EFCC Presents Second Witness In N76 Billion Arik Air Fraud Case Against Ex-AMCON MD, Others
The Economic and Financial Crimes Commission (EFCC) on Wednesday presented its second prosecution witness (PW2), Austine Obegwe, in the ongoing trial of former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and four others over the alleged misappropriation of N76 billion and $31.5 million belonging to Arik Air. The case is being heard before Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos.
The other defendants in the trial include Kamilu Omokide, a former Receiver Manager of Arik Air Ltd.; Captain Roy Ilegbodu, CEO of Arik Air Ltd.; Super Bravo Ltd.; and Union Bank Plc. They are facing a six-count charge bordering on theft, abuse of office, and dishonest conversion of property.
One of the charges against Union Bank states that in 2011, the bank allegedly made false statements to AMCON regarding Arik Air’s performing loans, leading to an inflated debt figure of N71 billion being transferred to AMCON. Another charge alleges that in 2022, Kuru, Omokide, and Ilegbodu fraudulently diverted N4.9 billion belonging to Arik Air to NG Eagle Ltd.
All defendants pleaded “not guilty” to the charges.
During Wednesday’s hearing, Obegwe, a retired Group Executive Director of Corporate and International Banking at Union Bank, testified that he managed key transactions between the bank, Arik Air, and international financiers, including US EXIM Bank and HSBC Germany. He explained that Union Bank provided guarantees for Arik Air’s aircraft purchases, ensuring that loans covering up to 85% of the costs were secured without defaults.
According to Obegwe, “All facilities extended to Arik Air were performing, meaning there was no default when I was at the bank.” He also confirmed that Union Bank never initiated any request to sell its financial obligations regarding Arik Air’s assets during his tenure.
During the trial, EFCC lead counsel Wahaab Shittu (SAN) sought to tender documents related to the disputed transactions. However, defense lawyers objected, arguing that the witness was neither the author of the documents nor a member of the investigation team. Justice Dada upheld the objection, ruling that, “The witness in the box is not a member of AMCON or the investigation team, and the documents cannot be tendered.”
Meanwhile, defense lawyers, led by Taiwo Osipitan (SAN) and Olasupo Shasore (SAN), cross-examined the witness and presented several documents, which the court admitted as exhibits.
Justice Dada adjourned the trial to May 19 and 28, 2025, for further proceedings.
