How Ahmed Kuru Allegedly Diverted ₦4.9bn From Arik Air To Float NG Eagle Airlines

A prosecution witness has told the Special Offences Court sitting in Ikeja, Lagos, that the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and other defendants allegedly diverted ₦4.9 billion belonging to the now-defunct Arik Air Limited to establish a new airline, NG Eagle Airlines.

Testifying before Justice Mojisola Dada, an investigative officer with the Economic and Financial Crimes Commission (EFCC), Bawa Usman Kaltungo, said investigations revealed that Arik Air’s funds were unlawfully transferred and used to set up NG Eagle Airlines while Kuru was still serving as AMCON’s Managing Director.

According to the witness, ₦4.5 billion was directly taken from Arik Air’s account and deployed to finance NG Eagle Airlines. This was disclosed in a statement obtained from Arik Air’s former Chief Financial Officer, Jonathan Sani, during the EFCC investigation.

Kaltungo further alleged that NG Eagle Airlines was created while Kamilu Alaba Omokide, an AMCON-appointed Receiver Manager, was overseeing Arik Air. He stated that Arik Air’s funds, staff, and operational resources were diverted to support the operations of the new airline.

The EFCC witness told the court that the diversion was established through documentary evidence recovered during investigations, which showed that funds belonging to Arik Air were fraudulently converted for the benefit of NG Eagle Airlines.

The defendants, including Ahmed Kuru, are facing charges bordering on conspiracy, stealing, and abuse of office, arising from the alleged conversion of Arik Air’s assets and funds.