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Alleged N76bn, $31.5m Fraud: Witness Reveals Arik Air Paid 38% Of Foreign Loan To Creditors Before AMCON Takeover

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Arik Air Airlifts

Alleged N76bn, $31.5m Fraud: Witness Reveals Arik Air Paid 38% Of Foreign Loan To Creditors Before AMCON Takeover

The fourth prosecution witness (PW4), Bawa Usman Kaltungo, in the trial of former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and others over an alleged N76bn ($31.5m) fraud, told Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, that Arik Air Nigeria Limited had paid 38 percent of its foreign loan to creditors before it was taken over by AMCON.

Kuru, alongside Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank of Nigeria Plc, and Super Bravo Limited, are being prosecuted by the Economic and Financial Crimes Commission, EFCC on a six-count charge bordering on conspiracy, stealing, and abuse of office.

One of the counts reads:
“That you, Union Bank of Nigeria Plc, sometime in 2011 or thereabouts, in Lagos, within the jurisdiction of this Honourable Court, with the intention of causing and/or inducing the unwarranted sale of Arik Air loans and bank guarantees with Union Bank, made false statements to the Asset Management Corporation of Nigeria (AMCON) regarding Arik Air Limited’s performing loans, following which you transferred a bogus figure of N71,000,000,000.00 (Seventy-One Billion Naira) to AMCON.”

Another count reads:
“That you, Ahmed Lawal Kuru, Kamilu Alaba Omokide (as Receiver-Manager of Arik Air Limited), and Captain Roy Ilegbodu (Chief Executive Officer of Arik Air Limited in Receivership), sometime in 2022 or thereabouts, in Lagos, within the jurisdiction of this Honourable Court, fraudulently converted to the use of NG Eagle Limited the total sum of N4,900,000,000.00 (Four Billion, Nine Hundred Million Naira only), property of Arik Air Limited.”

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At the resumed sitting on Tuesday, April 28, 2026, Kaltungo, an EFCC investigator and currently the Acting Zonal Director of the Lagos Zonal Directorate 2, Ikoyi, continued his examination-in-chief led by prosecution counsel Wahab Shittu, SAN.

When asked to speak on Exhibit P52, the witness said it was a letter recovered during the investigation from Union Bank to the Executive Chairman of Arik Air Limited, dated October 4, 2010, and addressed to the then Managing Director of Arik Air.

“The letter is titled ‘Advice on Maturing Quarterly Repayment Obligations Second Airbus A240/500/MRM 912.”

He stated that the repayment for the loan obtained by Arik from foreign lenders was quarterly.

According to him: “When the loan was near its due date, they sent a letter as a reminder. This was for the last quarter. This letter is evidence showing the last quarter of 2010-an advice was issued for repayment.

Investigation revealed that payment was made in December of the same year. However, Union Bank illegally converted the guarantee into a loan and sold it to AMCON, claiming it was a non-performing loan. This letter shows that the foreign loan was performing optimally.”

The witness said that at the time AMCON took over Arik, Union Bank had converted the airline’s N51bn guarantee, sold it, but failed to pay the foreign creditors.

Investigation revealed that Union Bank, as the guarantor of the loan, withheld Arik’s N51bn and abandoned its obligation to the foreign creditors.

“Arik has paid 38 percent of its loan to foreign creditors.

“However, when Union Bank converted the Arik guarantee of N51bn, it did not pay the foreign creditors from the funds.

“Union Bank withheld the N51bn. With this amount, Union Bank was supposed to pay the foreign creditors.

“Our investigation revealed that Union Bank still owes Arik 38 percent of the paid loan,” he added.

Kaltungo also told the court that Union Bank did not provide any loan to Arik, noting that the facility was foreign credit obtained from institutions including HSBC, which the airline serviced until June 2010.

The witness further told the court that a letter recovered during the investigation and addressed to the former Chairman of Arik Air Limited, Johnson Arumemi-Ikhide, showed that the loan was performing.

When asked how much was paid to service the foreign loan throughout the period of takeover, he replied that receivership took effect from March 8, 2016.

“However, the only payment seen in the bank was over N2bn. This was realized from the sale of Arik shares.

Arik Air Airlifts

Arik Air

“Arik shares were revalued for three aircraft at $105,718,000, which is about N32bn.

“Investigation revealed that only N9.2bn was applied to the Arik loan, while the balance of over N28bn was unaccounted for.

“The exact figures are captured in my investigation report before the court.”

Under cross-examination by Prof. Taiwo Osinpitan, SAN, counsel to the first and third defendants, the witness said no money was traced to the accounts of the first and third defendants during the investigation.

When asked why the document admitted as P51 was tendered, he said it was to prove that investigation was conducted professionally without any bias.

The case was adjourned to May 18, 2026, for continuation of cross-examination.

Economy

Pensioners Threaten Nationwide Protest, Demand Governors Urgently Review Payment

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Zamfara

Pensioners Threaten Nationwide Protest, Demand Governors Urgently Review Payment

The National Association of Retirees of State Governments has threatened a nationwide protest unless state governors urgently review pension payments in line with existing labour laws.

Simon Anchaver, president of the union, made the call in Yenagoa at the inauguration of the Bayelsa interim executive of the newly registered union.

The union demanded that the 36 state governors prioritise pension payments.

They equally called on President Bola Tinubu to establish a ministry for pension affairs to guarantee annual budgetary allocations for pensioners’ welfare.

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The union bemoaned the arbitrary payment of pensions by some governors, and commended the Nasarawa state governor for releasing N7 billion to clear pension arrears and gratuity.

Its national secretary, Bipre Ndiomu, said the union was newly registered and currently inaugurating state executives. He urged state governors to put in place the modalities to guarantee the welfare of pensioners across the country.

Zamfara

Protest Demolition

Bayelsa’s head of service, Wisdom Sawyer, urged the executive to serve as a bridge between retirees and the government, adding that the state government was open to engagement on outstanding issues.

The newly inaugurated state chairman, Bazigha Tanwei, accepted the mandate and promised an open-door policy, regular consultations with members, and sustained advocacy with the state government to clear arrears.

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Economy

Financial Literacy: NNPC Foundation Trains Batch A Stream 2 Corps Members

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Financial Literacy

Financial Literacy: NNPC Foundation Trains Batch A Stream 2 Corps Members

In continuation of its Corporate Social Responsibility (CSR) initiatives on financial literacy, the NNPC Foundation Ltd./Gte has conducted its second 2026 National Youth Service Corps (NYSC) skills empowerment training for Batch A, Stream 2 corps members at the FCT NYSC Orientation Camp, Kubwa, Abuja, over the weekend.

Delivered in partnership with the NYSC Skills Acquisition and Entrepreneurship Development (SAED) scheme, the programme covers financial literacy, entrepreneurship, and business development. Its training structure also includes a financial literacy test, a “Kick Start My Business” course, and business proposal pitching.

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Managing Director of NNPC Foundation, Emmanuella Arukwe, who was represented by the Head, Programme Management, Rose Okonkwo, noted that over one million corps members have been trained nationwide through the programme.

Acting Director of SAED, Usman Yahaya, commended the NNPC Foundation for its consistent support, urging the corps members to acquire multiple skills during their service year in order to position themselves as job creators and not job seekers.

Financial Literacy

NNPC, NYSC

It would be recalled that last year, 531 youths received Starter Packs and financial support to help them launch their businesses, with most beneficiaries recording measurable progress across their various enterprises.

The NNPC Foundation Ltd./Gte has, through the financial literacy programme, sustained its commitment to preparing young Nigerians towards sustainable careers and self-reliance, contributing to national economic growth and development.

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CAS Reaffirms Commitment To Aircraft Safety, Operational Excellence At NAF Airworthiness Seminar

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Army War College Nigeria

CAS Reaffirms Commitment To Aircraft Safety, Operational Excellence At NAF Airworthiness Seminar

The Chief of the Air Staff (CAS), Air Marshal Sunday Kelvin Aneke, has restated his unwavering commitment to enhancing operational safety and sustaining peak combat readiness through rigorous training, strict adherence to airworthiness standards, and the continuous modernisation of the Nigerian Air Force (NAF).

Air Marshal Aneke made this known on Tuesday, 28 April 2026, while declaring open a two-day Airworthiness Seminar organised by the Aircraft Engineering Branch at Headquarters Nigerian Air Force, Abuja. The seminar brought together senior engineering officers, maintenance commanders, logistics experts, and key aviation stakeholders to deliberate on strategies aimed at improving aircraft safety, fleet sustainability, and operational readiness across the Service.

Speaking at the event, the CAS, represented by the Chief of Policy and Plans, Air Vice Marshal AY Abdullahi, emphasised that airworthiness remains non-negotiable in the effective projection of decisive air power, stressing that the safety and reliability of NAF platforms are critical to mission success in ongoing counter-terrorism and internal security operations nationwide. He noted that the seminar aligns with his command philosophy of transforming the Nigerian Air Force into a more capable, professional, and mission-ready fighting force through innovation, discipline, and high operational standards.

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Air Marshal Aneke further stated that the institutionalisation of stringent maintenance procedures, continuous capacity development, and a strong culture of professionalism, anchored on purposeful lethality, mission effectiveness, and sustained combat capability, will remain enduring principles guiding the Service into the future.

Army War College Nigeria

NAF Airworthiness Seminar

 

A major highlight of the seminar was a technical presentation delivered by Mr Clementi Giorgio, Executive Chairman, Chief Technology Officer, Experienced Test Pilot, Flight Test Engineer, and Flight Test Instructor from the International Test Pilot School, Ontario, Canada.

During his presentation, Mr Giorgio shared global best practices on flight test safety, airworthiness certification, and emerging technologies in aircraft maintenance management.

The seminar is expected to further strengthen the NAF’s maintenance culture, operational efficiency, and readiness to meet contemporary air power demands in defence of the nation.

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