News
Alleged N76bn, $31.5m Fraud: Witness Reveals Arik Air Paid 38% Of Foreign Loan To Creditors Before AMCON Takeover
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
“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.
Police, EFCC Rescue 14 Abducted Victims From Calabar-Oron Waterways
The Nigeria Police Force in collaboration with operatives of the Economic and Financial Crimes Commission (EFCC), has successfully secured the release of fourteen (14) victims abducted by sea pirates along the Calabar–Oron waterways.
The victims were rescued following sustained intelligence-driven operations, robust inter-agency collaboration, and coordinated tactical efforts targeting criminal elements operating within the maritime corridor. Acting on credible intelligence, joint operatives intensified surveillance and conducted targeted operations across identified flashpoints, leading to the safe rescue of all victims without harm.
Eereporter.com
The rescued victims are currently undergoing medical evaluation and necessary debriefing, after which they will be reunited with their families.
The Inspector-General of Police, IGP Olatunji Rilwan Disu, psc(+), NPM, commended the joint security team for the successful rescue, describing it as a testament to effective inter-agency collaboration and intelligence-led operations.
Gunboats For Waterway Security
The Nigeria Police Force assures the public that efforts are ongoing to track down and apprehend all perpetrators involved in the abduction and bring them to justice.
DCP ANTHONY OKON PLACID, psc(+),mnipr, mni Force Public Relations Officer Force Headquarters, Abuja 28th April 2026
Police Assure Justice As Officer Faces Disciplinary Action In Effurun Shooting
The Nigeria Police Force condemns the fatal shooting of a suspect, Mene Ogidi, which occurred on 26th April 2026 in Effurun, Delta State.
Preliminary reports indicate that operatives attached to the Effurun Area Command responded to credible information from Benin Motor Park along the Warri–Sapele Expressway regarding a suspect apprehended by members of a transport union while attempting to waybill a parcel containing a Beretta pistol with four rounds of ammunition.
Eereporter.com
While efforts were being made to take the suspect into lawful custody, the team leader, ASP Nuhu Usman, discharged his firearm in clear violation of extant regulations, resulting in the death of the suspect.
The leadership of the Nigeria Police Force has directed the immediate transfer of the officer and his team to Force Headquarters, Abuja, where they would face the Force Disciplinary Committee for summary disciplinary measures and prosecution.
The Inspector-General of Police extends his condolences to the family of the deceased and assures them that justice will be served in accordance with the law. He further urges members of the public to remain calm and law-abiding as the disciplinary and legal processes take their course.
Police
The Nigeria Police Force maintains a zero-tolerance stance on extra-judicial actions, abuse of authority, and any conduct that undermines public trust.
DCP ANTHONY OKON PLACID, psc(+), mnipr, mni
Force Public Relations Officer
Force Headquarters, Abuja
28th April 2026
Education
Olukoyede Tasks Universities On Use Of Artificial Intelligence In Ethical, Financial Management
Olukoyede Tasks Universities On Use Of Artificial Intelligence In Ethical, Financial Management
The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede, has called on universities across the country to urgently integrate Artificial Intelligence, AI, into their ethical and financial management systems as a transformative tool to combat corruption, enhance accountability and restore public trust.
Olukoyede made the call in Kano on Tuesday April 28, 2026 in a Keynote Address at the opening ceremony of the 8th Biennial Conference of the Committee of Pro-Chancellors of State Universities in Nigeria, COPSUN.
Describing AI as a necessary defence,” the EFCC boss warned that the Nigerian university system cannot afford to be left behind in the global shift toward technology-driven governance.
The EFCC Chairman noted that Nigerian universities manage multi-billion-naira budgets, tuition fees, TETFund interventions, and research grants, yet accountability issues persist.
Eereporter.com
“The EFCC has investigated cases involving inflated contracts, ghost workers, and diverted students’ fees in tertiary institutions across the federation. Each case represented not only a loss of public funds but also a betrayal of the trust that Nigerian parents, students, and taxpayers have placed in the university system”
“A university that lacks financial accountability cannot credibly train future accountants and auditors, and one that tolerates fraud cannot produce the ethical professionals our economy needs. The university’s integrity is thus a matter of national security, and AI offers transformative tools to defend it”, he said
The anti graft czar outlined specific areas where AI can strengthen ethical and financial management. These include, fraud detection, automated auditing, payroll integrity, procurement oversight, and academic integrity.
He cited notable operations where AI proved decisive at the EFCC such as “Operation Eagle Flush (December 2024) where the EFCC arrested 792 suspects including 193 foreign nationals (114 Chinese, 40 Filipinos, two Kazakhs, one Pakistani, and one Indonesian) in a seven-storey building in Victoria Island, Lagos. The syndicate operated cryptocurrency investment fraud and romance scams targeting victims in the United States, Canada, Mexico, and Europe.”
Olukoyede urged university governing councils to act decisively by adapting AI technologies to day-to-day running of their systems
“I will recommend that you establish an AI and Digital Governance Committee within each Governing Council to drive responsible AI adoption. Create a Digital Integrity Strategy for finance, academic, and data protection within your institutions. Invest in digital infrastructure, broadband, cybersecurity, and cloud systems”, he said.
He also called for partnership with the EFCC and other agencies for joint training and intelligence exchange, and for adoption of an AI Code of Ethics to safeguard privacy, prevent bias, and protect academic freedom.
Although Olukoyede strongly pointed to the technological leeway AI tools are capable of offering universities, he cautioned that technology alone is not enough. “No matter how sophisticated the technology might be, its effectiveness ultimately depends on the integrity of the human beings who will utilise the tools. AI will therefore not work magic for the ivory towers if the integrity deficit that is palpable among the workforce is not addressed”, he said.
Olukoyede Tasks Universities On Use Of Artificial Intelligence
He also warned of potential downsides, including over‑reliance eroding professional judgement, loss of institutional autonomy, and cybersecurity risks from weak data stewardship.
“The fight against corruption is a national project that depends on the integrity of every institution, especially our universities.
The EFCC is ready to collaborate with you in training and intelligence sharing in the unwavering belief that integrity will lead Nigeria to greatness and transparency. This is possible. It is achievable”, he said.
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