EFCC Witness Insists N4.9bn Arik Air Funds Were Diverted to NG Eagle, Admits No Money Traced to Ex-AMCON Boss

•Maintains $31.5m aircraft teardown was unlawful

Wale Igbintade

The Director of the Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC), Bawa Usman Kaltungo, has maintained that approximately N4.9 billion realised from the sale of Arik Air’s assets was diverted and used to establish NG Eagle, rather than being applied toward the settlement of the airline’s outstanding debts.

Kaltungo made the assertion while continuing his testimony under cross-examination before the Special Offences Court in Ikeja, Lagos, in the ongoing trial of former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and four other defendants on charges bordering on conspiracy, stealing and abuse of office.

Kuru is being tried alongside Kamilu Alaba Omokide, a former Receiver-Manager of Arik Air; Capt. Roy Ilegbodu, former Chief Executive Officer of Arik Air under receivership; Union Bank of Nigeria Plc; and Super Bravo Limited.