Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on Wednesday, adjourned the trial of former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Mallam Ahmed Kuru, and four others till June 4, 2025.
Kuru, standing trial alongside Capt. Roy Ilegbodu, the Managing Director of Arik Air; Kamilu Omokide, the Receiver Manager of Arik Air; Union Bank of Nigeria Plc; and Super Bravo Limited.
According to a statement made available to the public by The Economic and Financial Crimes Commission (EFCC) on Thursday, the defendants are facing a six-count charge bordering on conspiracy, stealing, and abuse of office involving an alleged N76 billion and $31.5 million fraud.
“Kuru, alongside Capt. Roy Ilegbodu, Managing Director of Arik Air, Kamilu Omokide, Receiver Manager of Arik Air, Union Bank Nigeria Plc and Super Bravo Limited is facing trial on a six-count charge bordering on conspiracy, stealing, and abuse of office to the tune of N75bn and $31.5m fraud”, the statement said.
At the resumed hearing, the second prosecution witness, Austine Obigwe, a former Group Executive Director of Union Bank Plc, testified that in 2011, two years after his exit from Union Bank, Arik Air owed his company, Staal, $2.3 million.
Read also: Four Pakistanis arrested, army says foreign mercenaries advancing Boko Haram, ISWAP
“I am not interested in collecting it. I wrote it off when I discovered that Arik Air started having challenges,” Obigwe said.
During cross-examination by defence counsel including Olasupo Shasore, SAN (representing the second defendant), Olalekan Ojo, SAN (for the fourth defendant), and Tayo Oyedepo, SAN (for the fifth defendant), Obigwe confirmed that after his departure from Union Bank, he began working as a consultant for Arik Air and other companies.
When asked if he had a personal relationship with Arik Air’s founder, Johnson Arumemi-Ikhide, he affirmed but clarified, “I currently don’t have any formal relationship with the airline. I maintain a relationship with Arumemi-Ikhide.”
Obigwe further testified that in 2009, he participated in an inspection of Arik Air’s 26 aircraft and found them to be airworthy and in good condition, based on evaluations carried out by Lufthansa.
“I had no reason to doubt Lufthansa’s evaluation,” he said, noting that the inspection aimed to ensure that Arik’s fleet remained intact.
On the issue of loan servicing, Obigwe told the court that during his time at Union Bank, there were no complaints from other financial institutions indicating that Arik Air was defaulting on its loan obligations. He also confirmed that Arik was repaying its loan to Union Bank while he was in office.
Regarding a letter dated April 23, 2009, purportedly sent by AMCON to Union Bank over a N46.11 billion debt owed by Arik Air, Obigwe maintained that the letter was never brought to his attention during his time at the bank.
When asked to comment on the character and management of Arik Air, he said, “I can only speak for the period I was there. When I was in Union Bank, Arik Air was one of the best companies.”
Speaking on possible actions lenders can take when a loan becomes non-performing, Obigwe explained that they could choose to transfer the loan, reassign it, or enforce the security attached to it.
“A lender is legally empowered to dispose of the security in the event of default by the borrower,” he said.
The case was subsequently adjourned till June 4, 2025, for the continuation of trial.
