The trial of Mallam Ahmed Kuru, a former managing director of the Asset Management Corporation of Nigeria (AMCON), over alleged fraud amounting to N76 billion and $31.5 million, has been adjourned until June 4, 2025, by Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos.
Kuru is standing trial alongside Capt. Roy Ilegbodu, Managing Director of Arik Air; Kamilu Omokide, Receiver Manager of Arik Air; Union Bank Nigeria Plc; and Super Bravo Limited.
The defendants face a six-count charge bordering on conspiracy, stealing, and abuse of office in connection with the alleged financial misdeeds.
At the resumed proceedings on Wednesday, the second prosecution witness, Austine Obigwe, a former Group Executive Director of Union Bank Plc, testified that in 2011, two years after he exited Union Bank, Arik Air owed his consultancy firm, Staal, a sum of $2.3 million.
“I am not interested in collecting it. I wrote it off when I discovered that Arik Air started having challenges,” Obigwe told the court.
Under cross-examination by defence lawyers Olasupo Shasore (SAN) (second defendant), Olalekan Ojo (SAN) (fourth defendant), and Tayo Oyedepo (SAN) (fifth defendant), Obigwe confirmed that he took up consultancy roles with Arik Air and other firms after leaving Union Bank.
When asked if he had a personal relationship with Arik Air’s founder, Johnson Arumemi-Ikhide, the witness responded in the affirmative.
“I currently don’t have any formal relationship with the airline. I maintain a relationship with Arumemi-Ikhide,” he added.
Obigwe also testified that in 2009, he participated in an inspection of 26 Arik Air aircraft and confirmed they were found to be airworthy based on evaluations by Lufthansa.
“I had no reason to doubt Lufthansa’s evaluation,” he stated, explaining that the inspection was to confirm the integrity of the airline’s fleet.
On the issue of loan performance, Obigwe said that during his tenure at Union Bank, Arik Air was servicing its loan without complaints from other financial institutions.
He further stated that he was not aware of a letter dated April 23, 2009, allegedly sent by AMCON to Union Bank regarding a N46.11 billion debt owed by Arik Air, while he was still employed at the bank.
Commenting on Arik Air’s standing during his time at Union Bank, Obigwe said, “I can only speak for the period I was there. When I was in Union Bank, Arik Air was one of the best companies.”
On lenders’ options in the case of non-performing loans, Obigwe said, “A lender is legally empowered to dispose of the security in the event of default by the borrower,” adding that loans could also be reassigned or transferred to another bank.
Justice Dada adjourned the matter to June 4, 2025, for the continuation of the trial.
