The Economic and Financial Crimes Commission on Monday tendered several financial documents before the Special Offences Court sitting in Ikeja, Lagos, alleging that billions of naira and foreign currency loans belonging to Arik Air were diverted and used to establish NG Eagle Airlines.

Investigating officer, Bawa Kaltungo, presented the findings while being led in evidence by prosecution counsel, Dr. Wahab Shittu (SAN).

Former Managing Director of the Asset Management Corporation of Nigeria, Mr. Ahmed Kuru, is standing trial alongside Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank Plc, and Super Bravo Limited.

Kaltungo told Justice Mojisola Dada that Arik’s account officer documented the transfer of N1.9bn and N4.9bn from Arik Air for activities unrelated to its operations, including costs attributed to NG Eagle

He further stated that NG Eagle’s expenses, including staff salaries and quarterly financial obligations, were paid from Arik’s accounts.

He tendered several documents, including correspondence, internal memos, restructuring records, notices of assignment, and payment instructions, which he said formed part of the EFCC’s findings.

A 2010 document allegedly signed by Arik’s CEO showed a payment of N100m, while another indicated that Arik serviced foreign loans totaling $114,784,000 from export credit agencies.

According to Kaltungo, Arik executed quarterly repayments on these loans through authorised transfers.

The witness also highlighted evidence showing Union Bank’s restructuring of Arik’s debt in 2010 and 2011, including a November 2010 approval and a December 2010 update.

He tendered a 2015 general indemnity valued at over N46 bn, which guaranteed the bank’s exposure.

Kaltungo read part of a 2011 letter where Arik questioned Union Bank over the alleged sale of its loans to AMCON, noting that the airline received no formal notice and sought clarity on its agreements with foreign credit agencies.

Another document, a February 2011 Notice of Assignment, indicated third-party involvement in the transactions.

He cited several letters from 2010 and 2011 authorising transfers involving Arik’s safety accounts, operating accounts, loan commitments and maintenance payments, including a  $4.6m transfer acknowledged by both Arik and Union Bank.

One June 2010 letter showed Arik’s chairman expressing appreciation to Union Bank for its support and listing achievements of the partnership.

Kaltungo also described correspondence between AMCON and Union Bank, adding that Arik was not informed about the loan sale.

He noted irregularities in figures supplied, saying,“What Union Bank sold is N71 bn, but I am seeing N34bn; the figure does not reflect what Union Bank sold to AMCON.”

He read a January 21, 2011 letter from Arik to former President Goodluck Jonathan seeking government intervention.

The EFCC investigator further revealed that Arik Air leased crew members to Ibom Air and received payments, but said the money was not accounted for under the receivership managed by the first defendant.

Evidence of transfers from Ibom Air’s Zenith Bank account supported the claim.

Kaltungo added that a certificate of identification, along with Arik’s 2015 and 2016 annual statements, showed that the airline was not under receivership at that time, contrary to reported claims.

He said receivership commenced on February 17, 2017, yet signatures attributed to receivership appeared on documents from 2015 and 2016, signed by the first and second defendants who were not Arik staff.

He tendered a board resolution showing that an Arik Air aircraft engine was leased back to Arik, with defendants directing that payments should go into AMCON remittal account.

The agreement required: $70,000 monthly basic rent, payable in advance; $340 per flight hour; and $200 per completed engine cycle.

The agreement was signed by a director of Super Bravo Limited.

The matter was adjourned  till January 2 and 3, 2026, for continuation of trial.

The Nigeria Governors’ Forum (NGF) says President Bola Tinubu acted in Nigeria’s best security interest when he deployed military assets to stop and reverse the coup attempt in Benin Republic.

In a statement on Monday, NGF Chairman and Kwara State Governor AbdulRahman AbdulRazaq said Nigeria would have faced serious security problems if the coup had succeeded.

He explained that militants and other hostile groups in the Sahel could have used the situation to further destabilise Benin.

“Apart from admirably acting in support of democracy in the subregion, the President acted in the best interest of our country and West Africa with the intervention. With the Sahel in disarray and dire security conditions, and a significant portion of Benin, especially the W-forest, already infested by the militants, a successful coup would have had devastating effects on our own country due to our proximity to Benin Republic which shares border with many of our states,” the statement said.

The Forum praised the President and the Nigerian military for acting on time and helping restore stability and constitutional rule in Benin.

“It is our position that democracy, whatever its challenges, remains the best form of government for regional peace, stability, and development,” the Forum said.

“Subsuing the coup on the invitation of Benin Republic is a big plus for the collective security efforts by ECOWAS in the region and for Nigeria in particular. For instance, security threats on Porto Novo, Cotonou, or Parakou constitute grave security risk to Nigeria, and the President’s firm action is an effective check to this.”

Special Assistant to former Minister of Petroleum, Timipre Sylva, Julius Bokoru, has condemned the sealing of his principal’s Maitama residence in Abuja by the Economic and Financial Crimes Commission, EFCC.

Bokoru expressed his displeasure in a statement issued on Monday, titled “A grave breach of decency: EFCC’s attempted raid and defacement of Sylva’s family home.”

DAILY POST recalls that in November, the EFCC declared the former Bayelsa governor wanted over an alleged $14.8m fraud.

Earlier, agents of the military intelligence stormed his Abuja home, arresting his brother and driver over his alleged link to an alleged failed coup attempt.

The media aide had criticised the anti-graft agency for failing to invite the former minister before launching a manhunt for him.

Similarly, Sylva wrote to the EFCC last week, seeking a mutually agreed date to honour its invitation.

Bokoru said the latest action by the commission was undertaken without a single letter, without a subpoena, without a warrant, without notification, and without even the most basic adherence to lawful process.

“No courtesy. No procedure. No humanity. It is behaviour unbecoming of any institution that claims to act in the national interest.

“What unfolded today at the Maitama residence of His Excellency, Chief Timipre Sylva, was nothing short of an affront to decency and a troubling assault on the very principles that underpin a civilised society,” the statement read in part.

 

Lagos State Governor, Babajide Sanwo-Olu, has urged both local and international investors to seize emerging opportunities in the state, citing Lagos’ rising ranking in ease of doing business and major improvements in its investment landscape.

According to a post cited on Lagos State’s X account on Tuesday, Sanwo-Olu made the call during the inauguration of TY Logistics Park, FZE, an ultra-modern warehousing and trade complex located in Alaro City, within the Lekki Free Zone.

The project, developed by TY Holdings, he said represents a significant addition to Nigeria’s logistics and supply chain infrastructure.

The governor said, “Lagos recently clinched the top position in Nigeria’s latest Subnational Ease of Doing Business report released by the Presidential Enabling Business Environment Council (PEBEC), scoring 85.6 per cent and emerging as the country’s best-performing investment destination.

“The new ranking reflects Lagos’ consistent reforms, infrastructure upgrades and deliberate policies designed to make the state the most attractive market for enterprise and innovation.”

Inaugurating the 29,000-square-metre logistics facility alongside Taraba State Governor, Agbu Kefas, Sanwo-Olu praised TY Holdings for its sustained confidence in Lagos and described the development as “a landmark investment that strengthens Lagos’ economic narrative.”

According to him, the project reinforces Alaro City’s transformation into a preferred industrial hub in sub-Saharan Africa, aligning with Lagos’ broader economic agenda to modernise logistics, attract foreign investment and drive sustainable growth.

Sanwo-Olu also highlighted ongoing efforts to improve mobility and trade efficiency within the Lekki corridor, including plans for a dedicated road linking Lekki Port, Dangote Refinery and Alaro City to reduce pressure on the Lekki-Epe Expressway.

He added that Lagos is currently constructing what will become the largest food logistics hub in West Africa.

In his remarks, Kefas commended the initiative and expressed pride in Taraba State’s participation, noting that the project strengthens inter-state economic cooperation, especially in the movement of agricultural produce from Taraba to Lagos processing hubs and markets.

The Senior Staff Association of Nigerian Universities, SSANU, has given the Federal Government up to December 31, 2025, to conclude its ongoing renegotiation with the union, warning that universities will be shut down indefinitely from January 2026 if the talks remain unresolved.

In a communiqué issued on Monday after its 53rd National Executive Council, NEC, meeting at the University of Jos, and signed by its President, Mohammed Haruna Ibrahim, SSANU said the government has failed to show commitment to addressing issues affecting non-teaching staff.

The union accused the government of sidelining its members in the payment of Earned Allowances and in the renegotiation process.

It insisted that the N50 billion agreed upon in the 2022 MoU be released immediately and that Inter-University Centres and research institutes excluded from previous payments be included in the next disbursement.

SSANU warned that failure to conclude a credible renegotiation by the end of December would trigger “total and comprehensive” industrial action.

The union also raised concern over the rising spate of school kidnappings, saying the recent abductions in Kebbi and Niger States reflect worsening insecurity around educational institutions.

It urged the government to strengthen campus security through modern surveillance systems, improved perimeter protection and better intelligence gathering.

SSANU rejected the Federal Ministry of Education’s proposal to introduce Public-Private Partnership, PPP, arrangements for municipal services in universities, saying previous PPP models in other sectors had led to job losses and poorer working conditions.

It insisted that no staff should lose their jobs or be downgraded under any such arrangement.

The communiqué also highlighted the deteriorating state of infrastructure in universities, citing unreliable electricity, faulty water systems, dilapidated hostels, outdated laboratories and weak security structures.

It called for predictable funding, timely releases and stricter monitoring of resources.

The union said rising inflation and fuel costs have worsened the hardship faced by university workers and demanded an urgent wage review in line with current economic realities.