A major financial scandal has continued to unfold at the Special Offences Court in Ikeja, Lagos, as the Economic and Financial Crimes Commission (EFCC) uncovers how multi-billion naira assets belonging to Arik Air Limited were allegedly diverted to establish and fund a separate entity, NG Eagle Airlines.
The trial, presided over by Justice Mojisola Dada, involves a former Managing Director and Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, alongside four co-defendants facing a six-count charge of conspiracy, stealing, and abuse of office.
The Allegations and Charges
Ahmed Kuru is standing trial alongside Kamilu Alaba Omokide, Roy Ilegbodu, Union Bank of Nigeria Plc, and Super Bravo Limited. The defendants face severe allegations regarding the mismanagement and conversion of assets during Arik Air’s receivership.
According to court filings, one of the primary charges highlights an alleged fraudulent transfer involving Union Bank. The charge reads:
“That you, Union Bank Nigeria Plc, sometime in 2011 or thereabouts, in Lagos, within the jurisdiction of this Honourable Court, with the intention of causing and/or inducing the unwarranted sale of Arik Air loans and bank guarantees with Union Bank, made false statements to the Asset Management Corporation of Nigeria (AMCON) regarding Arik Air Limited’s performing loans, following which you transferred a bogus figure of N71,000,000,000.00 (Seventy-One Billion Naira) to AMCON.”
Additional counts accuse key receivership figures—including Ahmed Kuru, receiver-manager Kamilu Alaba Omokide, and Arik Air CEO in receivership Captain Roy Ilegbodu—of converting N4.9 billion worth of Arik Air’s assets to fund NG Eagle Limited.
Witness Testimony Details Asset Diversion
Testifying as the fourth prosecution witness (PW4), Bawa Usman Kaltungo detailed how the anti-graft agency unraveled the scheme during cross-examination by defence counsel Olasupo Shasore, SAN.
Kaltungo revealed that the former Chief Financial Officer of Arik Air, Jonathan Sani, was invited for questioning and provided a comprehensive breakdown of expenses incurred in establishing NG Eagle using airline resources. The witness maintained that investigative findings linked Arik Air’s funds directly to NG Eagle’s operational expenditures.
The investigator further outlined the specific roles of the defendants:
- Captain Roy Ilegbodu: Handled technical operations and reported directly to Kuru.
- Kamilu Alaba Omokide: Served as Arik Air’s receiver-manager in his capacity as AMCON’s Group Head of Asset Management.
Unapproved Aircraft Dismantling and Asset Transfers
The trial also brought to light dramatic details surrounding the dismantling of an Arik Air aircraft (registration number 5N-JEA) valued at $31.5 million. Kaltungo stated that the exercise was conducted without approval from the Nigerian Civil Aviation Authority (NCAA).
Investigators recovered email correspondence between Ilegbodu and an individual named Olanrewaju, containing specific instructions on which critical parts of the aircraft should be removed and which should be left behind. Although Omokide’s name was absent from the emails, the witness maintained that such a major operation could not have occurred without the receiver-manager’s consent.
Furthermore, testimony revealed 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 before a 90-day grace period issued by AMCON to service a foreign loan had expired. Investigators observed that these aircraft were subsequently repainted and converted for use by NG Eagle, giving the new entity an unfair market advantage.
Although NG Eagle was eventually sold for approximately N149 million, with proceeds paid into an AMCON account at the Central Bank of Nigeria (CBN), Kaltungo noted that Kuru only sought board approval for the sale three years after the fact.
Union Bank Loan Discrepancies
Addressing the alleged N71 billion debt, Kaltungo told the court that investigators found no offer letters or account statements substantiating the transaction. According to the witness, Arik Air maintained it never obtained such a loan from Union Bank, and the financial institution failed to provide documentation proving the lending arrangement.
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While acknowledging that Kuru was not formally listed as a director or shareholder of either NG Eagle or Super Bravo, and that no direct payments were traced from Super Bravo to Kuru, the prosecution maintains that the systemic diversion of institutional assets constitutes a clear abuse of office.
Justice Mojisola Dada has adjourned the matter to December 3 and 10, 2026, for the continuation of trial.