CBN Approves AMCON Takeover of Arik Air Amid Fraud Case

The Central Bank of Nigeria (CBN) board, led by Governor Godwin Emefiele, approved the Asset Management Corporation of Nigeria's (AMCON) takeover of Arik Air due to the airline's significant financial deterioration. This decision was made during a meeting on February 15, 2024, where it was reported that Arik Air's operations had collapsed, with a 60% drop in domestic passenger traffic.

The EFCC, represented by Bawa Usman Kaltungo, is prosecuting former AMCON Managing Director Ahm Kuru, former Arik Air Receiver Manager Kamilu Omokid, and CEO Captain Roi Ilegbodu for alleged fraud involving N76 billion. The charges include conspiracy, theft, and making false statements.

The court proceedings revealed that Kuru had diverted funds for insurance liabilities and that investigations were ongoing regarding the airline's financial management. The case has been adjourned until February 26, 2026, for further trial.