The Arik Air N4.9bn fraud trial has taken a new turn after an Economic and Financial Crimes Commission (EFCC) witness told a Lagos court that assets belonging to Arik Air Limited, valued at approximately N4.9 billion, were allegedly diverted to establish and fund NG Eagle Airlines, which was later sold for about N149 million.
The fourth prosecution witness, Bawa Usman Kaltungo, made the disclosure on Wednesday, October 28, 2026, while being cross-examined at the Special Offences Court sitting in Ikeja, Lagos.
Kaltungo, also known as PW4, testified before Justice Mojisola Dada during the trial of former Asset Management Corporation of Nigeria (AMCON) Managing Director and Chief Executive Officer, Ahmed Kuru, and four others over an alleged N76 billion and $31.5 million fraud involving Arik Air.
The defendants are Kuru, Kamilu Alaba Omokide, Roy Ilegbodu, Union Bank of Nigeria Plc and Super Bravo Limited.
They are facing a six-count charge filed by the EFCC bordering on conspiracy, stealing and abuse of office.
Arik Air N4.9bn Fraud: Assets Were Allegedly Used to Fund NG Eagle
During cross-examination by defence counsel, Olasupo Shasore, SAN, Kaltungo disclosed that the EFCC invited Arik Air’s former Chief Financial Officer, Jonathan Sani, as part of its investigation into the alleged diversion of the airline’s assets.
According to the witness, Sani provided investigators with details of the expenses incurred in establishing and funding NG Eagle Airlines.
“The Chief Financial Officer of Arik Air was invited by the EFCC for questioning, and he gave us the breakdown of all the expenses,” Kaltungo told the court.
He added that the former finance chief provided additional details in a further statement submitted to investigators.
The witness maintained that the investigation established that funds belonging to Arik Air were used to settle expenses associated with NG Eagle.
The testimony forms part of the EFCC’s allegations that assets belonging to Arik Air were improperly converted for the benefit of another airline during the receivership period.
Roles of Ahmed Kuru, Omokide and Ilegbodu in the Arik Air Case
While explaining the respective roles of the defendants, Kaltungo told the court that Roy Ilegbodu served as the Chief Executive Officer of Arik Air under receivership and was responsible for the airline’s technical operations.
He said Ilegbodu reported to Ahmed Kuru, who was AMCON’s Managing Director at the time.
The witness identified Kamilu Alaba Omokide, then Group Head of Asset Management at AMCON, as the receiver-manager of Arik Air.
The EFCC’s investigation examined the activities of the defendants and their respective responsibilities in managing the airline’s assets during the receivership.
EFCC Links Dismantling of $31.5m Arik Air Aircraft to Alleged Fraud
Kaltungo also gave details of the dismantling of an Arik Air aircraft with registration number 5N-JEA, which was valued at $31.5 million.
According to him, the EFCC investigation established that the dismantling exercise was carried out without approval from the Nigerian Civil Aviation Authority (NCAA).
He told the court that investigators obtained intelligence from some AMCON staff and examined email correspondence between Ilegbodu and an individual identified as Olanrewaju.
The correspondence allegedly contained instructions concerning the removal of important components from the aircraft while leaving other parts behind.
Although the emails did not specifically mention Omokide, Kaltungo maintained that the dismantling could not have taken place without the knowledge, approval or consent of the receiver-manager.
The witness further recounted that EFCC investigators encountered a blockade when they initially visited the aircraft but eventually gained access and inspected its condition.
How Three Arik Air Aircraft Were Transferred to Super Bravo
Another aspect of the investigation concerned the transfer of three Arik Air aircraft to Super Bravo Limited on December 31, 2020.
Kaltungo told the court that the transfer took place before the expiration of a 90-day deadline issued by AMCON for Arik Air to service its foreign loan.
He disclosed that Super Bravo was incorporated by AMCON in 2013 and that the transfer of the aircraft formed part of the transactions investigated by the EFCC.
According to the witness, AMCON subsequently sought approval from its board for the aircraft transfers several years after the transactions had already taken place.
Kaltungo further alleged that the transfers gave NG Eagle an undue advantage.
He added that investigators observed Arik Air aircraft being repainted and converted for use by NG Eagle.
EFCC Finds No Documents Supporting Alleged N71bn Union Bank Loan
The prosecution witness also addressed allegations involving a purported N71 billion loan allegedly owed by Arik Air to Union Bank of Nigeria Plc.
Kaltungo told the court that investigators could not find an offer letter or account statement detailing the alleged lending transaction.
He said Union Bank failed to provide documents establishing that the loan had been granted to Arik Air.
According to the witness, Arik Air also informed the EFCC that it had not obtained a loan from the bank.
One of the charges against Union Bank alleges that the financial institution made false statements to AMCON in 2011 concerning Arik Air’s performing loans, resulting in the transfer of an alleged N71 billion debt to the corporation.
The prosecution alleged that the purported debt figure influenced the sale of Arik Air’s loans and bank guarantees to AMCON.
One of the counts specifically accuses Union Bank of making false representations to AMCON regarding Arik Air’s performing loans, leading to the transfer of N71 billion to the corporation.
NG Eagle Was Sold for N149m, Witness Tells Court
Earlier, on Tuesday, October 27, 2026, Kaltungo was cross-examined by Shasore over his investigation report concerning the incorporation of NG Eagle and Super Bravo, as well as the circumstances surrounding the sale of NG Eagle.
The witness explained that he personally conducted the investigation and prepared the report but did not file the charges against the defendants.
He said EFCC lawyers reviewed the entire case file before deciding on the charges.
Kaltungo also acknowledged that NG Eagle was sold for approximately N149 million and that the proceeds were paid into AMCON’s account domiciled with the Central Bank of Nigeria (CBN).
However, he told the court that Kuru approached the AMCON board to obtain approval for the sale three years after the assets had been sold.
The witness maintained that investigators examined the circumstances surrounding the incorporation of both NG Eagle and Super Bravo, the alleged use of Arik Air’s funds and the transfer of the airline’s assets.
Witness Makes Clarification on NG Eagle Incorporation Documents
During further questioning, Kaltungo addressed Exhibit P18, a document obtained from the Corporate Affairs Commission (CAC).
He explained that the document originated from the CAC and was not an internal AMCON document.
When asked whether the exhibit expressly stated that Omokide instructed a lawyer to incorporate NG Eagle, the witness acknowledged that it contained no such explicit statement.
However, he argued that the incorporation of a company would ordinarily involve the directive or approval of its chief executive, whether communicated verbally or in writing.
Kaltungo also told the court that investigators considered a judgment relating to the incorporation of NG Eagle.
He acknowledged that the judgment had subsequently been set aside on appeal but maintained that the investigation also relied on a legal opinion from the Attorney-General of the Federation.
The witness further confirmed that AMCON acknowledged incorporating NG Eagle and Super Bravo.
He also admitted that Kuru was neither listed as a director nor a shareholder in either company.
Additionally, Kaltungo acknowledged that the EFCC investigation did not trace any payment from Super Bravo to Kuru.
Court Adjourns Arik Air N76bn Fraud Trial
Following Wednesday’s proceedings, Justice Mojisola Dada adjourned the trial involving the alleged N76 billion and $31.5 million fraud until December 3 and 10, 2026.
The dates are scheduled for the continuation of the trial.
The case centres on allegations surrounding the management of Arik Air’s assets during receivership, the incorporation and funding of NG Eagle and Super Bravo, the dismantling of an aircraft valued at $31.5 million, and the purported N71 billion Union Bank loan.
The defendants are being prosecuted by the EFCC and the allegations remain subject to determination by the court.
The next hearing is expected to continue the examination of evidence presented by the prosecution as the court considers the allegations against the defendants.
