EFCC Uncovers Alleged Multi-Billion Naira Diversion: Arik Air Funds Used to Float NG Eagle, Witness Tells Court
By Erewunmi Peace
The Economic and Financial Crimes Commission (EFCC) has presented fresh revelations before a Lagos Special Offences Court, alleging that billions of naira belonging to Arik Air were diverted and used to support the establishment and operations of NG Eagle Airlines.
A prosecution witness, while being examined before Justice Mojisola Dada, testified that financial records showed the movement of approximately N4.9 billion from Arik Air accounts to activities unrelated to Arik’s operations. The witness told the court that these transfers were made under the watch of top officials responsible for managing the troubled airline.
Witness: Salaries and Operations of NG Eagle Funded Through Arik Accounts
According to documents tendered by the EFCC, the diverted funds were allegedly used to pay staff salaries, settle operational expenses, and finance other activities linked to the launch of NG Eagle Airlines.
The prosecution further claimed that the defendants ran NG Eagle’s financial transactions directly through Arik Air’s accounts, despite NG Eagle being a separate entity.
The high-profile defendants include:
Ahmed Kuru, former Managing Director of the Asset Management Corporation of Nigeria (AMCON)
Oluseye Opasanya, AMCON’s Receiver Manager appointed to oversee Arik Air
Union Bank Plc
Super Bravo Limited
All defendants have pleaded not guilty to the charges.
The case forms part of a large-scale investigation into alleged mismanagement and diversion of Arik Air’s assets after the airline was taken over by AMCON in 2017. The EFCC alleges that various financial transactions involving NG Eagle were executed without proper authorization and at significant cost to Arik’s already fragile operations.
Justice Dada admitted the financial documents into evidence and adjourned the matter for further hearing as the EFCC continues its attempt to establish a trail of alleged fraudulent diversion.
The case remains ongoing, and the court has not yet made any determination on the guilt or innocence of the accused persons.
