He stated that Union Bank issued guarantees for loans from HSBC and US EXIM Bank, facilitating the airline’s aircraft purchases from Airbus and Boeing. He emphasized that Union Bank did not disburse cash directly for these transactions.
BY ANTHONY OMOH
Justice Mojisola Dada of the Lagos State Special Offences Court in Ikeja adjourned the trial of former Asset Management Corporation of Nigeria (AMCON) Managing Director, Mr. Ahmed Kuru, and four others to March 19, 2025. Other defendants include Mr. Kamilu Omokide, former receiver manager of Arik Air Ltd; Captain Roy Ilegbodu, Arik Air’s CEO; Union Bank Ltd; and Super Bravo Ltd. The Economic and Financial Crimes Commission (EFCC) filed six charges against them for theft, abuse of office, and dishonest appropriation of property. The defendants are alleged implicated in the N76bn, $31.5m Arik Air fraud case
Alleged N76bn, $31.5m Arik Air Fraud
The EFCC claims they conspired to misappropriate funds meant for the airline’s operations and aircraft acquisitions. All defendants pleaded not guilty and were granted bail of N20 million each, with one surety in the same amount. Initially, the trial was scheduled for March 17, 2025, but the court rescheduled proceedings.
Justice Dada adjourned the trial after testimony from the first prosecution witness, Mr. Peter Omokaro, a former Assistant General Manager at Union Bank Plc.
Testimony on Arik Air Transactions
During Monday’s hearing, EFCC counsel Dr. Wahab Shittu (SAN) presented Mr. Omokaro as the first witness. He testified about Union Bank’s role in financing Arik Air’s aircraft acquisitions. He stated that Union Bank issued guarantees for loans from HSBC and US EXIM Bank, facilitating the airline’s aircraft purchases from Airbus and Boeing. He emphasized that Union Bank did not disburse cash directly for these transactions.
Mr. Omokaro explained that after the Central Bank of Nigeria intervened in Union Bank’s operations in August 2009, AMCON became involved. He revealed that Union Bank transferred its guarantee to AMCON in early 2011. Consequently, AMCON, Union Bank, HSBC, and US EXIM Bank held a meeting in London without Arik Air’s participation.
Under cross-examination by Professor Taiwo Osipitan (SAN), counsel for the first and third defendants, Mr. Omokaro confirmed that neither Mr. Kuru nor Captain Ilegbodu attended the London meeting. He also clarified that while Union Bank had a business relationship with Arik Air, he had no knowledge of its internal operations.
Defense Questions Witness Credibility
Responding to Mr. Olasupo Shasore (SAN), counsel for Mr. Kuru, Mr. Omokaro stated the transaction occurred in 2010, before Mr. Kuru became AMCON’s Managing Director. He also confirmed that Captain Ilegbodu was not in his current position at the time.
Counsel for Union Bank, Mr. Olalekan Ojo (SAN), questioned Mr. Omokaro about a past legal dispute with the bank. Mr. Omokaro admitted he sued Union Bank in 2011 after his termination. Mr. Ojo then submitted Mr. Omokaro’s prior statement from the fraud investigation as evidence.
Justice Dada admitted five documents related to the case into evidence and adjourned proceedings to March 19, 2025, for trial continuation.
