Nigeria: How Arik Officials Diverted $26m, N2.4bn Loans - AMCON MD

23 November 2017

Officials of the distressed Arik Air have diverted the sum of $26 million and N2.4 billion loans meant to be used for the purchase of eight aircraft engines and reconfiguration of two aircraft respectively, the Managing Director of the Assets Management Company of Nigeria (AMCON), Ahmed Kuru, has said.

Speaking when he appeared before a House of Representatives adhoc panel investigating the various intervention funds by the Central Bank of Nigeria (CBN), Kuru said the N2.4bn was meant for the reconfiguration of two passenger aircraft to cargo aircraft.

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