A prosecution witness on Monday detailed how former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, allegedly diverted ₦4.9 billion from the accounts of the now-defunct Arik Air to bankroll the creation of a new airline, NG Eagle, while still leading Nigeria’s bad-debt recovery agency.
Testifying before Justice Mojisola Dada of the Lagos Special Offences Court, EFCC investigative officer Bawa Usman Kaltungo said the alleged diversion was not only documented but supported by internal memos, bank transfers and corporate approvals recovered during the commission’s probe.
Kuru is standing trial alongside AMCON-appointed Receiver Manager Kamilu Alaba Omokide; former Arik CEO in receivership Captain Roy Ilegbodu; Union Bank Plc; and Super Bravo Limited. The defendants face a six-count charge covering conspiracy, stealing, diversion of assets and abuse of office involving an alleged ₦76 billion and $31.5 million fraud.
According to one of the charges, Union Bank is accused of inflating Arik Air’s loans to ₦71 billion, a move prosecutors say paved the way for AMCON’s takeover. Another count alleges that Kuru, Omokide and Ilegbodu diverted ₦4.9 billion from Arik’s accounts into NG Eagle in 2022.
Kaltungo told the court that Arik’s former Chief Financial Officer, Jonathan Sani, submitted a statement confirming that ₦4.5 billion was transferred directly to fund NG Eagle. He added that the new airline used Arik’s staff, equipment and financial assets.
“NG Eagle was incorporated while Kuru was still Managing Director of AMCON and Omokide was Receiver Manager. It was built on Arik’s money and resources,” he said.
The prosecution tendered several exhibits—including documents marked P17, P18, P25, P26, P44 and P45—and a flash drive containing footage of allegedly vandalised aircraft, played in open court.
During proceedings, defence counsel sought temporary release of Omokide and Ilegbodu’s international passports for renewal and medical travel. Justice Dada granted the request but ordered the passports returned by January 2, 2026, warning that no excuses would be tolerated.
The case was adjourned to January 2 and 3, 2026, for continuation of the trial.
While Kuru has long denied allegations of asset stripping during AMCON-supervised airline takeovers, Monday’s testimony represents one of the most direct insider accounts yet of how Arik Air’s resources were allegedly repurposed to build a parallel carrier.
The EFCC says more witnesses are expected to testify.
