The ongoing EFCC Arik case at the Special Offences Court sitting in Ikeja, Lagos State resumed today after the Christmas, and New Year holidays with the 4th witness, Mr Bawa Usman Kaltungo informing the Court that it was indeed the Board of Governors of the Central Bank of Nigeria (CBN), the Ministries of Finance, Aviation, and the then Acting President of the Federal Republic of Nigeria Prof. Yemi Osibanjo SAN, that directed AMCON’s intervention in Arik.
Kaltungo, who was led in evidence by Dr Wahab Shittu, SAN, before the Special Offences court presided over by Justice Mojisola Dada, read from the Board Extract and Minutes of the meeting of the Board of Governors of the CBN. As the EFCC official who led investigation on this matter, Mr. Kaltungo read to the open court part of the Minutes that relate to AMCON’s Arik intervention.
The documents read in parts as follows: “…after further discussion, the members agreed as follows, (i) that the CBN should carry out the Federal Government directives in intervening in the affairs of Arik Airline. (ii) Payment of the sum of N1.5billion working capital to the airline, and that AMCON should be presenting periodic accounts and reports to the Committee of Governors…”
The EFCC witness also read from the Minutes, in which he stated that the then MD/CEO of AMCON Mr. Ahmed Kuru, briefed the Board of Governors that Arik Airline carries about 60% of the passenger traffic in the country and may go down within two weeks if not rescued. He added that Kuru informed the meeting that the airline had paid out huge cash to the technical partners Messers Lufthansa and allowed them to leave the country, thereby indicating that the owner (Sir Johnson Arumemi-Ikide) had given up on the airline.
He further stated that Kuru discussed with three major commercial banks that were creditors to the airline, and that the consensus was that the Central Bank of Nigeria (CBN) should intervene.
The witness in the cause of the testimony through the Minutes further informed the court that the then MD/CEO of AMCON was informed by the Federal Ministry of Finance, that Standard Chartered Bank had threatened to seize two aircraft of the airline for failure to pay their leases, adding that the insurance policy of the airline was due for renewal, and all hands should be on deck to ensure that the policy was renewed so that the airline would not be grounded.
Kuru further disclosed to the meeting that the then Minister of Finance and her Counterpart in the Ministry of Aviation had discussed the affairs of the airline, and had raised alarm over the going concern of the company. The witness, while reading from the Minutes, also revealed that they (the Ministers) had, however, agreed that the airline was too big to fail, and should be of great concern to the Federal Government.
The witness also disclosed through the Minutes that the former MD of AMCON was invited to a meeting at the Presidency to discuss the Arik matter, where it was agreed that immediate intervention by the Government to rescue the airline was required. According to him, the then Acting President of Nigeria was briefed, and he directed that what needed to be done to rescue the airline should be deployed immediately.
Recall that the EFCC had dragged the former MD of AMCON, and others to Court following a petition by Mr Femi Falana on behalf of the promoter of Arik Air involving the ex-AMCON MD/CEO, Ahmed Kuru, Kamilu Omokide, a former receiver manager of Arik Air Ltd; Captain Roy Ilegbodu, the airline’s CEO; Union Bank Ltd; and Super Bravo Ltd. The matter has been adjourned till February 26, 2026, for further hearing.