A prosecution witness on Monday told the Special Offences Court in Ikeja how former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and two co-defendants allegedly diverted N4.9 billion belonging to the troubled Arik Air Limited to establish a rival airline, NG Eagle Airlines.
The witness, Bawa Usman Kaltungo, an Investigative Officer with the Economic and Financial Crimes Commission (EFCC), gave the testimony before Justice Mojisola Dada while being led in evidence by lead prosecution counsel, Dr. Wahab Shittu, SAN.
Kuru is facing trial alongside Kamilu Alaba Omokide (former AMCON-appointed Receiver Manager of Arik Air), Captain Roy Ilegbodu (former CEO of Arik Air in receivership), Union Bank of Nigeria Plc, and Super Bravo Limited on a six-count charge of conspiracy, stealing, and abuse of office involving an alleged N76 billion and $31.5 million fraud.
One of the charges alleges that Union Bank, sometime in 2011, deliberately misrepresented Arik Air’s loan status to AMCON, inducing the corporation to acquire the airline’s debts for an inflated N71 billion.
Another count accuses Kuru, Omokide, and Ilegbodu of fraudulently converting N4.9 billion of Arik Air’s funds in 2022 to finance NG Eagle Airlines.Kaltungo told the court that investigations revealed the N4.9 billion was systematically moved from Arik Air’s accounts to bankroll the new airline while Kuru was still AMCON MD and Omokide remained Receiver Manager.
He said Arik’s staff, routes, and other resources were also diverted to NG Eagle.“The establishment of NG Eagle was done while Arik Air was still under receivership and its funds were used without authorisation,” the witness stated, adding that the findings were backed by bank statements, board resolutions, and a statement from Arik’s former Chief Financial Officer, Jonathan Sani.
Several documents, including a certified ex-parte court order and a flash drive containing video evidence of vandalised Arik aircraft, were admitted as exhibits and shown in open court.Passport Release and Adjournment
During Monday’s proceedings, counsel to the second and third defendants applied for the temporary release of their clients’ international passports for medical treatment and document renewal abroad.
Justice Dada granted the request but ordered the passports returned to the court registry by January 2, 2026.The case was adjourned to January 2 and 3, 2026, for continuation of trial.
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