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Witness Reveals How N4.9bn Arik Air Assets Were Diverted to Fund NG Eagle in Alleged N76bn, $31.5m Fraud
Witness Reveals How N4.9bn Arik Air Assets Were Diverted to Fund NG Eagle in Alleged N76bn, $31.5m Fraud
The fourth prosecution witness, PW4, Bawa Usman Kaltungo, in the trial of a former Managing Director/Chief Executive Officer of the Asset Management Corporation of Nigeria, AMCON, Ahmed Kuru, and four others over an alleged N76 billion and $31.5 million fraud, on Wednesday, October 28, 2026, told Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos that Arik Air Limited’s assets worth N4.9 billion were clandestinely used to establish and fund NG Eagle Airlines, which was subsequently sold for approximately N149 million.
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Kuru, alongside Kamilu Alaba Omokide, Roy Ilegbodu, Union Bank of Nigeria Plc and Super Bravo Limited, is being prosecuted by the Economic and Financial Crimes Commission, EFCC, on a six-count charge bordering on conspiracy, stealing and abuse of office.
One of the counts reads: “That you, Union Bank Nigeria Plc, sometime in 2011 or thereabouts, in Lagos, within the jurisdiction of this Honourable Court, with the intention of causing and/or inducing the unwarranted sale of Arik Air loans and bank guarantees with Union Bank, made false statements to the Asset Management Corporation of Nigeria (AMCON) regarding Arik Air Limited’s performing loans, following which you transferred a bogus figure of N71,000,000,000.00 (Seventy-One Billion Naira) to AMCON.”
Another count reads: “That you, Ahmed Lawal Kuru, Kamilu Alaba Omokide, as Receiver Manager of Arik Air Limited, and Captain Roy Ilegbodu, Chief Executive Officer of Arik Air Limited in Receivership, sometime in 2022 or thereabouts, in Lagos, within the jurisdiction of this Honourable Court, fraudulently converted to the use of NG Eagle Limited the sum of N4,900,000,000.00 (Four Billion, Nine Hundred Million Naira), property of Arik AirLimited.”
During the proceedings on Wednesday, Kaltungo, while being cross-examined by the defence counsel, Olasupo Shasore SAN, disclosed that the Commission, in the course of its investigations into the alleged fraud, invited Arik Air’s former Chief Financial Officer, Jonathan Sani, who provided a breakdown of the expenses incurred in establishing and funding NG Eagle.
He said: “The Chief Financial Officer of Arik Air was invited by the EFCC for questioning, and he gave us the breakdown of all the expenses.” The PW4 added that Sani provided further details in an additional statement.
The witness also maintained that the investigation established that Arik Air’s funds were used to meet expenses associated with NG Eagle, raising questions about the management and application of the airline’s resources during its receivership.
During cross-examination, Kaltungo explained the respective roles of the defendants, stating that Ilegbodu, the Chief Executive Officer of Arik Air under receivership, handled technical operations and reported to Kuru, while Omokide, the Group Head of Asset Management at AMCON at the time served as Arik airline’s receiver-manager.
On the dismantling of an Arik Air aircraft, registration number 5N-JEA and valued at $31.5 million, Kaltungo told the court that EFCC’s investigation found that the exercise was carried out without the approval from the Nigerian Civil Aviation Authority (NCAA).
He said the EFCC obtained intelligence from some AMCON’s staff and examined the email correspondence between Ilegbodu and an individual identified as Olanrewaju concerning the removal of parts from the aircraft. According to the witness, the correspondence contained instructions to remove important parts of the aircraft, while leaving others behind.
Although the email did not mention Omokide, Kaltungo maintained that the dismantling of the aircraft would not have taken place without the approval or consent of the receiver-manager. The witness further recounted that EFCC’s investigators encountered a blockade during a visit, but subsequently gained access and observed the condition of the aircraft.
Kaltungo also told the court that three Arik Air aircraft were transferred to Super Bravo Limited on December 31, 2020, before the expiration of a 90-day deadline issued by AMCON for Arik Air to service its foreign loan. He said Super Bravo was incorporated by AMCON in 2013 and that the transfer of Arik Air’s aircraft formed part of the transactions investigated by the Commission.
According to him, AMCON subsequently sought the Board’s approval for the transfers several years after the transaction had taken place. The witness also stated that the transfer of the aircraft gave NG Eagle an undue advantage, adding that investigators observed Arik Air aircraft being repainted and converted for use by NG Eagle.
On the alleged loan that Union Bank of Nigeria Plc claimed was owed by Arik Air, Kaltungo told the court that investigators did not find an offer letter or account statement detailing the alleged transaction, adding that the bank was unable to provide evidence for the claim. He said Arik Air informed the EFCC that it had not obtained a loan from Union Bank, while the bank had failed to provide the investigators with documents establishing the alleged lending transaction.
One of the charges against Union Bank alleges that the bank made false statements to AMCON in 2011 concerning Arik Air’s performing loans, leading to the transfer of a purported N71 billion debt to the corporation.
Earlier on Tuesday, October 27, 2026, Kaltungo was cross-examined by Shasore, SAN on his investigation report concerning the incorporation of NG Eagle and Super Bravo as well as the circumstances surrounding the sale of NG Eagle.
The witness explained that he conducted the investigation and prepared the report, but did not file the charges. He also stated that the Commission’s lawyers reviewed the entire case file before deciding on the charges.
Kaltungo acknowledged that the proceeds from the sale of NG Eagle, approximately N149 million, were paid into AMCON’s account domiciled with the Central Bank of Nigeria (CBN). He, however, noted that Kuru approached the AMCON board to get approval for the sale three years after the assets were sold.
Arik
He further maintained that the investigation examined the circumstances surrounding the incorporation of NG Eagle and Super Bravo, the use of Arik Air’s funds and the transfer of the Arik airline’s assets.
On Exhibit P18, which he said was obtained from the Corporate Affairs Commission (CAC), Kaltungo explained that the document originated from the CAC and not AMCON.
When asked whether the document expressly stated that Omokide instructed a lawyer to incorporate the company, the witness said it did not contain such an express statement.
He argued, however, that a company’s incorporation would ordinarily involve the directive or approval of its chief executive, which could be verbal or written.
Kaltungo, who also told the court that investigators considered a court judgment concerning the incorporation of NG Eagle, acknowledged that the judgment had subsequently been set aside on appeal but said the investigation also relied on a legal opinion from the Attorney-General of the Federation.
The witness further stated that AMCON confirmed that it incorporated NG Eagle and Super Bravo.
Kaltungo also acknowledged that Kuru was not listed as a director or shareholder of either company and that the investigation did not trace any payment from Super Bravo to Kuru.
Justice Mojisola Dada adjourned the matter till December 3 and 10, 2026 for the continuation of trial.
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Governor Eno Approves 13th Month Pension Bonus, N10,000 Welfare Support for Akwa Ibom Retirees
Akwa Ibom State Governor, Pastor Umo Eno, has approved the payment of a 13th-month pension bonus to all pensioners in the state, alongside a one-time welfare support of N10,000 for November 2026.
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The governor announced the approval on Friday, October 30, 2026, at Ibom Hall Ground, Uyo, during an event organised by the State Council of the Nigeria Union of Pensioners (NUP), where he received a Merit Award and was endorsed for re-election in 2027.
Governor Eno said the gesture was aimed at appreciating retired public servants for their years of dedicated and meritorious service to the state.
He commended the pensioners for their organisation, gratitude and continued engagement with his administration, assuring them that their welfare and that of other elderly citizens would remain a priority.
Describing the occasion as humbling, the governor said pensioners might have retired from active service but remained valuable members of society.
He subsequently directed that an additional N10,000 be included in the November 2026 pension payment of every retiree in the state.
“I am now directing that N10,000 be added to the November 2026 pension payment of every pensioner in support of your welfare,” he stated.
The governor also encouraged pensioners to register for the state’s health insurance scheme, explaining that residents aged 65 and above were entitled to free access to the programme.
On the payment of outstanding gratuities, Eno disclosed that his administration had released over N100 billion out of the N111 billion inherited backlog accumulated since 2012.
He assured that the outstanding balance would be cleared before the end of his first term in office.
Eno attributed the progress to improved financial resources available to state governments under President Bola Ahmed Tinubu’s administration, commending the President for making funds accessible to states.
He urged the pensioners to support Tinubu’s re-election bid in 2027, arguing that continued financial support from the Federal Government would help sustain the payment of pensions, gratuities and other welfare commitments.
The governor also appealed to pensioners, particularly those from Ikot Ekpene Senatorial District, to support the re-election of Senate President Godswill Akpabio.
Earlier, the National President of the Nigeria Union of Pensioners, Comrade Mazi Godwin Ikechukwu Abumisi, commended Governor Eno for what he described as his compassion and commitment to the welfare of retired public servants in Akwa Ibom.
Abumisi praised the governor’s leadership and development initiatives, urging pensioners across the state to reciprocate his administration’s efforts by supporting his second-term ambition in 2027.
In his welcome address, the State Chairman of the NUP, Pastor Sylvester Nkodo, described Eno as a compassionate leader whose administration had demonstrated unprecedented commitment to the welfare of pensioners and elderly citizens.
Nkodo said the governor had consistently listened to the concerns of retired public servants through policies and programmes aimed at improving their living conditions.
He further maintained that the administration’s interventions had improved pensioners’ living standards and restored dignity to many retirees.
Umo Eno
The state NUP chairman also expressed appreciation for the release of over N100 billion towards the settlement of inherited gratuity arrears, praying for the governor’s success in securing a second term.
At the event, pensioners unanimously endorsed President Tinubu, Senate President Akpabio, Governor Eno and other APC candidates for re-election in 2027.
The endorsement followed a motion moved by Comrade James Inim and seconded by Dr Mrs Uduak Udoaka.
The gathering attracted a large number of pensioners, many of whom remained at the venue despite the rain to demonstrate their appreciation and support for the governor.
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Bauchi Police Arrest Two Over Oobbery, Recover Stolen Phones
The Bauchi State Police Command has arrested two suspects for allegedly attacking and robbing residents in separate incidents in Bauchi and Gamawa Local Government Areas of the state.
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The command also said it had recovered one of the stolen mobile phones, while efforts were ongoing to arrest a fleeing accomplice and recover the second phone.
The Police Public Relations Officer, SP Nafiu Habib, disclosed this in a statement issued on Saturday.
Habib said the first incident was reported on October 30 by a 23-year-old woman from Sabon Kaura, who alleged that an 18-year-old suspect, identified as Mustapha Mohammed, invaded her room at about 3:10 am, armed with a knife and a torchlight.
He said the suspect inflicted injuries on the victim’s left hand before making away with her Itel A80 mobile phone, valued at N120,000.
According to the PPRO, the suspect was subsequently trailed and arrested by police operatives.
“During interrogation, he confessed to the crime and claimed to have given the stolen phone to one Dan-Oga, whose real identity is yet unknown and currently at large.
“Effort is in top gear to recover the phone and arrest the receiver,” the statement added.
In a separate incident, the police arrested a 20-year-old herder, identified as Jingi Buba, over the alleged robbery of a 15-year-old girl in Kesa Village, Gamawa Local Government Area.
The police spokesperson said the incident occurred on October 29 when the victim and her friend, both 15 years old, went to their farm to cut grass.
He explained that while the teenagers were returning to collect the remaining grass, the suspect allegedly attacked one of them with a knife, threatened her and stole her Tecno A31 mobile phone, valued at N20,000.
“Upon receipt of the report, the suspect was trailed and arrested, while one Tecno A31 mobile phone was recovered as an exhibit by operatives of Gamawa Division,” Habib said.
He added that preliminary investigation had been concluded and the case transferred to the SCID, Bauchi, for further investigation.
Police
The Commissioner of Police, Sani-Omolori Aliyu, condemned the incidents and reassured residents of the command’s commitment to protecting lives and property.
The CP also directed all Divisional Police Officers to intensify patrols and ensure that fleeing suspects were apprehended and brought to justice.
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Pastor Muoka Applauds Governor Eno’s Transformational Leadership in Akwa Ibom
The General Overseer of the Lord’s Chosen Charismatic Revival Ministries, Pastor Lazarus Muoka, has commended Akwa Ibom State Governor, Pastor Umo Eno, for his transformational leadership and developmental strides across the state.
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Pastor Muoka gave the commendation during a courtesy visit to Governor Eno at Government House, Uyo, where he also formally invited the governor to the church’s two-day crusade scheduled for Saturday, October 31, and Sunday, November 1, 2026.
The cleric, who disclosed that he had visited Akwa Ibom State on three previous occasions, expressed excitement over the level of transformation and development he observed in the state.
He expressed gratitude to God for using Governor Eno to advance the development of Akwa Ibom, while praying for continued divine blessings, wisdom and strength for the governor to achieve more for the people.
“We are grateful to God for the way He is using you mightily for the development of the state,” Pastor Muoka said.
Responding, Governor Eno appreciated the General Overseer and his entourage for the visit and for choosing Akwa Ibom as the venue for the forthcoming crusade.
The governor also commended Pastor Muoka for his dedication to God’s vineyard and his commitment to spreading the Gospel, praying that God would continue to strengthen and use him for the propagation of Christianity in Nigeria and beyond.
Pastor Muoka
The General Overseer was accompanied on the visit by his wife, Pastor Mary Muoka; National Pastor, Azubuike Ogbonna; Akwa Ibom State Pastor, Okechukwu Cyprian; Pastor Daniel Effiong and other church officials.
Government officials present to receive the delegation included the Deputy Governor, Senator Akon Eyakenyi; Secretary to the State Government, Prince Enobong Uwah; Chief of Staff to the Governor, Mr Aniefiok Johnson; members of the State Executive Council and other government functionaries.
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