The special offences court in Ikeja, Lagos, has admitted documents showing that Johnson Arumemi-Ikhide, chairman and promoter of Arik Air, acknowledged the airline’s indebtedness to the Asset Management Corporation of Nigeria (AMCON) and expressed a willingness to resolve the debt.
The documents were presented on Wednesday during the cross-examination of Bawa Kaltungo, the fourth prosecution witness, by Olasupo Shasore, counsel to Ahmed Kuru, former AMCON managing director.
The proceedings were part of the trial of Kuru and four others over an alleged N76 billion fraud.
During the cross-examination, Shasore asked Kaltungo, an investigator with the Economic and Financial Crimes Commission (EFCC), whether he had questioned Arumemi-Ikhide and obtained relevant information from him during the investigation.
The witness said he has discretion over whom to invite for interrogation.
Shasore also asked if Kaltungo knew that Arumemi-Ikhide had engaged with AMCON management and the receiver-manager where he acknowledged his indebtedness.
The lawyer cited a January 25, 2016 letter from Arumemi-Ikhide to AMCON’s managing director, titled ‘Proposal for Resolution of Arik Air Limited’s Facilities Acquired by AMCON’.
In response, Kaltungo said: “If Sir Johnson Arumemi-Ikhide said he had taken a loan, that is their business.”
Another document showed that Arumemi-Ikhide wrote to Kuru on October 9, 2017, expressing his commitment to working with AMCON and the receiver to resolve the dispute between them.
In the letter, titled ‘Repayment of Arik Air Limited’s Debt to AMCON and Other Creditors’, Arumemi-Ikhide said the airline’s shareholders and new investors would take steps to facilitate negotiations and a smooth transition from the AMCON-led management.
‘KURU TRANSFERRED N4.9BN TOWARDS ESTABLISHMENT OF NG EAGLE’
The EFCC witness also alleged that Kuru transferred N4.9 billion towards the establishment of NG Eagle.
When Shasore asked whether he had evidence to support the allegation, Kaltungo said Jonathan Sani, Arik Air’s chief financial officer, had provided the information and a breakdown.
The lawyer then asked the witness to identify the evidence in Exhibit P23, a document submitted by the prosecution, but Kaltungo searched the document but could not immediately point to the evidence.
Shasore subsequently presented a certified true copy of an extract from AMCON’s 78th board meeting, which contained approval for the establishment of NG Eagle and its budgeted expenses.
The document was cited to challenge the allegation that Kuru allegedly expended and transferred the sum of N4.9 billion towards setting up NG Eagle.
Kaltungo urged the court to disregard the board meeting extract as documentary proof.
The witness also alleged that Union Bank had deceived AMCON into acquiring Arik Air’s loan, maintaining that his investigation found no evidence that the bank had granted a loan to the airline.
He further described AMCON’s intervention in Arik Air as “illegal and fraudulent”, arguing that the corporation lacked the power to take over the airline’s debt.
Kaltungo also maintained that Arik’s loan with Union Bank was a performing loan.
Although Shasore, SAN, tried to remain civil while cross-examining Kaltungo, the EFCC star witness continued to evade questions and responded confrontationally to the amazement of the court.
Justice Mojisola Dada subsequently adjourned the case to December 3 and December 10, 2026, for continuation of the trial.
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