How ex-AMCON boss, diverted N4.9bn from Arik –Witness

By Lukman Olabiyi

An investigative officer with the Economic and Financial Crimes Commission (EFCC), Bawa Usman Kaltungo, has told the Special Offences Court,Ikeja, Lagos, how the former MD of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, alongside others, allegedly diverted N4.9 billion belonging to the defunct Arik Air Limited to establish a new airline, NG Eagle.

Kaltungo gave the detail while giving evidence-in-chief led by the prosecution counsel, Wahab Shittu (SAN). Kuru is standing trial with Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank of Nigeria Plc, and Super Bravo Limited before Justice Mojisola Dada.

According to Kaltungo, the EFCC’s investigation was largely guided by the statement of Arik’s former Chief Financial Officer, Jonathan Sani, who reportedly disclosed how N4.5 billion was withdrawn from Arik’s accounts to fund NG Eagle, allegedly owned and controlled by the defendants.

The witness told the court that Kuru, while serving as AMCON’s MD, and Omokide, then, the AMCON-appointed Receiver Manager for Arik Air, conspired to channel funds from the troubled airline into establishing NG Eagle.

He also alleged that staff members of Arik Air were transferred to the new airline, with Arik continuing to shoulder staff salaries and other operational expenses.

“The statement of the Chief Financial Officer of Arik Air Limited,shows how Arik’s money was used to fund and establish NG Eagle,” he said.

Justice Dada admitted several prosecution exhibits, including a certified ex-parte order marked P17, as well as exhibits P18, P25, P26, P44, and P45.

One of the exhibits, a flash drive containing videos of vandalised aircraft was played in open court.

Meanwhile, counsel to the second and third defendants sought permission for the release of their clients’ passports for renewal and medical purposes.

The court granted the application, ordering that the passports be returned to the court registry no later than January 2, 2026.

Justice Dada adjourned the matter to the earlier scheduled dates, and further to January 2 and 3, 2026, for continuation of trial.