The Court of Appeal has affirmed the legality of the Asset Management Corporation of Nigeria’s (AMCON) appointment of a Receiver-Manager for Arik Air, overturning an earlier judgment that had declared the receivership premature and unlawful.
The appellate court’s judgment emerged during the ongoing trial involving former AMCON Managing Director Ahmed Kuru and other defendants before the Lagos State High Court (Special Offences Court), where the Economic and Financial Crimes Commission (EFCC) is prosecuting the case following a petition by Arik Air founder, Sir Johnson Arumemi-Ikhide.
During proceedings before Justice Mojisola Dada, the Certified True Copy of the Court of Appeal judgment was tendered and admitted in evidence during the cross-examination of the prosecution’s fourth witness, Bawa Usman Kaltungo. The judgment reaffirmed both the legality of AMCON’s takeover of Arik Air and the authority vested in the Receiver-Manager to carry out his responsibilities.
The trial also brought to light another court ruling relating to one of Arik Air’s aircraft, which the EFCC had alleged was unlawfully dismantled because AMCON and its Receiver-Manager lacked the legal authority to approve the exercise.
However, a Certified True Copy of a judgment delivered by the Federal High Court in Suit No. FHC/L/CS/1141/2024 was also admitted in evidence. The judgment upheld the legality of the aircraft’s dismantling, contradicting the prosecution’s allegations against former Receiver-Manager Kamilu Omokhide and Arik Air Chief Executive Officer, Capt. Roy Ilegbodu.
The Federal High Court had also ruled in favour of Captain Samuel Caulcrick, who was contracted by the aircraft’s owners to oversee the dismantling. After his arrest and detention by the EFCC, the court held that the anti-graft agency acted unlawfully and awarded him ₦5 million in damages.
In addition, the trial court admitted AMCON’s board resolution authorising the establishment, transfer and allotment of shares in NG Eagle to designated beneficiaries, including the third defendant. Under cross-examination, prosecution witness Kaltungo also acknowledged that neither the first nor the third defendant derived any personal financial benefit from the transactions under investigation.
The case was adjourned until July 7, 2026, for the hearing of an interlocutory application filed by the second defendant, while Justice Dada fixed October 26, 27, 28 and 29, 2026, for the continuation of the trial.
