The Economic and Financial Crimes Commission (EFCC) has alleged that there was a mismanagement of Air Arik loan and stripping of critical assets while under the management of the Asset Management Corporation of Nigeria (AMCON), then led by its former Managing Director, Ahmed Kuru.
This was stated by an EFCC investigator, Mr Bawa Usman Kaltungo, before Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on Friday, November 28, 2025.
Kaltungo was presented as the fourth prosecution witness in the ongoing legal battle between the EFCC and the ex-AMCON MD, Kuru. Other defendants in the case are a former receiver manager of Arik Air, Kamilu Omokide; Arik Air’s CEO, Captain Roy Ilegbodu; Union Bank Ltd; and Super Bravo Ltd.
The defendants are accused of defrauding Arik Air of N76bn and $31.5m.
Kaltungo, an acting director of the EFCC, Kaduna Zonal Office, who was led in evidence by the prosecution counsel, Dr Wahab Shittu (SAN), said he led a team of EFCC investigators upon receipt of a petition from the shareholders of Arik through Femi Falana, SAN.
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He told the court that his team’s investigation revealed that previously performing loans were transferred to AMCON “without justification”, thereby worsening Arik Air’s financial crisis.
He also asserted that Union Bank had no evidence of disbursing N71 billion to the airline, claiming that the figure sold to AMCON by the Bank was fabricated. He said Union Bank only acted as guarantor of foreign loans obtained by Arik Air, many of which were performing until they were converted into local obligations without consultation with the airline.
Kaltongo also told the court that three aircraft belonging to Arik Air Nigeria Limited were allegedly stripped of critical components while under the management of AMCON.
“We saw and entered three aircraft that were parked at the Arik hangar at the airport, but met aircraft whose avionics and vital spare parts had been robbed,” the EFCC investigator told the court.
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Kaltungo claimed that the transfer of three Arik aircraft to Super Bravo Limited, and then to NG Eagle, a business allegedly related to Kuru, lacked necessary legal backing.
“No evidence was found of any payment for the acquisition of the three aircraft,” he added.
He further stated that NG Eagle later sold parts of Arik’s assets for N140 million, with no record of the revenues being used to repay any outstanding liabilities.
After hearing the testimony, Justice Dada adjourned to December 8, 2025, and February 26 –27, 2026, for continuation of the trial.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in Mass Communication. He can be reached via @VICTOREZEJA on X
