The case involves the former Managing Director of the AMCON, Ahmed Kuru, along with five others, including the Union Bank, the Arik Air Managing Director, and others
Alleged ₦76bn, $31.5m Fraud: Ex-Union Bank Chief Testifies on Arik Air Loan Scandal
A former Union Bank executive has testified in the ongoing fraud trial involving the controversial takeover of Arik Air, shedding light on the airline’s financial assessment and the role played by key institutions in its asset management.
The case involves the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, along with five others, including Union Bank, Arik Air Managing Director Roy Ilegbodu, Receiver Manager Kamilu Omokide, and Super Bravo Limited. They are all facing six charges related to the alleged misrepresentation of Arik Air’s financial standing and an extensive asset-stripping scheme.
The Economic and Financial Crimes Commission (EFCC), in a statement on Thursday, confirmed that Mr. Obigwe, a former Union Bank executive, appeared on Wednesday as the second prosecution witness.
He was cross-examined by a team of senior defence lawyers, including SANs Olasupo Shasore (second defendant), Olalekan Ojo (fourth defendant), and Tayo Oyetibo (fifth defendant). Prosecution was led by Wahab Shittu, also a Senior Advocate of Nigeria.
During his testimony, Obigwe stated that in 2009, he participated in an official inspection of 26 aircraft owned by Arik Air. The evaluation, which was conducted with input from Lufthansa, reportedly confirmed that the aircraft were airworthy and in good condition.
“I had no reason to doubt Lufthansa’s evaluation,” Obigwe told the court, explaining that the inspection was intended to ensure that Arik Air’s fleet remained intact and had not been depleted.
The trial, which centers on allegations of financial manipulation amounting to ₦76 billion and $31.5 million, continues to draw significant public and industry attention due to its implications for corporate governance and asset recovery in Nigeria’s aviation and banking sectors. Read More
