Arik Air funds diverted to NG Eagle, EFCC witness alleges

Arik plane

The Economic and Financial Crimes Commission on Monday tendered several financial documents before the Special Offences Court sitting in Ikeja, Lagos, alleging that billions of naira and foreign currency loans belonging to Arik Air were diverted and used to establish NG Eagle Airlines.

Investigating officer, Bawa Kaltungo, presented the findings while being led in evidence by prosecution counsel, Dr. Wahab Shittu (SAN).

Former Managing Director of the Asset Management Corporation of Nigeria, Mr. Ahmed Kuru, is standing trial alongside Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank Plc, and Super Bravo Limited.

Kaltungo told Justice Mojisola Dada that Arik’s account officer documented the transfer of N1.9bn and N4.9bn from Arik Air for activities unrelated to its operations, including costs attributed to NG Eagle.

He further stated that NG Eagle’s expenses, including staff salaries and quarterly financial obligations, were paid from Arik’s accounts.

He tendered several documents, including correspondence, internal memos, restructuring records, notices of assignment, and payment instructions, which he said formed part of the EFCC’s findings.

A 2010 document allegedly signed by Arik’s CEO showed a payment of N100m, while another indicated that Arik serviced foreign loans totaling $114,784,000 from export credit agencies. Punch