Nigeria: EFCC details alleged diversion of Arik Air funds to launch NG Eagle Airlines

By Zuleihat Owuiye, Mamos Nigeria

The Economic and Financial Crimes Commission (EFCC) presented a series of financial documents to the Special Offences Court in Ikeja, Lagos, alleging that billions of naira and foreign‑currency loans belonging to Arik Air were diverted to fund the start‑up of NG Eagle Airlines.

He said Arik Air’s accounts show transfers of N1.9 billion and N4.9 billion that were not used for the airline’s operational purposes but were instead allocated to NG Eagle, covering expenses such as staff salaries and quarterly financial obligations.

Documents tendered included correspondence, internal memos, restructuring records, notices of assignment and payment instructions.

Letters from 2010‑2011 authorised transfers from Arik’s safety and operating accounts, loan commitments and maintenance payments, including a *USD 4.6 million* transfer acknowledged by both Arik and Union Bank.

A June 2010 letter from Arik’s chairman thanked Union Bank for its support and listed partnership achievements.

The EFCC pointed out discrepancies in the figures Union Bank reported selling to AMCON (N71 billion vs. N34 billion).

A January 21 2011 letter from Arik to former President Goodluck Jonathan requested government intervention.

Evidence showed that Arik leased crew members to Ibom Air, with payments that were not accounted for under the receivership managed by the first defendant.

Arik’s 2015 and 2016 annual statements indicated the airline was not under receivership, yet signatures attributed to receivership appeared on documents from those years, signed by defendants who were not Arik staff.