Reported by: Ime Richard Aondofa | Edited by: Henry Owen
The Economic and Financial Crimes Commission (EFCC) on Friday, November 28, 2025, presented its fourth witness in the ongoing trial of former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru. The trial is taking place at the Ikeja, Lagos, Special Offences Court before Justice Mojisola Dada.
Kuru, along with others including Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank of Nigeria, and Super Bravo Limited, faces serious charges of conspiracy, theft, and abuse of office. The charges revolve around allegations of misappropriating N76 billion and $31.5 million.
One of the key accusations claims that around 2011, Union Bank of Nigeria falsely told AMCON that it had issued loans to Arik Air, leading to the wrongful sale of Arik’s loans and bank guarantees, and transferring N71 billion to AMCON. However, evidence from EFCC investigations suggests that Union Bank was only acting as a guarantor, not a lender, for Arik Air’s aircraft purchases.
During the resumed court session, EFCC operative Bawa Usman Kaltungo testified about findings from extensive investigations into transactions involving Arik Air, Union Bank, AMCON, and foreign lenders. He stated that documents from Union Bank and foreign lenders confirmed that the bank never issued any loan offer letter to Arik Air.
Kaltungo also revealed that a 2011 London meeting acknowledged that Arik Air’s foreign loans were performing well and being serviced as scheduled. Additionally, a Central Bank of Nigeria official clarified that directives on non-performing loans did not apply to foreign loans or guarantees, directly contradicting Union Bank’s earlier claims.
The EFCC investigator pointed out that Union Bank could not justify the N71 billion transferred to AMCON and had provided false information by classifying foreign loans as non-performing. He also disclosed that Arik Air paid N5 billion to Union Bank for a loan that the bank could not prove ever existed.
Further investigations uncovered that several of Arik Air’s aircraft had been vandalized and parts stolen, with a brand-new engine missing from the Lagos facility. No proper maintenance records were available. As a result, Arik’s fleet was drastically reduced from 23 aircraft to just two under AMCON’s management.
Kaltungo also accused the defendants of transferring three aircraft from Arik Air to Super Bravo Limited and then to NG Eagle—linked to Kuru—without any official deed of transfer or approval from aviation authorities.
This case continues to unfold in court as EFCC aims to establish the facts behind the massive financial allegations against the accused.
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