EFCC Presents Second Witness in Court as Former AMCON Boss, Union Bank, and Others Stand Trial for Alleged N76 Billion and $31.5 Million Arik Air Fraud
LAGOS—The Economic and Financial Crimes Commission (EFCC) on Tuesday presented its second prosecution witness, Austine Obegwe, in the trial of former Assets Management Corporation of Nigeria (AMCON) Managing Director, Ahmed Kuru, and four others over an alleged N76 billion and $31.5 million fraud involving Arik Air.
Obegwe, a retired Group Executive Director of Union Bank’s Corporate and International Banking Division, testified before Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos.
The defendants, including former Arik Air Receiver Manager Kamilu Omokide, CEO Capt. Roy Ilegbodu, Super Bravo Ltd., and Union Bank Plc, face six charges of theft, abuse of office, and dishonest conversion of property.
One of the charges alleges that in 2022, Kuru, Omokide, and Ilegbodu fraudulently diverted N4.9 billion belonging to Arik Air to NG Eagle Limited. All defendants pleaded not guilty.
Obegwe testified that Union Bank had guaranteed financing for Arik Air’s aircraft purchases and that the airline had no defaults during his tenure. However, a bid by the prosecution to submit transaction-related documents was rejected by Justice Dada, who ruled that the witness was not an author of the documents and lacked relevant investigative authority.
The trial resumes on May 19 and 28, 2025.
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 on Tuesday presented its second prosecution witness, Austine Obegwe, in the trial of former Assets Management Corporation of Nigeria (AMCON) Managing Director, Ahmed Kuru, and four others over an alleged N76 billion and $31.5 million fraud involving Arik Air.){kind=link}