Bawa U. Kaltungo, the Economic and Financial Crimes Commission (EFCC) witness in the trial of former Managing Director, Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, said inspection of Arik Air’s Lagos facility showed several vandalised aircraft, missing parts and a missing brand-new engine without documentation or maintenance records.

Kuru is standing trial alongside Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank of Nigeria Plc and Super Bravo Limited, before Justice Mojisola Dada of Lagos Special Offences Court, on a six-count charge bordering on conspiracy, stealing and abuse of office involving alleged N76billion and $31.5 million fraud.

The anti-graft agency alleged that UBN, in 2011, made false statements to AMCON regarding Arik Air’s performing loans, which led to the transfer of N71 billion to AMCON, and that the defendants converted N4.9billion belonging to Arik Air to the use of NG Eagle Limited in 2022.

Testifying as Prosecution Witness 4 and led-in evidence by EFCC counsel, Dr Wahab Shittu (SAN), Kaltungo said documents obtained from UBN and foreign lenders showed that the bank acted only as a guarantor for aircraft purchases by Arik Air, contrary to claims that it issued loan facilities to the airline.

He said a bank official identified as Omokaro confirmed during the investigation that it never issued any loan offer letter to Arik Air and that minutes of a February 4, 2011, meeting in London also indicated that UBN acknowledged that Arik’s foreign loans were performing and serviced as and when due.

Kaltungo held that a Central Bank of Nigeria (CBN) official, who signed a directive on the sale of non-performing loans, clarified that the directive did not apply to foreign loans or guarantees, and that it contradicted the submissions Union Bank made to AMCON.

He said it was discovered that Union Bank could not justify the N71billion transferred to AMCON and that the bank made false representations by classifying performing foreign loans as non-performing, and that Arik Air paid N5billion to the bank for a loan that could not be substantiated.

He told the court that Arik’s fleet has reduced from 23 to two aircraft under AMCON’s receiver managers and that Arik’s Chief Financial Officer disclosed the receiver manager spent N17.7 billion on leasing aircraft engines between 2021 and August 2024.

He added that the transfer of three Arik aircraft to Super Bravo Limited and later to NG Eagle, a company linked to Kuru, had no deed of transfer or NCAA approval.

“No evidence of payment was found for the aircraft transfer and parts of Arik assets were later sold for N140 million by NG Eagle without records showing the proceeds were used to offset any loan.”

The prosecution therefore tendered several documents, which were admitted as exhibits by the court as the trial continues December 8, February 25 and 26, 2026.