RismadarVoice Reporters
October 29, 2026
An Economic and Financial Crimes Commission (EFCC) investigator has told a Lagos court that ₦4.9 billion belonging to Arik Air was allegedly used to establish and finance NG Eagle Airlines, which was subsequently sold for approximately ₦149 million.
Bawa Usman Kaltungo, the fourth prosecution witness, made the allegation during cross-examination on Wednesday before Justice Mojisola Dada of the Special Offences Court in Ikeja.
The testimony formed part of the ongoing trial of former Asset Management Corporation of Nigeria (AMCON) Managing Director Ahmed Kuru and four other defendants over alleged fraud involving ₦76 billion and $31.5 million.
Other defendants include former Arik Air receiver-manager Kamilu Alaba Omokide, former airline chief executive Roy Ilegbodu, Union Bank of Nigeria Plc and Super Bravo Limited.
Kaltungo maintained that investigators obtained information from Arik Air’s former Chief Financial Officer, Jonathan Sani, who reportedly provided a breakdown of expenses associated with establishing NG Eagle.
However, during cross-examination, defence counsel Olasupo Shasore, SAN, challenged the witness to identify documentary evidence supporting the alleged ₦4.9 billion diversion.
Reports of the proceedings indicated that Kaltungo could not immediately locate the relevant evidence in a prosecution exhibit.
The defence also presented an extract from AMCON’s 78th board meeting containing approval for NG Eagle’s establishment and budgeted expenditure.
Kaltungo disputed the defence’s interpretation of the document and maintained his investigative findings.
The witness further acknowledged that approximately ₦149 million realised from NG Eagle’s sale was deposited into AMCON’s account with the Central Bank of Nigeria.
He also confirmed that investigators had not traced payments from Super Bravo Limited to Kuru personally.
The proceedings examined disputed claims surrounding Arik Air’s indebtedness to Union Bank and AMCON’s subsequent intervention in the airline.
While Kaltungo maintained that investigators found insufficient evidence supporting the disputed Union Bank loan, the defence presented correspondence indicating that Arik Air’s promoter, Johnson Arumemi-Ikhide, had acknowledged financial obligations to AMCON.
The court admitted documents relating to those engagements for consideration during the trial.
The prosecution also raised allegations concerning the dismantling of an Arik Air aircraft valued at $31.5 million and the transfer of aircraft assets to Super Bravo Limited.
The defendants have pleaded not guilty to the charges.
Justice Dada adjourned further proceedings until December 3 and 10, 2026.
The allegations remain subject to judicial determination, with no finding of guilt established against the defendants.
