EFCC Details How N4.9bn Arik Air Assets Were Sold for N149m in Alleged N76bn AMCON Fraud Trial

Fresh revelations emerged at the Special Offences Court in Ikeja on Wednesday, as an Economic and Financial Crimes Commission (EFCC) witness detailed how N4.9 billion worth of Arik Air assets were clandestinely diverted to set up NG Eagle Airlines, which was later sold for a meager N149 million.

The fourth prosecution witness (PW4), Bawa Kaltungo, made the disclosure before Justice Mojisola Dada during the ongoing trial of Ahmed Lawal Kuru, the former Managing Director and Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), alongside four other defendants.

Kuru is facing a six-count charge bordering on conspiracy, stealing, and abuse of office over an alleged N76 billion and $31.5 million fraud. He is being prosecuted by the EFCC alongside Kamilu Alaba Omokide, Roy Ilegbodu, Union Bank of Nigeria Plc, and Super Bravo Limited.

The N4.9 Billion Asset Diversion

While being cross-examined by defence counsel Olasupo Shasore, SAN, Kaltungo stated that investigations established that Arik Air’s funds were systematically used to birth and sustain NG Eagle during Arik’s receivership.

According to Kaltungo, the anti-graft agency questioned Arik Air’s former Chief Financial Officer, Jonathan Sani, who provided a comprehensive breakdown of the expenses incurred to set up NG Eagle. Investigators reportedly witnessed Arik Air aircraft being repainted and rebranded for NG Eagle’s use, giving the new airline an unfair operational advantage.

The witness further revealed that while the proceeds from the sale of NG Eagle—valued at approximately N149 million—were deposited into AMCON’s Central Bank of Nigeria (CBN) account, Kuru only approached the AMCON board for retroactive approval three years after the sale had already been finalized.

The court also heard details surrounding the unauthorized dismantling of an Arik Air aircraft, registration number 5N-JEA, valued at $31.5 million. Kaltungo testified that the exercise was carried out without mandatory approval from the Nigerian Civil Aviation Authority (NCAA).

The EFCC intercepted email correspondence between Arik’s Chief Executive Officer under receivership, Captain Roy Ilegbodu, and an individual named Olanrewaju. The emails contained explicit instructions to strip vital components from the aircraft. Kaltungo maintained that such an operation could not have occurred without the tacit consent of Kamilu Alaba Omokide, who served as Arik’s receiver-manager and AMCON’s Group Head of Asset Management.

Furthermore, the witness testified that three Arik Air aircraft were transferred to Super Bravo Limited—a company incorporated by AMCON in 2013—on December 31, 2020. This transfer occurred just before the expiration of a 90-day deadline issued by AMCON for Arik Air to service its foreign loan.
AMCON reportedly sought board approval for these asset transfers years after the transactions were executed.

Union Bank’s Alleged N71 Billion Phantom Loan

The prosecution also took aim at Union Bank of Nigeria Plc, which is accused of making false representations to AMCON in 2011. The bank allegedly claimed that Arik Air owed it a substantial debt, resulting in the transfer of a bogus N71 billion phantom loan to the corporation.

Kaltungo told the court that despite extensive investigations, the EFCC could not find any offer letter or account statements validating the multi-billion naira transaction. Arik Air management explicitly denied ever obtaining such a loan, and Union Bank failed to provide investigators with any documentation establishing the credit facility.

Defence Cross-Examination

During earlier proceedings on Tuesday, October 27, Shasore grilled Kaltungo on his investigation report and the corporate filings obtained from the Corporate Affairs Commission (CAC).

Kaltungo conceded that documents did not explicitly state that Omokide directed a lawyer to incorporate NG Eagle but maintained that corporate actions of that scale routinely require verbal or written directives from executive leadership. The witness also acknowledged that a previous court judgement concerning the incorporation of NG Eagle had been set aside on appeal but noted that the EFCC’s investigation additionally relied on a legal opinion from the Attorney-General of the Federation.

Kaltungo further affirmed that Kuru was not listed as a shareholder or director of either NG Eagle or Super Bravo Limited, and there was no direct financial footprint connected payments from Super Bravo to Kuru.

Justice Mojisola Dada has adjourned till December 3 and 10, 2026, for the continuation of proceedings.