A prosecution witness on Monday told a Lagos Special Offences Court how the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, allegedly deployed N4.9 billion belonging to the defunct Arik Air Limited to establish a new carrier, NG Eagle Airlines.
Testifying before Justice Mojisola Dada, Bawa Usman Kaltungo, an investigative officer with the Economic and Financial Crimes Commission (EFCC), said the diversion was uncovered during the Commission’s probe of the defendants.
Kuru is standing trial alongside Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank Plc, and Super Bravo Limited.
Led in evidence by lead prosecution counsel, Dr. Wahab Shittu, SAN, Kaltungo said a statement provided by Arik’s former Chief Financial Officer, Mr. Jonathan Sani, detailed how N4.5bn was moved from Arik to fund NG Eagle, an airline allegedly owned and controlled by the defendants.
He added that Kuru, Omokide, and Ilegbodu allegedly conspired to move a total of N4.9bn out of Arik’s assets to float the new airline, while also transferring Arik employees to NG Eagle.
According to him, NG Eagle was incorporated while Kuru was still the MD of AMCON, and Omokide served as Receiver Manager over Arik, creating a conflict that enabled the alleged diversion.
Kaltungo testified that Arik Air continued to bear the burden of salaries and operational expenses for NG Eagle staff during its formation stage.
During Monday’s proceedings, the court admitted several documents, including a certified ex-parte order marked P17.
Other admitted materials labelled P18, P25, P26, P44, and P45 included photographs and a flash drive containing a video of vandalised aircraft, which was played in open court.
“This investigation report is based strictly on documentary evidence recovered during the course of our work,” Kaltungo told the court.
Counsel representing the second and third defendants applied for the release of their clients’ passports for renewal and medical travel.
Justice Dada granted the request but ordered that the passports be returned to the court registry on or before January 2, 2026.
The court adjourned the matter to the earlier scheduled dates as well as January 2 and 3, 2026, for continuation of trial.
