A former Union Bank Group Executive Director, Austine Obigwe, has told a Lagos court how he wrote off a $2.3 million debt owed to his private firm by Arik Air due to the airline’s financial troubles.
Obigwe testified as a prosecution witness in the EFCC’s ongoing case against ex-AMCON boss Ahmed Kuru and four others.
Testifying before Justice Mojisola Dada at the Lagos State Special Offences Court, Obigwe admitted the debt, accrued in 2011, was waived because Arik Air was struggling.
Despite initially praising the airline’s finances in earlier testimony, he later described it as “badly run and irresponsible.”
Obigwe confirmed a personal relationship with Arik’s promoter, Sir Johnson Arumemi-Ikhide, calling him a church member and former business associate.
He also admitted to working as a consultant for Arik shortly after leaving Union Bank in 2009, raising conflict of interest concerns.
Under cross-examination, Obigwe denied knowledge of a 2009 AMCON letter regarding a ₦46.11 billion debt owed by Arik, despite overseeing the account at the time.
He also confirmed involvement in inspecting 26 Arik aircraft based on Lufthansa’s evaluation.
Kuru, along with Arik CEO Roy Ilegbodu, former Receiver Manager Kamilu Omokide, Union Bank, and Super Bravo Limited, faces charges of conspiracy, stealing, and abuse of office.
All defendants pleaded not guilty and were granted ₦20 million bail each.
The case, led by EFCC prosecutor Dr. Wahab Shittu (SAN), continues on June 4, 2025.
Reporting by Wahab Akinlade