The Economic and Financial Crimes Commission (EFCC) has accused former top executives and corporate entities of diverting billions of naira and foreign-currency loans from Arik Air to establish NG Eagle Airlines.
The allegations were presented on Monday before the Special Offences Court in Ikeja, Lagos, where the EFCC tendered multiple financial documents in evidence. The Kaduna Acting Zonal Director of the Commission, Bawa Usman Kaltungo, provided detailed findings under examination by prosecution counsel, Dr. Wahab Shittu (SAN).
Among those standing trial are former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, alongside Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank Plc, and Super Bravo Limited.
Kaltungo stated that Arik Air’s accounts documented transfers totaling N6.8 billion for activities unrelated to the airline’s operations, including payments linked to NG Eagle Airlines. He revealed that the airline’s expenses, including staff salaries and quarterly financial obligations, were funded from Arik Air accounts.
The EFCC submitted extensive documentation, including correspondence, internal memos, restructuring records, notices of assignment, and payment instructions. Among these were a 2010 document showing a N100 million payment authorized by Arik’s CEO, and records indicating that Arik serviced foreign loans totaling USD 114.7 million through regular transfers.
Evidence also highlighted Union Bank’s restructuring of Arik’s debt in 2010 and 2011, along with a 2015 general indemnity valued at over N46 billion guaranteeing the bank’s exposure. Kaltungo further cited letters showing disputes over the sale of Arik’s loans to AMCON, irregularities in financial figures, and unaccounted payments received from Ibom Air for leased crew members.
Additionally, documents suggested that signatures attributed to Arik’s receivership appeared on records from 2015 and 2016, despite the airline officially entering receivership in 2017. A board resolution also showed that an Arik Air aircraft engine was leased back to the airline under terms directing payments into an AMCON remittal account.
The trial has been adjourned to January 2 and 3, 2026, for continuation.
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