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| Arik. |
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."
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 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.
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