The Special Offences Court sitting in Ikeja, Lagos, has admitted key documents demonstrating that Johnson Arumemi-Ikhide, the promoter and chairman of Arik Air, recognized the airline’s financial obligations to the Asset Management Corporation of Nigeria (AMCON) and expressed willingness to settle the debt.
The documents were tendered on Wednesday during the cross-examination of Bawa Kaltungo, the fourth prosecution witness, by defense counsel Olasupo Shasore, SAN.
Shasore is representing Ahmed Kuru, the former managing drector of AMCON, who is standing trial alongside four others over an alleged N76 billion fraud.
Read also: Kuru approved Arik Air receivership without AMCON board approval, witness tells court
Under cross-examination, Shasore queried Kaltungo, an investigator with the Economic and Financial Crimes Commission (EFCC), on whether he had interviewed Arumemi-Ikhide and gathered pertinent details from him during the probe.
In response, Kaltungo stated that he exercises discretion regarding whom to invite for questioning.
Shasore further inquired if Kaltungo was aware that Arumemi-Ikhide had previously engaged with AMCON’s management and the receiver-manager, formally recognizing his indebtedness.
To support this, the defense lawyer cited a letter dated January 25, 2016, sent by Arumemi-Ikhide to AMCON’s managing director, titled ‘Proposal for Resolution of Arik Air Limited’s Facilities Acquired by AMCON’.
Addressing the document, Kaltungo remarked, “If Sir Johnson Arumemi-Ikhide said he had taken a loan, that is their business.”
A separate document presented to the court revealed that Arumemi-Ikhide wrote to Kuru on October 9, 2017, reiterating his commitment to collaborate with AMCON and the receiver-manager to settle their ongoing dispute. In the letter, captioned ‘Repayment of Arik Air Limited’s Debt to AMCON and Other Creditors’, Arumemi-Ikhide noted that the airline’s shareholders and incoming investors would take measures to encourage negotiations and ensure a seamless handover from AMCON-led management.
Allegations surrounding NG Eagle and AMCON intervention
During the session, the EFCC operative also alleged that Kuru redirected N4.9 billion toward the establishment of NG Eagle. When asked by Shasore for proof to substantiate the claim, Kaltungo explained that Jonathan Sani, the chief financial officer of Arik Air, had supplied the detail alongside a financial breakdown.
Read also:Court admits AMCON board resolutions in Arik Air receivership trial
Shasore subsequently directed the witness to locate the corresponding proof within Exhibit P23, a document submitted by the prosecution. Kaltungo reviewed the exhibit but could not immediately pinpoint the supporting evidence.
In response, Shasore presented a certified true copy of an extract from AMCON’s 78th board meeting, which formally detailed the authorization and budget allocated for setting up NG Eagle.
The document was introduced to challenge the prosecution’s claim that Kuru improperly diverted N4.9 billion for the enterprise. Kaltungo, however, urged the court to reject the board extract as valid documentary evidence.
The investigator further claimed that Union Bank had misled AMCON into purchasing Arik Air’s debt, asserting that his findings yielded no evidence that Union Bank ever extended a loan to the airline. He described AMCON’s intervention in Arik Air as “illegal and fraudulent,” asserting that the agency possessed no statutory power to take over the debt, and maintained that Arik Air’s loan with Union Bank was performing.
Justice Mojisola Dada adjourned the trial to December 3 and December 10, 2026, for continuation of proceedings.
Ngozi Ekugo holds an MSc in Management from the University of Hertfordshire. She is also an alumna of University of Lagos, Queen’s College, and an Associate Member of CIPM. Her experience includes a brief exposure in the Human Capital Management division of Goldman Sachs in London. She draws on her cross-sector experience to cover employment trends, career opportunities and international mobility.
