The Economic and Financial Crimes Commission has presented a series of financial records before the Special Offences Court in Ikeja, alleging that billions of naira and multimillion-dollar loans belonging to Arik Air were siphoned to establish NG Eagle Airlines. The revelations came from the EFCC’s Kaduna Acting Zonal Director, Bawa Usman Kaltungo, who testified under the guidance of prosecution counsel Dr Wahab Shittu (SAN).
Former AMCON Managing Director Ahmed Kuru is on trial alongside Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank Plc and Super Bravo Limited. Kaltungo told Justice Mojisola Dada that Arik’s account officer recorded transfers of N1.9 billion and N4.9 billion for purposes that had no link to the airline’s operations, including costs attributed to NG Eagle. He added that salaries and quarterly financial obligations for NG Eagle were funded directly from Arik’s accounts.
The EFCC tendered correspondence, internal memos, restructuring documents, notices of assignment and payment instructions. A 2010 document signed by Arik’s CEO reflected a payment of N100 million, while another record showed Arik servicing foreign loans amounting to USD 114,784,000 from export credit agencies. Kaltungo said Arik made quarterly repayments through authorised transfers.
He pointed to evidence of Union Bank’s restructuring of Arik’s debt in 2010 and 2011, including approvals issued in November and December of that period. He also tendered a general indemnity from 2015 valued at more than N46 billion, which secured the bank’s exposure. He read letters from 2010 and 2011 where Arik questioned Union Bank over the alleged sale of its loans to AMCON, claiming the airline had received no notice and was unsure of the status of its agreements with foreign lenders. A February 2011 Notice of Assignment suggested third-party involvement in the transactions.
Kaltungo highlighted several letters authorising transfers from Arik’s safety accounts, operating accounts, loan commitments and maintenance accounts, including a USD 4.6 million payment acknowledged by both Arik and Union Bank. Another letter from June 2010 had Arik’s chairman thanking the bank for its support and outlining the progress of their partnership.
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He cited communication between AMCON and Union Bank while noting that Arik was not informed about the loan sale. He added that figures presented by the bank were inconsistent, saying the amounts reflected did not match the value of the loan sold to AMCON. He read a letter dated January 21, 2011, in which Arik appealed to then President Goodluck Jonathan for intervention.
The EFCC investigator also stated that Arik leased crew members to Ibom Air and received payments, but these funds were not captured under the receivership managed by the first defendant. Transfers from Ibom Air’s Zenith Bank account were tendered as evidence. Additional material showed that Arik was not under receivership in 2015 and 2016, even though some documents from those years bore signatures associated with receivership officials who were not staff of the airline.
He further tendered a board resolution involving the lease of an Arik aircraft engine back to the airline, with payments directed into an AMCON remittal account. The agreement required monthly basic rent of USD 70,000, USD 340 per flight hour and USD 200 per completed engine cycle. It was signed by a director of Super Bravo Limited.
The case was adjourned to January 2 and 3, 2026, for continuation of trial.
