Alleged N76bn, $31.5m Fraud: How Former AMCON MD Ahmed Kuru Diverted N4.9bn from Defunct Arik Air – Witness

A prosecution witness on Monday, December 8, 2025, told Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, how former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and others allegedly diverted N4.9 billion belonging to the now-defunct Arik Air Limited to establish a new airline, NG Eagle Airlines.

The testimony was given by Bawa Usman Kaltungo, an Investigative Officer with the Economic and Financial Crimes Commission (EFCC), while being led in evidence by the prosecution counsel, Dr. Wahab Shittu, SAN.

Kuru is standing trial alongside Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank of Nigeria Plc, and Super Bravo Limited on a six-count charge bordering on conspiracy, stealing, and abuse of office.

One of the counts 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 count 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”

Kaltungo told the court that the statement of Arik’s former Chief Financial Officer, Mr. Jonathan Sani, detailed how N4.5 billion was taken from Arik’s account to fund NG Eagle Airlines, which he said was set up by the defendants.

According to the witness, NG Eagle was created while Kuru was still serving as AMCON Managing Director and Omokide was the AMCON-appointed Receiver Manager of Arik Air. He alleged that Arik Air’s funds, staff, and resources were diverted to run the new airline.

“The findings were based on documentary evidence recovered during investigation,” Kaltungo told the court.

Prosecuting counsel Shittu SAN, tendered several exhibits and court admitted them exhibits, including a certified ex parte order marked P17 and other documents marked P18, P25, P26, P44, and P45. One of the exhibits, a flash drive, contained video footage showing vandalised aircraft, which was played in court.

Defendants Granted Temporary Release of Passports

During proceedings, second defence counsel, applied for the temporary release of the international passports belonging to the second and third defendants to enable them renew their documents and attend to medical needs abroad.

Justice Mojisola Dada granted the request on the condition that the passports be returned to the court’s registry no later than January 2, 2026.

The judge thereafter adjourned the matter to the earlier scheduled dates of January 2 and 3, 2026 for continuation of trial.