EFCC has uncovered alleged multi-billion naira diversion as Witness tells court how Arik Air funds was used to float NG Eagle.
NewsOnline Nigeria reports that the Economic and Financial Crimes Commission (EFCC) on Monday laid out explosive financial records before the Special Offences Court in Ikeja, alleging that billions of naira and foreign-currency loans meant for Arik Air were siphoned to bankroll the controversial NG Eagle Airlines.
Testifying before Justice Mojisola Dada, the EFCC’s Acting Zonal Director in Kaduna, Bawa Usman Kaltungo, detailed how the Commission’s investigation uncovered a trail of suspicious transfers, loan repayments, and internal approvals allegedly executed under the watch of former AMCON boss Ahmed Kuru, who is on trial alongside Kamilu Alaba Omokide, Capt. Roy Ilegbodu, Union Bank Plc, and Super Bravo Ltd.
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Led in evidence by prosecution counsel Dr. Wahab Shittu (SAN), Kaltungo revealed that Arik’s account officer documented two major transfers: N1.9 billion and N4.9 billion directly from Arik’s accounts for activities tied to NG Eagle, a separate airline.
“NG Eagle’s operations, staff salaries, and quarterly financial obligations were paid from Arik’s accounts,” Kaltungo told the court, tendering a stack of documents including internal memos, restructuring papers, loan notices, and payment instructions.
Among the documents was a 2010 approval allegedly signed by Arik’s CEO authorising a N100 million payment, as well as records showing that Arik serviced USD 114,784,000 in foreign loans tied to export credit agencies—loans that were repaid quarterly.
Kaltungo also walked the court through Union Bank’s restructuring of Arik’s debt in 2010 and 2011, tendering a N46 billion general indemnity issued in 2015 to cover the bank’s exposure.
A 2011 letter from Arik to Union Bank questioned the alleged secret sale of its loans to AMCON, insisting the airline was never notified. A February 2011 Notice of Assignment suggested third-party involvement in the loan transactions.
The EFCC investigator also presented letters authorising multimillion-dollar transfers, including a USD 4.6 million payment acknowledged by both Arik and Union Bank.
He read from correspondence where Arik’s chairman praised Union Bank for its support in 2010 letters that prosecutors say contradict claims made by the defendants.
But one of the most damaging revelations came when Kaltungo flagged glaring inconsistencies:
“Union Bank claimed it sold N71 billion in loans to AMCON, but the documents here show only N34 billion. The figures don’t match.”
He added that Arik Air rented out crew to Ibom Air and received payment, but those funds “vanished” during the receivership led by the first defendant. Bank records from Ibom Air’s Zenith account were tendered to back the claim.
More discrepancies emerged in documents from 2015 and 2016, bearing signatures attributed to the AMCON appointed receivership even though the airline only officially entered receivership on February 17, 2017.
The court also heard how an Arik aircraft engine was leased back to Arik under questionable terms, with payments instructed to go into an AMCON remittal account. The agreement required USD 70,000 monthly rent, USD 340 per flight hour, and USD 200 per engine cycle, and was signed by a director of Super Bravo Ltd.
Kaltungo tendered Arik’s 2015 and 2016 financial statements and identification certificates showing the airline was not under receivership during those years, contrary to what some documents implied.
Justice Dada adjourned the matter to January 2 and 3, 2026 for continuation of trial.
