Nigeria’s Economic and Financial Crimes Commission (EFCC) has alleged that former Asset Management Corporation of Nigeria (AMCON) managing director Ahmed Kuru and associates diverted NGN4.9 billion naira (USD3.4 million) from Arik Air (W3, Lagos) to fund the start-up of NG Eagle (2N, Lagos).
Testifying before the Lagos Special Offences Court on December 8, EFCC investigator Bawa Usman Kaltungo alleged that Arik Air funds, staff, and resources were used to establish NG Eagle while Kuru was still managing AMCON and Kamilu Alaba Omokide was the AMCON-appointed receiver manager for Arik Air. He cited documentary evidence and a statement by Arik Air’s former CFO claiming that NGN4.5 billion (USD3 million) was withdrawn from Arik Air’s accounts for NG Eagle, the EFCC summarised in a statement on social media.
Kuru, Omokide, Arik Air (now in receivership) former CEO Roy Ilegbodu, the Union Bank of Nigeria, and an entity called Super Bravo Ltd face six counts in the court in connection with fraud involving NGN76 billion (USD52 million) and USD31.5 million belonging to Arik Air.
Charges include conspiracy, stealing, and abuse of office. One charge alleges that Union Bank falsely represented Arik Air's loan position in 2011, resulting in NGN71 billion (USD50 million) being transferred to AMCON. Another alleges the defendants fraudulently converted NGN4.9 billion in Arik Air funds to NG Eagle in 2022.
Several prosecution exhibits were admitted, including an ex parte order and a flash drive containing video footage of vandalised aircraft.
The court also granted temporary release of the second and third defendants’ passports to renew the travel documents and seek medical care abroad, with return required by January 2, 2026. The trial continues on the same date.
