EFCC witness points to gaps in Arik Air loan dealings
An official of the Economic and Financial Crimes Commission, Bawa Usman Kaltungo, testified in court about alleged irregularities in a loan transaction involving Arik Air. He stated that Union Bank of Nigeria Plc acted as a guarantor, not a lender, and later mischaracterised the arrangement. The case involves several high-profile defendants, including Ahmed Kuru, Kamilu Omokide, and Roy Ilegbodu. The court has scheduled further hearings for May 18 and 19, 2026.
What we know
- Bawa Usman Kaltungo alleged that Union Bank converted a performing loan into a non-performing one, despite partial repayments by Arik Air.
- He claimed that the bank sold the loan to AMCON for about N51bn and did not use the proceeds to offset the outstanding foreign loan.
- The sale of Arik Air’s shares in Zenith Bank and three aircraft raised concerns, with over N28bn reportedly unaccounted for.
- Kaltungo highlighted poor documentation and missing equipment, including a brand-new aircraft engine.
- The matter was adjourned until May 18 and 19, 2026, for continuation of the hearing.
