resh revelations emerged on Wednesday at a Special Offences Court in Ikeja, Lagos, as a prosecution witness detailed how former Managing Director of the Asset Management Corporation of Nigeria, Ahmed Lawan Kuru, allegedly diverted funds belonging to the defunct Arik Air Limited to offset insurance liabilities of Umza Airline.
The disclosure was made by Bawal Usman Kaltungo, an Assistant Director with the Economic and Financial Crimes Commission (EFCC), while testifying before Justice Mojisola Dada.
Kuru is standing trial alongside Kamilu Alaba Omokide, a Receiver Manager of Arik Air; Captain Roy Ilegbodu, Managing Director of Arik Air; Union Bank Plc; and Super Bravo Limited over an alleged fraud involving N76 billion and $31.5 million.
The defendants are facing charges bordering on conspiracy, stealing, abuse of office and making false statements in connection with what the prosecution described as the fraudulent conversion of Arik Air’s assets.
While being led in evidence by EFCC prosecutor, Dr. Wahab Shittu, Kaltungo told the court that investigations uncovered a diversion of Arik Air’s funds to settle insurance obligations owed by Umza Airline, according to PM News.
“In the course of investigation, we discovered that Arik Air’s money was used to pay the insurance of Umza Airline. We invited Umza Airline, which confirmed the development. We also found that Umza Aviation Services had commenced repayment but had not concluded it as at the time of investigation,” the witness said.
The revelation adds a new dimension to the ongoing trial, which centres on AMCON’s management of Arik Air’s assets and financial obligations.
Kaltungo further disclosed that investigators discovered that AMCON opened several accounts for Arik Air and appointed an account officer to manage the airline’s loan profile.
“We invited the account officer, who provided the statement of the loan account signed by him and one Justin Akune. The statement was submitted to the Commission with a covering letter,” he told the court.
According to him, the EFCC sought to determine whether the Receiver Manager was performing the role for which he was appointed but found that he was not.
“The aim was to determine whether the Receiver Manager was performing the role for which he was appointed, but we discovered he was not,” the witness stated.
The court also heard that during the investigation, Omokide allegedly petitioned the Attorney-General, accusing the EFCC of harassment and requesting that the probe be stopped.
“My head of the investigative team received copies of the petition. It was essentially requesting that the investigation be stopped,” Kaltungo said.
He added that the petition reportedly contained 39 attachments and was accompanied by a legal opinion written by the Attorney-General and signed by the Solicitor-General.
Defence counsel informed the court that they would reserve their objections until the final address stage.
Justice Dada subsequently adjourned the matter until February 26, 2026, for continuation of hearing.
