EFCC witness: ₦4.9bn Arik assets funded NG Eagle
A prosecution witness has told a Lagos court that Arik Air assets worth ₦4.9bn were allegedly diverted to establish and fund NG Eagle Airlines, which was subsequently sold for about ₦149m.
The fourth prosecution witness, Bawa Usman Kaltungo, disclosed this on Wednesday during the trial of former Asset Management Corporation of Nigeria (AMCON) managing director Ahmed Kuru and four others over an alleged ₦76bn and $31.5m fraud.
Etim Ekpimah
A prosecution witness has told a Lagos court that Arik Air assets worth ₦4.9bn were allegedly diverted to establish and fund NG Eagle Airlines, which was subsequently sold for about ₦149m.
The fourth prosecution witness, Bawa Usman Kaltungo, disclosed this on Wednesday during the trial of former Asset Management Corporation of Nigeria (AMCON) managing director Ahmed Kuru and four others over an alleged ₦76bn and $31.5m fraud.
Kaltungo, while being cross-examined by defence counsel Olasupo Shasore, SAN, told Justice Mojisola Dada of the Special Offences Court in Ikeja that the Economic and Financial Crimes Commission (EFCC) found that Arik Air’s funds were used to cover expenses incurred in establishing and operating NG Eagle.
The other defendants are Kamilu Alaba Omokide, Roy Ilegbodu, Union Bank of Nigeria Plc and Super Bravo Limited. They are facing a six-count charge bordering on alleged conspiracy, stealing and abuse of office.
Kaltungo said the EFCC invited Arik Air’s former chief financial officer, Jonathan Sani, during its investigation and obtained a breakdown of the expenses incurred in setting up and funding NG Eagle.
“The EFCC invited the chief financial officer of Arik Air for questioning, and he gave us the breakdown of all the expenses,” he said, adding that Sani provided further details in a supplementary statement.
The witness said the findings raised questions about how Arik Air managed its resources during the airline’s receivership.
$31.5m aircraft allegedly dismantled without NCAA approval
Kaltungo also told the court that the EFCC found that an Arik Air aircraft, with registration number 5N-JEA and valued at $31.5m, had been dismantled without approval from the Nigerian Civil Aviation Authority (NCAA).
He said investigators obtained information from AMCON staff and examined email exchanges between Ilegbodu, Arik Air’s chief executive under receivership, and an individual identified as Olanrewaju.
According to the witness, the correspondence contained instructions to remove certain aircraft parts while leaving others behind.
Although the emails did not mention Omokide, Kaltungo maintained that the dismantling could not have occurred without the approval or consent of the receiver-manager.
He added that EFCC investigators initially encountered a blockade during a visit to the aircraft but eventually gained access and inspected its condition.
Kaltungo said Ilegbodu oversaw Arik Air’s technical operations and reported to Kuru, while Omokide, then AMCON’s group head of asset management, served as the airline’s receiver-manager.
Three Arik aircraft transferred to Super Bravo
The witness further alleged 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 the airline to service its foreign loan.
He said Super Bravo was incorporated by AMCON in 2013 and that the aircraft transfers formed part of the transactions investigated by the EFCC.
According to Kaltungo, AMCON sought board approval for the transfers several years after they had occurred.
He alleged that the transactions gave NG Eagle an undue advantage, citing investigators’ observations that Arik Air aircraft were being repainted and converted for use by the airline.
EFCC questions Union Bank’s alleged ₦71bn loan
Kaltungo told the court that investigators could not find an offer letter or account statement to substantiate a loan Union Bank allegedly claimed Arik Air owed it.
He said the bank failed to provide documents establishing the lending transaction, while Arik Air told investigators that it had not obtained the loan in question.
One of the charges alleges that Union Bank made false statements to AMCON in 2011 concerning Arik Air’s performing loans, resulting in the transfer of an allegedly inflated debt of ₦71bn to the corporation.
The prosecution also alleges that Kuru, Omokide and Ilegbodu fraudulently converted ₦4.9bn belonging to Arik Air for the benefit of NG Eagle in 2022.
NG Eagle sale proceeds paid into AMCON account
During proceedings on Tuesday, Kaltungo was cross-examined on his investigation report concerning the incorporation of NG Eagle and Super Bravo and the circumstances surrounding NG Eagle’s sale.
He told the court that he conducted the investigation and prepared the report but did not file the charges. According to him, EFCC lawyers reviewed the case file before deciding on the charges.
Kaltungo acknowledged that the approximately ₦149m realised from NG Eagle’s sale was paid into AMCON’s account with the Central Bank of Nigeria (CBN).
However, he said Kuru approached the AMCON board for approval of the sale three years after the transaction had taken place.
The witness identified Exhibit P18 as a document obtained from the Corporate Affairs Commission (CAC), clarifying that it originated from the commission rather than AMCON.
Asked whether the document expressly stated that Omokide instructed a lawyer to incorporate the company, Kaltungo admitted that it did not.
He argued, however, that a company’s incorporation would ordinarily involve the directive or approval of its chief executive, whether verbal or written.
Kaltungo also acknowledged that a court judgment considered during the investigation had been set aside on appeal. He said investigators additionally relied on a legal opinion from the Attorney-General of the Federation.
The witness confirmed that AMCON acknowledged incorporating NG Eagle and Super Bravo. He also admitted that Kuru was not listed as a director or shareholder of either company 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 the trial.
