The Economic and Financial Crimes Commission (EFCC) has presented its first witness in the trial of former AMCON Managing Director, Ahmed Kuru, and four others over an alleged ₦76 billion and $31.5 million fraud linked to Arik Air.
In a statement posted on X on Tuesday, March 18, 2025, the EFCC said the witness, Peter Omokaro, a former Union Bank official, testified before Justice Mojisola Dada of the Special Offences Court in Lagos on Monday.
Other defendants include former Arik Air Receiver Manager, Kamilu Omokide; the airline’s CEO, Capt. Roy Ilegbodu; Super Bravo Ltd.; and Union Bank Plc.
The defendants are facing a six-count charge of theft, abuse of office, and dishonestly taking property. One charge alleged that Union Bank misrepresented Arik Air’s performing loans to AMCON, leading to the transfer of a “bogus figure of ₦71 billion” in 2011.
Another accused Kuru, Omokide, and Ilegbodu of fraudulently diverting “₦4.9 billion of Arik Air’s funds to NG Eagle Limited” in 2022. They all pleaded not guilty.
Testifying, Omokaro told the court that Union Bank did not issue a direct loan to Arik Air but only guaranteed its aircraft financing from HSBC and US EXIM Bank. “Union Bank only guaranteed facilities secured by the airline to acquire aircraft from Airbus and Boeing,” he stated.
READ ALSO: EFCC Arraigns Ex-AMCON Boss, Arik MD over Alleged ₦71bn Fraud
He explained that Union Bank later sold this guarantee to AMCON in 2010. However, in early 2011, after realising an error, a meeting was held in London between AMCON, Union Bank, HSBC Bank, and US EXIM Bank—without Arik Air.
Omokaro maintained that there was no loan disbursement or default from Arik Air. “Union Bank converted the guarantee to cash and collected money from AMCON. The primary lenders never called in the guarantee, and Arik Air’s payments were up to date,” he said.
Under cross-examination, he admitted that Kuru and Ilegbodu were not part of the transaction. “The first and third defendants were not involved. I was not even in the London meeting,” he told the court.
When questioned by Kuru’s lawyer, he confirmed the transaction occurred in 2010, before Kuru’s tenure as AMCON MD. Union Bank’s counsel also got him to confirm that he had previously sued the bank over his dismissal.
The court admitted five documents related to the transaction as evidence. Justice Dada adjourned the trial to Wednesday, March 19, 2025, for continuation.