A Special Offences Court in Ikeja, Lagos, on Monday heard explosive allegations that Ahmed Kuru, former Managing Director of the Asset Management Corporation of Nigeria (AMCON), allegedly masterminded the diversion of N4.9 billion from the defunct Arik Airline Limited to fund the creation of NG Eagle Airlines.
The testimony was delivered by Bawa Usman Kaltungo, an EFCC Investigative Officer, during his evidence-in-chief led by lead prosecution counsel, Dr. Wahab Shittu, SAN.
Kuru is standing trial alongside co-defendants Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank of Nigeria Plc, and Super Bravo Limited before Justice Mojisola Dada.
Kaltungo explained that evidence, including statements from Arik’s former Chief Financial Officer, Jonathan Sani, revealed that N4.5 billion from Arik was allegedly redirected to establish NG Eagle, reportedly owned by the defendants. He alleged that Kuru, Omokide, and Ilegbodu collaborated to divert a total of N4.9 billion from Arik’s accounts, with staff from Arik also transferred to the new airline.
The witness noted that NG Eagle was set up while Kuru served as AMCON’s MD and Omokide as Acting Receiver Manager. Operational costs, including salaries for NG Eagle staff, were allegedly funded using Arik’s financially strained resources.
Kaltungo emphasized that the investigation relied heavily on documentary evidence and confirmed the CFO’s statement showing how Arik’s funds were used to establish NG Eagle.
During the proceedings, the court admitted several key exhibits, including a certified ex-parte order (Exhibit P17), as well as P18, P25, P26, P44, and P45. Photographs and a video of a vandalized aircraft were also presented as part of the EFCC’s evidence.
Meanwhile, lawyers for the second and third defendants requested temporary release of their clients’ passports for renewal and urgent medical needs. Justice Dada approved the request, ordering that the passports be returned to the court registry by January 2, 2026.