N76bn fraud case: EFCC witness alleges N4.9bn transfer from Arik Air to NG Eagle

The fourth prosecution witness in the ongoing trial of Ahmed Kuru, former managing director (MD) of the Asset Management Corporation of Nigeria (AMCON), on Monday gave further insight into how the ownership structure of NG Eagle Airlines was set up.

On January 20, Kuru was arraigned alongside Roy Ilegbodu, managing director of Arik Air (third defendant), Kamilu Omokide, receiver manager of Arik Air (first defendant), Union Bank Plc (fourth defendant), and Super Bravo Limited (fifth defendant), before the Lagos court.

The defendants were accused of defrauding Arik Air (currently in receivership) of N76 billion and $31.5 million by the Economic and Financial Crimes Commission (EFCC).

In February 2017, the airline was taken over by the federal government via AMCON due to the company’s huge debt profile, which was over N300 billion.

Consequently, the government immediately dissolved the airline’s management team and appointed a receiver manager.

Testifying before the special offences court in Ikeja, Lagos, Bawa Kaltungo, an investigative officer with the EFCC, said the arrangement entails the receiver manager’s nominee having a shareholding arrangement of NG Eagle of “one unit within a billion-share structure”.

Led in evidence by Wahab Shittu, prosecution counsel, Kaltungo told the court that financial records reviewed by investigators suggested that funds belonging to Arik Air Limited were not properly accounted for during the establishment of NG Eagle.

He also claimed that the testimony of Jonathan Sani, former chief financial officer of Arik Air, revealed how N4.5 billion was allegedly diverted from Arik to fund the new airline.

Kaltungo further said the defendants allegedly channelled a total of N4.9 billion from Arik’s accounts to manage NG Eagle’s operations, adding that Arik staff were transferred to the new company while salary and operational expenses were borne by Arik.

However, despite documents admitted as exhibits, the witness was unable to link his claims to any specific act of fraud by the defendants.

He also suggested that the first defendant sold NG Eagle shares unilaterally, but clarified under cross-examination that the receiver manager only held a single share as nominee, while AMCON remained the majority shareholder.

TRIAL ADJOURNED TO FEBRUARY 2026

During the proceedings, the court admitted a certified true copy of an ex parte order — marked exhibit P17 — which the prosecution said authorised the appointment of the receiver manager over Arik.

Other exhibits, including photographs and a flash drive containing videos of alleged vandalised aircraft, were also admitted, though the prosecution did not establish that the aircraft belonged to Arik.

Meanwhile, counsel to the second and third defendants requested the temporary release of their clients’ passports for renewal and medical purposes.

The judge granted the application and ordered that the documents be returned to the court registry on or before January 2, 2026.

The matter was adjourned to February 25 and 26, 2026, for continuation of the trial and further examination-in-chief of the fourth prosecution witness (PW4).

Examination-in-chief is the first questioning of a witness by the lawyer from the party who called them to the stand.