Arik repays 38% of foreign loan before AMCON takeover – EFCC
Ikeja, April 2026 (TBL Africa) An EFCC investigator, Mr Bawa Kaltungo, told an Ikeja Special Offences Court that Arik Air repaid 38 per cent of its foreign loan before AMCON’s takeover.
Kaltungo gave evidence under cross-examination by EFCC counsel, Dr Wahab Shittu (SAN), in the alleged N76 billion and $31.5 million fraud case.
The defendants include former AMCON Managing Director, Ahmed Kuru, alongside Kamilu Omokide, former Receiver Manager of Arik.
Others are Roy Ilegbodu, the airline’s Chief Executive Officer, Union Bank, and Super Bravo Ltd.
They face a five-count charge bordering on fraud, theft, abuse of office, and dishonest acquisition of property.
Union Bank is also charged separately with making false statements to a public officer.
Kaltungo said that before AMCON’s intervention, Union Bank converted Arik’s N51 billion guarantee but failed to remit funds to foreign creditors.
He said: “Arik has paid 38 per cent of its loan to foreign creditors.
“When Union Bank converted the N51 billion guarantee, they did not pay the foreign creditors from the funds. Union Bank sat on the N51 billion.
“With N51 billion, Union Bank was expected to settle the foreign creditors.
“Our investigation revealed that Union Bank is still owing Arik 38 per cent of the paid loan.”
He maintained that Union Bank did not grant any loan to Arik, describing the facility as foreign credit from institutions including HSBC.
According to him, Arik serviced the loan until June 2010, before the events leading to AMCON’s takeover.
Kaltungo said a recovered letter to Arik’s former chairman, Mr Johnson Arumemi-Ikhide, indicated the loan was performing.
Under cross-examination, he admitted no funds were traced to accounts of the first and second defendants.
He also said the EFCC did not engage a forensic accountant to determine Arik’s indebtedness.
Kaltungo confirmed he had no accounting background but insisted his investigative role was sufficient.
“There is no need for forensic audit or accounting background,” he said.
Justice Mojisola Dada adjourned the case until May 18 for continuation of cross-examination.
