Justice Mojisola Dada of Ikeja Special Offences Court has fixed March 19, 2025 for further hearing in the trial of former Managing Director of Assets Management Cooperation of Nigeria, AMCON, Ahmed Kuru and four others for allegedly defrauding Arik Airline N76 billion and $31.5 million respectively.
The judge fixed the date after listening to the evidence of first prosecution witness, Mr. Peter Imafidon Omokaro, formerly a banker with Union Bank.
The witness was led in evidence by Economic and Financial Crimes Commission, EFCC Counsel, Dr. Wahab Shittu.
Those standing as defendants are Kamilu Omokide, Chief Executive Officer of Arik Air, Captain Roy Ilegbodu, Union Bank Limited and Super Bravo Limited.
Kuru and others are alleged of N76 billion and $31.5 million fraud, respectively.
The other defendants are the former Receiver Manager of Arik Airline Limited, Kamilu Omokide, Chief Executive Officer of the airline, Captain Roy Ilegbodu, Union Bank Limited and Super Bravo Limited.
Omokaro said he exited the bank as an Assistant General Manager after he worked from 1980 to 2015.
He told the court that he was invited by EFCC and made a statement at the commission in relation to the case.
Omokaro said Arik Air approached the bank for a purchase of aircraft.
The witness told the court that Union Bank only guaranteed facilities secured by the airline from two foreign banks, HSBC Bank USA, and EXIM Bank, to facilitate the acquisition of aircraft from Airbus and Boeing.
The witness said: “Union bank in turn collected indemnity from Arik Air and the aircrafts were delivered to Arik.
“At no time did (Union Bank) disbursed cash for the acquisition of the aircraft and in August 2009, Central Bank of Nigeria sent a team to take over the bank and there was AMCON guideline that talked of eligible assets to buy non-performing loans and commercial papers.
“Thereafter, the executive management of Union Bank went ahead to sell the guarantee to AMCON.
“This happened before the end of December 2010 and in early 2011, when Union Bank discovered the error and tried to see how to legalise the wrong, a meeting took place in London between AMCON, Union Bank, HSBC Bank and US EXIM Bank with the exclusion of the main obligor, which was Arik Air Nigeria Limited.”
Omokaro further told the court that it was from the minutes of the meeting recorded that Union Bank wanted to step in as obligor to take over over the responsibility of Arik Air.
He explained to the court that the foreign credit agencies did not call in the guarantee neither did Union Bank return call in indemnity.
The witness retirated that he was surprised on the emphasis that Union Bank granted a loan.
Omokaro told the court, “Union Bank never gave loan to Arik Air.
“Union Bank converted the guarantee to cash and used it to collect money from AMCON.
“The primary lender did not call in the guarantee neither did the bank call in the guarantee for Arik Air
“Union Bank did not disburse cash for the acquisition of the aircrafts.
“In respect of this transaction, there was no default on the part of Arik because payment were up to date.”
The prosecution sought to tender five documents which were related to the transaction and the court admitted in evidence.
Under cross-examination, counsel to the first and third defendants, Prof. Taiwo Osipitan (SAN) confirmed to the court that first and third defendants were not part of the transaction.
“The first and third defendants were not part of the transaction.
“I myself was not at the London meeting,” the witness said.
In response to questions from Mr. Olasupo Shasore (SAN), counsel to Kuru, said the witness said that the transaction took place in 2010 and that the third defendant was not the MD of AMCON at the time.
Counsel to Union Bank, Mr. Olalekan Ojo (SAN) also asked the former bank staff to confirm to court that he once sued Union Bank because his appointment was unduly terminated
The witness said that he is seeing the second defendant for the first time in court.
“The account of the Arik Air is domicile in Ikeja. I am not in corporate banking department as at that time. The export credit agencies are US finance 35 percent parent export agencies.
Ojo (SAN) therefore tender the statement of the witness in the course of investigation in evidence.
Justice Dada adjourned to March 19, 2025 for continuation of trial.
