A retired banker has testified in the trial concerning alleged financial misconduct involving the former Managing Director of the Assets Management Corporation of Nigeria (AMCON), Ahmed Kuru, and others. The case, which is being handled by the Special Offences Court in Lagos, involves accusations of defrauding Arik Air out of N76 billion and $31.5 million.
The retired banker, Austen Obigwe, appeared as the prosecution’s second witness. His testimony included details about his banking career and involvement in transactions between Union Bank, Arik Air, and international banks for aircraft financing. Obigwe disclosed that Union Bank, where he previously worked, had provided guarantees for Arik Air’s aircraft purchases alongside contributions from other banks.
In cross-examination, Obigwe admitted to working as a consultant for Arik Air, which allegedly still owes him a substantial amount. He also revealed that the airline’s financial issues arose following regulatory changes by the Central Bank of Nigeria, which significantly increased the loan interest rates Arik had to pay.
Attempts by the prosecution to introduce certain documents into evidence were blocked due to the defendant’s legal team’s objections, and the judge ruled them inadmissible. The case has been adjourned to continue in May 2025. All involved defendants have pleaded not guilty to charges including theft, abuse of office, and dishonest appropriation of property.
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