Blessing Omale, Abuja
Economic and Financial Crimes Commission (EFCC) has brought charges against Mustapha Chike-Obi, the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), and several top executives of Arik Air, accusing them of involvement in a massive loan fraud totaling N76 billion and $31.5 million.
The individuals named in the charges include Capt. Roy Ilegbodu, the Managing Director of Arik Air, Kamilu Omokide, the Receiver Manager of Arik Air, Union Bank Nigeria Plc, and Super Bravo Limited.
The charges are related to fraudulent activities that have rocked both the aviation and banking sectors.
The case, which has attracted widespread attention, is set to proceed in the Special Offences Court in Ikeja, Lagos. Justice Mojisola Dada, who presided over the court, adjourned the arraignment of Ahmed Kuru, former Managing Director of AMCON, until January 20, 2025. Kuru, alongside the other accused, is facing multiple charges, including allegations of fraudulent transfer and the destruction of valuable assets.
The prosecution has presented evidence that Union Bank, in 2011, allegedly made false statements to AMCON about the status of Arik Air’s loans, leading to the transfer of N71 billion.
Further charges include the fraudulent conversion of N4.9 billion by Kuru, Ilegbodu, and Omokide for personal use, as well as the destruction of an aircraft worth $31.5 million in February 2022, an act described as prejudicial to the economic stability of Nigeria.
The case has been adjourned following Kuru’s counsel, Olasupo Shasore, SAN, submitting an undertaking to the court assuring that Kuru would be present for the next hearing.
The prosecution did not object to this motion, and the bench warrant previously issued for Kuru’s arrest was revoked.
The court will reconvene on January 20, 2025, for the arraignment of the accused individuals.
