Kuru is standing trial alongside AMCON-appointed Receiver Manager for Arik Air, Kamilu Alaba Omokide; former Arik CEO in receivership, Captain Roy Ilegbodu; Union Bank Plc; and Super Bravo Limited.
A prosecution witness on Monday told Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos State, how a former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, allegedly siphoned N4.9 billion belonging to the defunct Arik Air to set up a new airline, NG Eagle, while still presiding over the nation’s bad-debt recovery agency.
The witness, Bawa Usman Kaltungo, an Investigative Officer of the Economic and Financial Crimes Commission (EFCC), made the revelations under oath while being led in evidence by prosecution counsel, Dr. Wahab Shittu (SAN).
Kuru is standing trial alongside AMCON-appointed Receiver Manager for Arik Air, Kamilu Alaba Omokide; former Arik CEO in receivership, Captain Roy Ilegbodu; Union Bank Plc; and Super Bravo Limited.
They face a six-count charge of conspiracy, stealing, diversion of public assets, and abuse of office involving alleged N76 billion and $31.5 million fraud.
One of the charges before the court accuses Union Bank of deliberately inflating Arik Air’s loans to N71 billion to facilitate a forced takeover by AMCON. Another accuses Kuru, Omokide and Ilegbodu of diverting N4.9 billion from Arik’s accounts to NG Eagle Limited in 2022.
One of the charges against the defendants reads: “That you, Union Bank Nigeria Plc, sometime in 2011 or thereabouts, in Lagos, within the jurisdiction of this Honourable Court, with the intention of causing and/or inducing unwarranted sale of Arik Air loans and bank guarantees with Union Bank, made false statements to the Assets Management Corporation of Nigeria (AMCON), regarding Arik Air Limited's performing loans, following which you transferred a bogus figure of N71, 000,000,000.00 (Seventy-One Billion Naira) to AMCON.”
Another reads: “That you, Ahmed Lawal, Kuru, Kamilu Alaba Omokide as Receiver Manager of Arik Air Limited, and Captain Roy Ilegbodu, Chief Executive Officer of Arik Air Limited in Receivership, sometime in 2022 or thereabout, in Lagos, within the jurisdiction of this honourable court, fraudulently converted to the use of NG Eagle Limited the total sum of N4,900,000,000.00 (Four Billion Nine Hundred Million Naira only), property of Arik Air Limited."
The prosecution also tendered multiple exhibits, including documents marked P17, P18, P25, P26, P44 and P45.
Kaltungo told the court that the evidence was clear and documented.
“Arik’s former Chief Financial Officer, Jonathan Sani, gave a statement indicating that N4.5 billion was taken directly from Arik’s accounts to fund NG Eagle,” he said, adding that staff, equipment and financial assets of Arik Air were repurposed for the new airline.
“NG Eagle was incorporated while Kuru was still Managing Director of AMCON and Omokide was the appointed Receiver Manager. It was built on Arik’s money and resources,” he told the court.
He further stated that documents recovered during investigation, including internal memos, bank transfers and corporate approvals, all pointed to a systemic diversion of assets under receivership.
Prosecuting counsel Shittu tendered several documents which the court admitted, including exhibits marked P17, P18, P25, P26, P44 and P45. A flash drive tendered showed video footage of allegedly vandalised aircraft, which was played in open court.
Meanwhile, defence counsel sought interim release of the international passports of Omokide and Ilegbodu, claiming they needed renewal and medical travel abroad. Justice Dada granted the request but warned that the passports must be returned to the registry by January 2, 2026 without excuse.
The court adjourned till January 2 and 3, 2026 for continuation of trial.
Kuru, long accused of asset-stripping failed airlines under AMCON receivership, has maintained innocence, but Monday’s testimony marks one of the most damning insider confirmations yet of how Arik Air collapsed while a parallel airline allegedly bankrolled by its funds was propped up.
The EFCC says more witnesses will testify.