On May 30, 2025, a former Group Executive Director of Union Bank Plc, Austine Obigwe, testified against Ahmed Kuru, ex-Managing Director of the Asset Management Corporation of Nigeria (AMCON), and four co-defendants in an alleged N76 billion and $31.5 million fraud case involving Arik Air. The testimony, delivered before Justice Mojisola Dada at the Special Offences Court in Ikeja, Lagos, on May 28, 2025, was detailed in an Economic and Financial Crimes Commission (EFCC) statement. At the current exchange rate of N1,579/$1 as of May 30, 2025, the fraud equates to approximately N119.87 billion, including the dollar component.
The EFCC arraigned Kuru, former Arik Air Receiver Manager Kamilu Omokide, CEO Captain Roy Ilegbodu, Union Bank Plc, and Super Bravo Ltd in January 2025 on six counts, including theft, abuse of office, and dishonest misappropriation. Union Bank is accused of falsely reporting Arik Air’s loan performance in 2011, leading to a N71 billion transfer to AMCON. Kuru, Omokide, and Ilegbodu allegedly diverted N4.9 billion to NG Eagle Ltd in 2022, while Ilegbodu is charged with converting N22.5 million for Magashi Ali Mohammed. The defendants are also accused of authorizing the destruction of Arik Air’s 5N-JEA aircraft, valued at $31.5 million, violating Lagos State’s Criminal Law.
Obigwe testified that Arik Air owed his company, Staal, $2.3 million in 2011, which he wrote off due to the airline’s financial struggles. He confirmed a 2009 Lufthansa inspection deemed Arik’s 26 aircraft airworthy and noted no loan default complaints during his Union Bank tenure. Under cross-examination by defense counsel, including Olasupo Shasore (SAN), Obigwe admitted a personal relationship with Arik’s founder, Johnson Arumemi-Ikhide, and was unaware of a 2009 AMCON letter claiming a N46.11 billion Arik debt. The trial, adjourned to June 4, 2025, stems from AMCON’s 2011 acquisition of Arik’s debts, highlighting transparency issues in Nigeria’s aviation sector, as echoed by posts on X from @officialEFCC.
