The Economic and Financial Crimes Commission on Tuesday told a Lagos State Special Offences Court in Ikeja that the Central Bank of Nigeria Board of Governors approved the takeover of Arik Air Limited by the Asset Management Corporation of Nigeria following the airline’s alleged severe financial decline.
The disclosure was made by the fourth prosecution witness, Bawa Kaltungo, an Assistant Director with the EFCC, before Justice Mojisola Dada. Kaltungo testified that the commission obtained a Certified True Copy of the CBN Board meeting minutes of February 15, 2024, presided over by then-Governor Godwin Emefiele. The meeting included senior officials such as Deputy Governors Sulaiman Barau, Sarah Alade, Okwu Nnanna, and Adebayo Adelabu, alongside former AMCON Managing Director, Ahmed Kuru.
Kaltungo told the court that Kuru briefed the board on Arik Air’s deteriorating financial and operational condition, warning that the airline—which accounted for about 60% of domestic passenger traffic—could collapse within two weeks without urgent intervention. He added that Arik Air had paid cash collaterals to Lufthansa and allowed it to exit Nigeria, indicating abandonment of the business. Discussions with three major creditor banks reportedly led to consensus on CBN intervention.
The EFCC has arraigned Kuru; former Arik Air receiver-manager ; Chief Executive Officer Captain Roy Ilegbodu; Union Bank of Nigeria; Super Bravo Limited; and Mohammed Abbas Jega, facing six-count charges of conspiracy, stealing, abuse of office, and making false statements over alleged fraudulent conversion of N76 billion and $31.5 million belonging to Arik Air.
Kaltungo further alleged that while serving as receiver-manager, Kuru diverted funds belonging to Arik Air to settle insurance liabilities owed by Umza Airline. The commission invited the account officer linked to the transaction, who provided a signed statement of the loan account. The witness said the investigation revealed the receiver-manager did not properly carry out assigned responsibilities.
During proceedings, the defence — led by [“people”,”Prof. Taiwo Osipitan”,”san”], entity[“people”,”Oyinkansola Badejo”,”san”], Olalekan Ojo”], and Tayo Oyetibo — objected to the admission of a Certified True Copy of an insurance certificate allegedly linked to the Umza Airline payment, arguing it was not relevant to the six counts before the court. Justice Dada upheld the objection, ruling the document inadmissible.
The court adjourned the trial until February 26, 2026, for continuation.
