• About us
  • Advertise
  • Privacy & Policy
  • Contact
Saturday, September 6, 2025
  • Login
NewsPeg Magazine logo
  • Home
  • News
    • World
    • Business
    • Politics
  • Technology
  • Entertainment
    • Sports
  • Lifestyle
    • Health
No Result
View All Result
  • Home
  • News
    • World
    • Business
    • Politics
  • Technology
  • Entertainment
    • Sports
  • Lifestyle
    • Health
No Result
View All Result
NewsPeg Magazine logo
No Result
View All Result
Home EFCC

Alleged N76bn and $31.5m fraud: Court Adjourns Ex-AMCON MD, Kuru, Others’  Till 4 June

Admin by Admin
May 29, 2025
in EFCC
Reading Time: 3 mins read
0
Share on FacebookShare on TwitterShare on Whatsapp

By Nkechi Eze

Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on Wednesday, May 28, 2025, adjourned till June 4, 2025 further hearing in the trial of Mallam Ahmed Kuru, a former Managing Director of Assets Management  Corporation of Nigeria, AMCON, and four others,  over alleged N76bn and $31.5m fraud. 

Kuru, alongside Capt. Roy Ilegbodu, Managing Director of Arik Air, Kamilu Omokide, Receiver Manager of Arik Air, Union Bank Nigeria Plc and Super Bravo Limited is facing trial on a six-count charge bordering on conspiracy, stealing, and abuse of office to the tune of N75bn and $31.5m fraud.

The commission’s spokesperson Dele Oyewale in an official signed statement disclosed that at the resumed sitting on Wednesday, the second prosecution witness, PW2, Austine Obigwe, a former Group Executive Director of Union Bank Plc, stated that in 2011, two years after he exited Union Bank,  Arik Air was indebted to his company, Staal, to the tune of $2.3m. 

He, however, said: “I am not interested in collecting it. I wrote it off when I discovered that Arik Air started having challenges.”

During cross-examination by the defence counsel, including Olasupo Shasore, SAN (for the second defendant); Olalekan Ojo, SAN (for the fourth defendant); and Tayo Oyedepo, SAN (for the fifth defendant),  the  PW2 also confirmed that following his exit from Union Bank, he began consultancy engagements with Arik Air and other companies. 

When asked whether the founder of Arik Air, Johnson Arumemi-Ikhide, was a personal acquaintance, he responded in the affirmative.

He, however, added  that “ I currently don’t have any formal relationship with the airline, I maintain a relationship with Arumemi-Ikhide.”

Obigwe stated that he participated in an inspection of 26 aircraft belonging to Arik Air in 2009, and found them to be airworthy and in good condition based on assessments provided by Lufthansa.

“I had no reason to doubt Lufthansa’s evaluation,” he said, adding that the purpose of the inspection was to ensure that the airline’s fleet had not been depleted.

When asked about the airline’s compliance with its loan obligations, Obigwe testified that during his tenure at Union Bank, there were no complaints from other financial institutions suggesting that Arik Air was defaulting on its loan obligations. 

He also confirmed that Arik Air was servicing its loan with Union Bank during his tenure.

Responding to a letter dated April 23, 2009, allegedly written by AMCON to Union Bank concerning a N46.11 bn debt owed by Arik Air, the witness stated that the letter was not brought to his attention while he was still with the bank.

When asked to speak about the character and management of Arik Air, the witness 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.”

Also, when asked about the options available to lenders when a loan becomes non-performing, Obigwe said that the lender might choose to transfer the loan to another bank, reassign it, or enforce the security tied to the loan.

“A lender is legally empowered to dispose of the security in the event of default by the borrower,” he added. 

The matter was adjourned till June 4, 2025 for the continuation of trial.

ShareTweetSend
Previous Post

ECOWAS Reiterates Commitment to Strengthen and Sustain the WENDU

Next Post

NBTI Launches NextGen Innovation Challenge Portal to Enhance Creativity, Innovation 

Admin

Admin

Related Posts

Olukoyede Demands Retraction and Public Apology from Peoples Gazette over False Report
EFCC

Olukoyede Seeks Greater Involvement of Nigerians in Tackling Internet Fraud

September 5, 2025
Nigeria’s Cryptocurrency Ecosystem Faces Risks Without Regulation – EFCC
EFCC

Nigeria’s Cryptocurrency Ecosystem Faces Risks Without Regulation – EFCC

September 5, 2025
Olukoyede Demands Retraction and Public Apology from Peoples Gazette over False Report
EFCC

Olukoyede Calls for Global Collaboration to Combat Cross-Border Economic Crimes at Cambridge Symposium

September 3, 2025
Next Post

NBTI Launches NextGen Innovation Challenge Portal to Enhance Creativity, Innovation 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Editor's Choice

INEC Records 69,376 Online Voter Pre-Registrations Within First Seven Hours of CVR Kickoff

INEC Moves Voter Registration to Ward Level in FCT Ahead of 2026 Elections

September 5, 2025
CDS Hails Finnish Court’s Six-Year Jail Term for Simon Ekpa, Describes It As Victory Against Terrorism

CDS Musa Felicitates With Troops, Nigerians on Eid el-Maulud, Reaffirms Commitment to Peace and Unity

September 5, 2025
  • Trending
  • Comments
  • Latest
Imo Monarch Raises Alarm as 22-Year-Old Abandoned Road Threatens to Cut Off Okwuohia Community

Imo Monarch Raises Alarm as 22-Year-Old Abandoned Road Threatens to Cut Off Okwuohia Community

August 26, 2025
NIMC Trains Corps Members for Nationwide NIN Ward Enrollment Initiative

NIMC Trains Corps Members for Nationwide NIN Ward Enrollment Initiative

June 24, 2025
FG Rescues 11 Nigerian Miners Stranded in Central African Republic, Brings Them Home Safely

FG Rescues 11 Nigerian Miners Stranded in Central African Republic, Brings Them Home Safely

August 15, 2025

NAVY CAPTAIN A. MNGUVE UNVEILS THREE INSPIRATIONAL BOOKS IN LITERARY TRIUMPH

May 7, 2025

MEDIA FOUNDATION SEEKS UPGRADED DIGITAL INFRASTRUCTURE IN NIGERIA

4

Easter/Eid-el-Fitr: FRSC Records Massive Reduction in Road Crashes.

2
GSAI TRAINS JOURNALISTS TO INTENSIFY ENGAGEMENTS REVOLVING AROUND INVOLVEMENT OF WOMEN IN POLITICS AND GOVERNANCE

GSAI TRAINS JOURNALISTS TO INTENSIFY ENGAGEMENTS REVOLVING AROUND INVOLVEMENT OF WOMEN IN POLITICS AND GOVERNANCE

2

IDENTIFYING BARRIERS TO WOMEN’S POOR REMUNERATIONS, IT’S EFFECTS ON HOUSEHOLD.  LACK OF INCLUSIVE LABOUR LAWS?

2
INEC Records 69,376 Online Voter Pre-Registrations Within First Seven Hours of CVR Kickoff

INEC Moves Voter Registration to Ward Level in FCT Ahead of 2026 Elections

September 5, 2025
CDS Hails Finnish Court’s Six-Year Jail Term for Simon Ekpa, Describes It As Victory Against Terrorism

CDS Musa Felicitates With Troops, Nigerians on Eid el-Maulud, Reaffirms Commitment to Peace and Unity

September 5, 2025
Nigerian Air Force Trains 165 Personnel in Administrative and Support Roles to Bolster Airpower

Nigerian Air Force Trains 165 Personnel in Administrative and Support Roles to Bolster Airpower

September 5, 2025
Police Foil Child Trafficking Attempt in Nasarawa, Rescue Three Children

Police Foil Child Trafficking Attempt in Nasarawa, Rescue Three Children

September 5, 2025
NewsPeg Magazine

Newspeg is a General interest Magazine conceived by Nigerian Media practitioners of like minds across ethnic and geo-political divides of the country, for the purpose of creating uniqueness in Magazine reporting in Nigeria and repositioning the country for the needed growth.

Follow Us

  • About us
  • Advertise
  • Privacy & Policy
  • Contact

© 2024 Newspeg magazine - powered by Vecrit.

No Result
View All Result
  • Home
  • News
    • Business
    • World
  • Technology
  • Entertainment
  • Lifestyle
  • Editorial
  • Columns
  • More

© 2024 Newspeg magazine - powered by Vecrit.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In