EFCC
Arik Air Paid 38% of Foreign Loan Before AMCON Takeover, EFCC Witness Tells Court
The Zonal Director of Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC), Bawa Usman Kaltungo, on Tuesday told a Special Offences Court sitting in Ikeja, Lagos, that Arik Air Nigeria Limited had repaid 38 per cent of its foreign loan obligations to creditors before its takeover by the Asset Management Corporation of Nigeria (AMCON).
Kaltungo gave the testimony while being led in evidence-in-chief by EFCC counsel, Dr Wahab Shittu, SAN, in the ongoing trial over an alleged N76 billion and $31.5 million fraud case involving former AMCON Managing Director, Ahmed Kuru, and four others.
Kuru is standing trial alongside Kamilu Alaba Omokide, Capt. Roy Ilegbodu, Union Bank of Nigeria Plc, and Super Bravo Limited before Justice Mojisola Dada.
They are facing a six-count charge bordering on conspiracy, stealing, and abuse of office.
The witness told the court that at the time AMCON took over Arik Air, Union Bank had converted a N51 billion guarantee linked to the airline but allegedly failed to remit the funds to foreign creditors.
According to him, EFCC findings showed that Union Bank, which acted as guarantor of the loan, retained the N51 billion without fulfilling its obligation to settle the foreign lenders.
“Arik Air had paid 38 per cent of its loan to foreign creditors, but when Union Bank converted the N51 billion guarantee, it did not pay the foreign creditors from the funds,” he said.
He added that the investigation established that “Union Bank sat on the N51 billion” and that the amount should have been used to settle outstanding obligations to the foreign creditors.
Kaltungo further maintained that Union Bank did not directly grant any loan to Arik Air, explaining that the facility was a foreign credit obtained from institutions, including HSBC, which the airline serviced until June 2010.
He also told the court that a letter recovered during the investigation, addressed to former Arik Air Chairman Johnson Arumemi-Ikhide, indicated that the loan was still performing at the time.
Under cross-examination by Prof. Taiwo Osipitan, SAN, the witness said no funds were traced to the accounts of the first and second defendants during the investigation.
He also confirmed that the EFCC did not engage a forensic accountant to determine the full status of Arik Air’s indebtedness.
Kaltungo, who identified himself as the lead investigator, further told the court that he does not have an accounting background.
“There was no need for a forensic audit or an accounting background, as my position as investigator was sufficient,” he said.
In count one, the prosecution alleged that Union Bank of Nigeria Plc, in or about 2011, made false statements to the Asset Management Corporation of Nigeria (AMCON) regarding Arik Air’s performing loans, leading to the transfer of a purported N71 billion to AMCON.
Count two alleges that Kuru, Omokide, and Ilegbodu, in or about 2022, fraudulently converted N4.9 billion belonging to Arik Air Limited for the use of NG Eagle Limited.
Justice Mojisola Dada adjourned the case until May 18 for continuation of cross-examination.
EFCC
EFCC Counsel Misquoted in ALGON Lawyer’s Fraud Allegation Judgment
The Economic and Financial Crimes Commission (EFCC) views with grave concern the misrepresentation of the reaction of its counsel, Larry Peters Aso, to the judgment delivered by Justice Suleiman Belgore of the Federal Capital Territory (FCT) High Court in a fundamental rights enforcement suit filed by legal practitioner Dr Ted Iseghoi-Edwards.
The judge reportedly cleared Iseghoi-Edwards of alleged fraud relating to services rendered to the nation’s 774 local government councils. He also disagreed with the EFCC’s position regarding its investigation report on the London-Paris Club refunds.
Reacting to the judgment, Aso thanked the judge for his industry in attending to the matter and stated that the EFCC would apply for a Certified True Copy (CTC) of the judgment “and study it to know the necessary steps to take.”
He did not make any statement about an EFCC report from 2024 concerning allegations that Iseghoi-Edwards “fraudulently obtained the judgments, because he instituted proceedings against the Federal Government in the United States.”
Additionally, claims that Aso said the report was prepared under pressure from higher authorities “after Iseghoi-Edwards assigned his promissory notes to third parties in the United States, where they threatened to sue the Federal Government” are entirely mischievous and amount to deliberate character assassination.
This framing was intended to insinuate that extraneous influences affected the matter, which was not the case.
The record of proceedings from Tuesday, October 20, 2026, when the judgment was delivered, can be accessed to verify Aso’s reaction.
The Commission urges the media to be more objective in reporting court proceedings in the interest of justice.
EFCC
FBI Commends Olukoyede, EFCC for Support in Tackling Sextortion, Cybercrime
The Federal Bureau of Investigation (FBI) has commended the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, and the Commission for their efforts and vital role in Operation Artemis, a joint international effort to disrupt financially motivated sextortion networks targeting minors.
The commendation was conveyed in a letter signed by FBI Director Kash Patel, who praised the Commission for its collaboration with the Bureau in the arrest and extradition of suspects facing federal charges in the United States.
In the letter addressed to Olukoyede, Patel acknowledged the Commission’s contribution to the operation, stating that “the Economic and Financial Crimes Commission, EFCC, has played a vital role in Operation Artemis, a joint effort focused on disrupting financially motivated sextortion rings targeting juveniles.”
He said that, under Olukoyede’s leadership, the EFCC designated personnel to support the investigations and facilitate the transfer of suspects from Nigeria to face prosecution in the United States.
Specifically, the FBI Director commended the EFCC for apprehending Adebola Festus Adekunle and Mudashiru Afeez Olawale, who were indicted in the United States in 2023 over allegations relating to the sexual exploitation and extortion of minors.
The two suspects were extradited to the United States in August 2026, with the EFCC facilitating the process following investigations and extradition proceedings. They are facing federal charges relating to sexual exploitation in cases involving the deaths of minors.
Patel noted that the successful outcome of the cases would not have been possible without the EFCC’s assistance and commitment to international law enforcement cooperation.
“The successful outcome of these cases would not have been possible without your assistance and dedication to international law enforcement collaboration,” he said.
The FBI Director further expressed appreciation to Olukoyede and the Commission for their commitment to justice and continued cooperation, while expressing optimism about strengthening the partnership between both agencies.
“Please accept my sincere appreciation for your commitment to justice and steadfast cooperation. I look forward to the continued partnership with the EFCC,” he stated in the letter.
The extradition of Adekunle and Olawale followed FBI investigations into separate sextortion schemes targeting male minors in the United States. The investigations linked the alleged activities to two teenage victims who died by suicide after being subjected to online sexual exploitation and extortion.
EFCC
EFCC Photo News
The Japanese Ambassador-Designate to Nigeria, His Excellency, Hideo Suzuki Paid a Courtesy Visit to the Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede in his office today, October 28, 2026. He was accompanied on the visit by First Secretary, Security, Yuji Murakami and Senior Information Analyst, Dogara Ankut.


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