A Special Offences Court sitting in Ikeja, Lagos, heard Tuesday how a former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, allegedly diverted N4.9 billion belonging to the defunct Arik Air Limited to establish NG Eagle Airlines.

The revelation came from Bawa Usman Kaltungo, an investigative officer with the Economic and Financial Crimes Commission (EFCC), who testified while being led in evidence by the lead prosecution counsel, Dr. Wahab Shittu, SAN.

Kuru is standing trial alongside Kamilu Alaba Omokide, Captain Roy Ilegbodu, and Super Bravo Limited, before Justice Mojisola Dada.

Kaltungo said a statement given by Arik Air’s former Chief Financial Officer, Mr. Jonathan Sani, detailed how the defendants allegedly diverted N4.5 billion from Arik Air to fund NG Eagle, an airline purportedly owned and controlled by the defendants.

Kaltungo further alleged that Omokide and Ilegbodu conspired with Kuru to move a total of N4.9 billion from Arik Air to set up NG Eagle. Beyond the alleged diversion of funds, he told the court that staff of Arik Air were also transferred to NG Eagle.

He stated that NG Eagle was established while Kuru served as MD of AMCON and Omokide acted as AMCON’s Receiver Manager for Arik Air. He added that salaries and other operational expenses of the newly formed airline were allegedly paid using Arik Air’s resources.

“The statement of the Chief Financial Officer of Arik Air, Mr. Jonathan Sani, shows how Arik’s funds were used to finance and establish NG Eagle,” Kaltungo testified.

During the proceedings, the court admitted a certified ex parte order marked P17. Additional exhibits, marked P18, P25, P26, P44, and P45—were also admitted, including photographs and a flash drive containing video footage of vandalised aircraft, which were played in court.