Officials Accused of Diverting Arik Air Funds to Launch NG Eagle
Nigeria’s Economic and Financial Crimes Commission (EFCC) has alleged that former Asset Management Corporation of Nigeria (AMCON) managing director Ahmed Kuru and several associates diverted NGN4.9 billion (USD3.4 million) from Arik Air (W3, Lagos) to finance the launch of NG Eagle (2N, Lagos).
Testifying before the Lagos Special Offences Court on December 8, EFCC investigator Bawa Usman Kaltungo said Arik Air funds, personnel, and operational resources were used to establish NG Eagle while Kuru was still heading AMCON and Kamilu Alaba Omokide was serving as AMCON-appointed receiver manager for Arik Air. Kaltungo cited documentary evidence and a statement from Arik Air’s former chief financial officer, who claimed that NGN4.5 billion (USD3 million) was withdrawn from the airline’s accounts to support NG Eagle, according to an EFCC summary posted on social media.
Kuru, Omokide, former Arik Air chief executive Roy Ilegbodu, Union Bank of Nigeria, and Super Bravo Ltd are facing six criminal counts related to alleged fraud involving NGN76 billion (USD52 million) and USD31.5 million belonging to Arik Air, which is currently under receivership.
The charges include conspiracy, stealing, and abuse of office. One count alleges that Union Bank misrepresented Arik Air’s loan position in 2011, leading to the transfer of NGN71 billion (USD50 million) to AMCON. Another alleges that the defendants fraudulently converted NGN4.9 billion from Arik Air to NG Eagle in 2022.
During the proceedings, the court admitted several prosecution exhibits, including an ex parte order and a flash drive containing video footage showing vandalised aircraft. The court also granted the temporary release of the second and third defendants’ passports to allow renewal of travel documents and access to medical treatment abroad, with their return ordered by January 2, 2026. The trial is scheduled to resume on the same date.
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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com