An Assistant Director with the Economic and Financial Crimes Commission (EFCC), Bawal Usman Kaltungo, on Wednesday told a Lagos High Court how former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Lawan Kuru, allegedly diverted funds belonging to Arik Air to offset insurance liabilities owed by Umza Airline while serving as Receiver Manager of Arik Air.
He disclosed while being made led in evidence by prosecution counsel, Dr. Wahab Shittu (SAN).
Kuru, alongside other defendants, is standing trial over an alleged fraud involving N76 billion and $31.5 million.
The EFCC accused the defendants of accused of conspiracy, stealing, abuse of office and making false statements in connection with the alleged fraudulent conversion of assets belonging to the defunct Arik Air Limited.
Other defendants in the charge include Kamilu Alaba Omokide, also a Receiver Manager of Arik Air; Captain Roy Ilegbodu, Managing Director of Arik Air; Union Bank Plc; and Super Bravo Limited.
The witness,while testifying before the court said investigations revealed that Arik Air’s funds were diverted to settle insurance obligations of Umza Airline.
He added:“In the course of investigation, we discovered that Arik Air’s money was used to pay the insurance of Umza Airline. We invited Umza Airline, which confirmed the development. We also found that Umza Aviation Services had commenced repayment, but had not concluded it as at the time of investigation.”
According to him, investigators discovered that AMCON opened several accounts for Arik Air and assigned an account officer to manage the airline’s loan.
He stated:“We invited the account officer, who provided the statement of the loan account signed by him and one Justin Akune. The statement was submitted to the Commission with a covering letter. The aim was to determine whether the Receiver Manager was performing the role for which he was appointed, but we discovered he was not.”
He further told the court that during the investigation, the first defendant, Omokide, petitioned the Attorney-General, alleging harassment and seeking a halt to the probe.
The petition, which contained 39 attachments, was accompanied by a legal opinion written by the Attorney-General and signed by the Solicitor-General, he said.
He added:“My head of the investigative team received copies of the petition. It was essentially requesting that the investigation be stopped.”
