Judge admits documents indicating Arik owner endorsed AMCON takeover

The Lagos State Special Offences Court, Ikeja, on Wednesday admitted in evidence documents indicating that the Chairman of Arik Air Limited, Sir Johnson Arumemi-Ikhide, endorsed the intervention of the Asset Management Corporation of Nigeria (AMCON) in the airline.

The court, presided over by Justice Mojisola Dada, admitted the documents during the continuation of the trial of former AMCON Managing Director Ahmed Kuru.

Kuru’s trial continued with the cross-examination of the EFCC’s star witness, Mr Bawa Usman Kaltungo, the fourth prosecution witness, by Mr Olasupo Shasore, SAN, counsel for Kuru, the second defendant.

During the cross-examination, Shasore asked the witness whether he had questioned Sir Johnson Arumemi-Ikhide during his investigation.

In response, the prosecution witness insisted that he had discretion over the individuals he invited for interrogation.

However, proceedings intensified when Shasore confronted the witness with evidence of previous engagements involving Sir Johnson, AMCON management and the receiver manager.

Shasore also referenced a letter dated January 25, 2016, titled ‘Proposal for Resolution of Arik Air Limited’s Facilities Acquired by AMCON’, in which the Arik founder allegedly acknowledged his indebtedness.

However, Kaltungo declared, “If Sir Johnson Arumemi-Ikhide said he had taken a loan, that is their business.”

The prosecution witness was further questioned over his claim that Kuru transferred N4.9 billion for the establishment of NG Eagle airline.

Kaltungo had earlier claimed that Arik’s former Chief Finance Officer, Jonathan Sani, provided a breakdown of the N4.9 billion transfer.

Shasore further tendered a Certified True Copy (CTC) of the extract of AMCON’s 78th board meeting, which showed that the decision to establish NG Eagle was approved by the board, with a budgeted expense, rather than being a unilateral decision by Kuru, the second defendant.

However, the EFCC witness urged Justice Dada to disregard the extract.

Kaltungo had also declared during the proceedings that AMCON’s intervention in Arik Air was illegal and fraudulent. He argued that AMCON lacked the power to take over the debt and that Arik’s loan with Union Bank was performing.

The EFCC witness also alleged that Union Bank deceived AMCON into purchasing the loan, claiming that his investigation found no outstanding indebtedness.

The case has been adjourned until December 3, 2026, for continuation of the trial.

Kuru, alongside others, is facing allegations relating to the mismanagement of Arik Air.

Other defendants in the case include Kamilu Omokide, former receiver manager of Arik Air Limited; Captain Roy Ilegbodu, the airline’s chief executive officer; Union Bank Limited; and Super Bravo Limited.