₦76bn Fraud Trial: EFCC Witness Alleges ₦4.9bn Transfer from Arik Air to NG Eagle Airlines

The trial over the alleged ₦76 billion and $31.5 million fraud involving the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru, continued on Monday with fresh testimony linking Arik Air to NG Eagle Airlines through a disputed flow of funds.

A prosecution witness of the Economic and Financial Crimes Commission (EFCC), appearing as the fourth witness in the case, told a Lagos court that about ₦4.9 billion was allegedly transferred from Arik Air to NG Eagle Airlines. The witness explained that the transactions were tied to the manner in which the ownership and operational structure of NG Eagle was established while Arik Air was already under receivership.

According to the witness, Arik Air’s financial position at the time made such transfers questionable, especially given that the airline was being managed by a receiver appointed by AMCON. The testimony suggested that NG Eagle’s formation was closely linked to Arik Air’s assets and resources, despite Arik Air’s heavy indebtedness.

Mr. Kuru was arraigned on January 20 alongside Mr. Kamilu Omokide, Receiver-Manager of Arik Air; Mr. Roy Ilegbodu, Managing Director of Arik Air; Union Bank Plc; and Super Bravo Limited. The defendants are standing trial over allegations that they conspired to defraud Arik Air of ₦76 billion and $31.5 million.

The EFCC alleges that the defendants abused their positions to divert funds and assets belonging to Arik Air while the airline was in receivership, thereby undermining the interests of creditors and the Nigerian state.

All the defendants have pleaded not guilty to the charges. The court adjourned the matter to a later date for the continuation of trial and further examination of witnesses.

The case has drawn significant attention within Nigeria’s aviation and financial sectors, given its implications for corporate governance, receivership practices, and the management of distressed assets by AMCON.

An EFCC witness has told a Lagos court that ₦4.9bn was allegedly transferred from Arik Air to NG Eagle Airlines as the ₦76bn fraud trial involving ex-AMCON MD Ahmed Kuru continues.