EFCC Witness Claims Arik Air Money Was Channelled Into NG Eagle Operations

A witness for the Economic and Financial Crimes Commission (EFCC) has told the Special Offences Court in Ikeja that large sums belonging to Arik Air were allegedly diverted to set up and operate NG Eagle Airlines.

The investigator testified that financial records revealed multiple transfers amounting to several billions of naira from Arik Air’s accounts for purposes outside the airline’s operations. These funds were reportedly used to cover NG Eagle’s startup and running costs, including staff salaries and other operational expenses.

During the proceedings, the witness presented various documents, such as internal correspondence, payment approvals, restructuring papers and assignment notices, which the commission claims trace the movement of the funds and support the allegations.

He further stated that Arik Air had been servicing its loan obligations, some of which were foreign-currency denominated, before the alleged diversions took place.

Those facing charges in the case include a former managing director of the Asset Management Corporation of Nigeria, past executives of Arik Air, and representatives of a private firm and a bank. The trial was adjourned to continue at a later date.