Alleged N76bn, $31.5m Fraud: Witness Reveals Arik Air Paid 38% of Foreign Loan to Creditors Before AMCON Takeover

The fourth prosecution witness (PW4), Bawa Usman Kaltungo, in the trial of former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and others over an alleged N76bn ($31.5m) fraud, told Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, that Arik Air Nigeria Limited had paid 38 percent of its foreign loan to creditors before it was taken over by AMCON. Kuru, alongside Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank of Nigeria Plc, and Super Bravo Limited, are being prosecuted by the Economic and Financial Crimes Commission, E…

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Source	EFCC
Collection	Anti-corruption and elections
Kind	Document
Publisher	Economic and Financial Crimes Commission (EFCC)
Date	2026-04-28
Type	press-release
Found at	https://www.efcc.gov.ng/news/alleged-n76bn-315m-fraud-witness-reveals-arik-air-paid-38-of-foreign-loan-to-creditors-before-amcon-
Archived copy	Look it up in the Wayback Machine
Record ID	`efcc:news:14018`

Cite this record

Alleged N76bn, $31.5m Fraud: Witness Reveals Arik Air Paid 38% of Foreign Loan to Creditors Before AMCON Takeover. EFCC, 2026. Vero Archive, record efcc:news:14018.