The Economic and Financial Crimes Commission (EFCC) has informed a Lagos Special Offences Court that the Central Bank of Nigeria (CBN) Board of Governors formally authorised the Asset Management Corporation of Nigeria (AMCON) to take over Arik Air Limited due to the airline's severe financial and operational decline.
The revelation came on Wednesday, February 25, 2026, during the ongoing trial before Justice Mojisola Dada at the Ikeja court. EFCC Assistant Director Bawa Usman Kaltungo, testifying as the fourth prosecution witness, presented a Certified True Copy (CTC) of minutes from the CBN's 494th Committee of Governors meeting held on February 15, 2024.
According to Kaltungo, the meeting chaired by then-CBN Governor Godwin Emefiele and attended by deputy governors and other officials including Ahmed Kuru (then AMCON MD) discussed Arik Air's critical state.
Kuru briefed the board that the airline, holding 60% of domestic passenger traffic, faced imminent collapse within two weeks without intervention, citing issues like cash collateral disputes leading to Lufthansa's exit as technical partner and abandonment by owners.
The witness confirmed that major creditor banks supported CBN intervention, leading to the board's approval for AMCON to appoint a receiver-manager shortly after.
The defendants, former AMCON MD Ahmed Kuru, former Arik Air receiver-manager Kamilu Alaba Omokide, Arik Air CEO Captain Roy Ilegbodu, Union Bank of Nigeria Plc, Super Bravo Limited, and Mohammed Abbas Jega face a six-count charge of conspiracy, stealing, abuse of office, and making false statements.
The EFCC alleges fraudulent conversion of N76 billion and $31.5 million belonging to Arik Air. Specific claims include Union Bank misleading AMCON in 2011 about Arik Air's performing loans, resulting in a N71 billion transfer, and later diversion of funds, including N4.9 billion allegedly converted to NG Eagle Limited.
Kaltungo also testified that investigations revealed improper use of Arik Air funds by the receiver-manager to pay insurance liabilities for Umza Aviation Services Limited (not linked to Arik operations), with partial repayments ongoing.
The prosecution attempted to tender related insurance documents, but the court rejected them as inadmissible since they fell outside the six counts.
The trial, which continues on February 26, 2026, shows ongoing efforts to address alleged financial misconduct tied to the airline's receivership and AMCON intervention, originally intended to stabilise the troubled carrier.
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