Allen Onyema, CEO of Nigeria’s largest airline, Air Peace, is now facing additional obstruction of justice charges as part of an escalating investigation into an alleged multi-million-dollar bank fraud and money laundering scheme.
The latest development, unveiled in a superseding indictment filed by the U.S. Attorney’s Office for the Northern District of Georgia, accuses Onyema of submitting false documents in a desperate attempt to derail a federal probe into his financial dealings.
Onyema, along with Ejiroghene Eghagha, the airline’s Chief of Administration and Finance, was first indicted in 2019 on charges of conspiracy to commit bank fraud and money laundering. The two executives were implicated in a complex scheme that allegedly involved using fraudulent documents to acquire aircraft and laundering over $16 million in proceeds.
However, the recent charges suggest Onyema’s efforts to conceal his tracks did not end there. He is now accused of attempting to use false records to obstruct the investigation itself.
U.S. Attorney Ryan K. Buchanan did not mince words when describing the gravity of the case: “Onyema and his co-defendant allegedly committed additional crimes of fraud in a failed attempt to derail the government’s investigation of his conduct.”
This latest indictment marks a significant escalation in the case, signaling the U.S. government’s determination to hold Onyema accountable for what they believe to be a brazen attempt to undermine justice.
The new charges further implicate Onyema in a scheme that, according to federal investigators, dates back to 2010. Over $44.9 million was allegedly funneled into U.S. bank accounts Onyema controlled, with much of the money tied to fraudulent export letters of credit intended to facilitate the purchase of Boeing 737 aircraft for Air Peace.
According to court documents, the transactions were supported by fictitious purchase agreements, bills of sale, and appraisals — all allegedly fabricated by Onyema.
“Onyema and his accomplices fraudulently used the U.S. banking system in an effort to hide the source of their ill-gotten money,” said Lisa Fontanette, Assistant Special Agent in Charge of the IRS Criminal Investigation Office in Atlanta.
“Today’s superseding indictment shows our commitment to unraveling financial crimes and ensuring justice is served.”
The indictment details how Onyema and Eghagha allegedly used a Georgia-based company, Springfield Aviation Company LLC — owned by Onyema — to facilitate the fraudulent transactions.
The documents purported to show that Air Peace was purchasing the planes from Springfield Aviation, but investigators revealed the company had no actual connection to the aviation industry.
The additional charges of obstruction come after Onyema allegedly instructed attorneys to submit false contracts to federal authorities in an attempt to freeze the investigation. Eghagha is also accused of directing others to forge documents as part of the scheme.
Despite these serious allegations, Onyema and Eghagha maintain their innocence. The indictment serves only as an accusation, and both men are presumed innocent until proven guilty in court.
However, with the U.S. government’s increasing focus on combating financial crimes, Onyema’s legal battles are far from over. As U.S. authorities continue to probe the depths of the alleged fraud, the charges against the Air Peace CEO are growing, casting a long shadow over one of Nigeria’s most high-profile businessmen.