How ex-AMCON boss, Ahmed Lawan Kuru diverted Arik funds to settle Umza Airline debt – Witness

A Special Offences Court sitting in Ikeja on Wednesday heard how a former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Lawan Kuru, allegedly diverted funds belonging to Arik Air to offset insurance liabilities owed by Umza Airline while in office.

An Assistant Director with the Economic and Financial Crimes Commission (EFCC), Bawal Usman Kaltungo, made the disclosure while testifying before Justice Mojisola Dada. He was led in evidence by EFCC prosecutor, Dr Wahab Shittu.

Kuru, alongside other defendants, is standing trial over an alleged fraud involving N76 billion and $31.5 million.

The defendants are accused of conspiracy, stealing, abuse of office and making false statements in connection with the alleged fraudulent conversion of assets belonging to the defunct Arik Air Limited.

Other defendants include Kamilu Alaba Omokide, a Receiver Manager of Arik Air; Captain Roy Ilegbodu, Managing Director of Arik Air; Union Bank Plc; and Super Bravo Limited.

Testifying before the court, Kaltungo said investigations revealed that Arik Air’s funds were used to settle insurance obligations of Umza Airline.

“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,” he told the court.

The witness further stated that investigators discovered that AMCON opened several accounts for Arik Air and assigned an account officer to manage the airline’s loan.

“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. The aim was to determine whether the Receiver Manager was performing the role for which he was appointed, but we discovered he was not,” Kaltungo said.

He also informed the court that during the investigation, the first defendant, Omokide, petitioned the Attorney-General, alleging harassment and requesting that the probe be halted.

According to the witness, the petition contained 39 attachments and was accompanied by a legal opinion written by the Attorney-General and signed by the Solicitor-General.

“My head of the investigative team received copies of the petition. It was essentially requesting that the investigation be stopped,” he added.

Counsel to the defence indicated that they would reserve their objections until the address stage.

Justice Dada adjourned further hearing in the matter to February 26, 2026.