Proceedings resumed at the Special Offences Court in Ikeja, Lagos, in the ongoing case instituted by the Economic and Financial Crimes Commission (EFCC) concerning the intervention in Arik Air, with a witness testifying that the action was directed at the highest levels of government.
The fourth prosecution witness, Mr. Bawa Usman Kaltungo, told the court that the Board of Governors of the Central Bank of Nigeria (CBN), alongside the Federal Ministries of Finance and Aviation, and the then Acting President, Yemi Osinbajo, approved and directed the intervention by the Asset Management Corporation of Nigeria (AMCON) in the airline’s affairs.
Led in evidence by prosecution counsel Dr. Wahab Shittu (SAN) before Justice Mojisola Dada, Kaltungo, an EFCC investigator, read extracts from the minutes of the CBN Board of Governors’ meeting relating to the Arik intervention. According to the documents presented in open court, board members agreed that the CBN should carry out the Federal Government’s directive to intervene in Arik Air, approve a N1.5 billion working capital facility for the airline, and require AMCON to present periodic accounts and reports to the Committee of Governors.
The witness further read from the minutes that the then Managing Director and Chief Executive Officer of AMCON, Ahmed Kuru, briefed the board that Arik Air accounted for about 60 percent of domestic passenger traffic and risked collapse within two weeks if urgent steps were not taken. Kuru reportedly informed the meeting that the airline had paid substantial sums to its technical partners, including Lufthansa, who subsequently exited the country, suggesting that the promoter, Sir Johnson Arumemi-Ikide, had effectively relinquished control.
Kaltungo told the court that Kuru had also engaged three major commercial banks that were creditors to the airline, with a consensus emerging that the CBN should step in. The minutes further indicated that the Federal Ministry of Finance alerted AMCON that Standard Chartered Bank had threatened to repossess two aircraft over lease payment defaults, while the airline’s insurance policy was nearing expiration, raising the risk of grounding its operations.
According to the testimony, discussions between the then Ministers of Finance and Aviation highlighted concerns over the airline’s viability, with both agreeing that Arik was “too big to fail” and required urgent government attention. The court also heard that Kuru was invited to the Presidency for further deliberations, after which the Acting President directed that immediate measures be implemented to stabilise the airline.
The EFCC had filed charges against former AMCON MD Ahmed Kuru and other defendants following a petition by Femi Falana (SAN), counsel to the promoter of Arik Air. The case has been adjourned until February 26, 2026, for continuation of hearing.
