N46 billion.
The court heard that Arik questioned Union Bank in 2011 over the alleged sale of its loans to AMCON without formal notification and sought clarity on its agreements with foreign lenders. A February 2011 Notice of Assignment suggested third-party involvement in the transactions.
Kaltungo read several letters from 2010 and 2011 authorising transfers involving Arik’s operating and safety accounts, loan commitments and maintenance payments, including a USD 4.6 million transfer signed off by both Arik and Union Bank. He also referenced a June 2010 letter in which Arik’s chairman thanked the bank for its support and listed achievements under the partnership.
The EFCC investigator said Arik was not informed about the sale of its loans and pointed out discrepancies in the figures supplied. “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 said.
He read a January 21, 2011 letter from Arik to then President Goodluck Jonathan seeking government intervention.
Kaltungo added that Arik leased crew members to Ibom Air and received payments, but the funds were allegedly not accounted for under the receivership managed by the first defendant. Bank records from Ibom Air were tendered to support this claim.
He said Arik’s 2015 and 2016 financial statements showed the airline was not under receivership at the time, yet signatures “from receivership” appeared on documents from those years, supposedly signed by the first and second defendants, who were not Arik staff. Receivership only began on February 17, 2017.
Another document tendered was a board resolution showing that an Arik aircraft engine was leased back to the airline, with payments diverted into an AMCON remittal account. The agreement required a USD 70,000 monthly rent in advance, USD 340 per flight hour and USD 200 per engine cycle. A director of Super Bravo Limited signed the agreement.
Justice Mojisola Dada adjourned the matter to January 2 and 3, 2026, for continuation of trial.