Nairobi/Abuja - Nigeria's anti-corruption body has arrested two former aviation ministers as it probes the disappearance of 19.5 billion Nigerian nairas (165 million dollars) destined to improve the West African nation's woeful air safety record.

The Economic and Financial Crimes Commission (EFFC) said on its website that Femi Fani-Kayode and Babalola Borishade were held Monday after giving evidence at a Senate panel investigating the case.

Both men, who deny any wrongdoing, are expected to appear in court in the coming days.

Former president Olusegun Obasanjo approved the fund after a series of air crashes in 2005 and 2006.

More than 300 people were killed in three separate crashes between October 2005 and October 2006 following on from a crash in 2002 that killed 148. (dpa)