Appeal Court Affirms AMCON’s Receivership Over Arik As EFCC Trial Continues
By Ranti Thomas
Fresh developments emerged on Thursday in the ongoing criminal trial involving the Economic and Financial Crimes Commission (EFCC) and former officials connected to Arik Air, as the Court of Appeal affirmed that the appointment of receivership by Asset Management Corporation of Nigeria (AMCON) over the airline was lawful.
The trial resumed before Justice Mojisola Dada at the Special Offences Court sitting in Ikeja, Lagos, with the continuation of cross-examination of the fourth prosecution witness, Bawa Usman Kaltungo.
During proceedings, a Certified True Copy of a Court of Appeal judgment was tendered and admitted as evidence, overturning an earlier ruling that had suggested AMCON’s takeover of Arik Air was premature and unlawful.
The appellate court ruling reaffirmed that AMCON acted within the law when it appointed a Receiver-Manager to take control of Arik Air and carry out responsibilities connected to the airline’s management.
The EFCC had earlier charged former AMCON Managing Director Ahmed Kuru and other defendants following a petition linked to Arik Air promoter Sir Johnson Arumemi-Ikhide, with allegations surrounding the management of the airline after the receivership arrangement.
As cross-examination continued, further details also emerged showing that a separate Federal High Court judgment had previously declared lawful the dismantling of one of Arik Air’s aircraft, an issue central to part of the EFCC’s allegations against the defendants.
The prosecution had argued that the aircraft teardown was illegal because AMCON and its appointed receiver allegedly lacked authority to approve such action.
However, court documents admitted during proceedings showed that the Federal High Court had earlier ruled otherwise after a suit was filed by Captain Samuel Caulcrick, whose company had been contracted by the owners of the aircraft to carry out the dismantling exercise.
Following that operation, EFCC had arrested and detained Captain Caulcrick, but the court later ruled against the anti-graft agency and ordered it to pay ₦5 million damages for wrongful detention.
The court also admitted AMCON board resolutions authorising the creation, transfer and allotment of shares connected to NG Eagle, while the prosecution witness admitted during questioning that the first and third defendants did not personally benefit financially from the transactions.
Justice Dada late adjourned the matter until July 7, 2026, for hearing of an interlocutory application, while setting October 26 to 29 for continuation of the main trial proceedings.