EFCC Warns Against Sale of Arik Air Assets in N75bn Fraud Trial

The Economic and Financial Crimes Commission (EFCC) has voiced concerns over alleged moves by two senior executives of Arik Air to dispose of aircraft assets central to a high-profile fraud trial involving former AMCON Managing Director Ahmed Kuru and others.

At a session held on Wednesday, July 30, before Justice Mojisola Dada at the Special Offences Court in Ikeja, Lagos, EFCC counsel Wahab Shittu, SAN, informed the court of intelligence indicating that Kamilu Omokide, Receiver Manager of Arik Air, and Captain Roy Ilegbodu, Managing Director of Arik Air, may be planning to sell off assets involved in the ongoing N75 billion and $31.5 million fraud case.

The matter includes multiple defendants—Kuru, Ilegbodu, Omokide, Union Bank of Nigeria Plc, and Super Bravo Limited—facing six counts of conspiracy, stealing, and abuse of office. The charges detail, among other allegations, a purported transfer of N71 billion in Arik Air bank loans to AMCON and the alleged fraudulent diversion of N4.9 billion, property of Arik Air, to NG Eagle Limited.

The session saw the EFCC responding to an application by Ilegbodu requesting court permission to travel abroad for urgent medical treatment. While Shittu did not object to the application, he expressed the EFCC’s apprehension about any action that could compromise the assets serving as the subject of litigation.

“We have intelligence report that some of the aircraft may be sold. We do not want any actions that may compromise the subject matter of this case,” Shittu stated.

Ilegbodu’s counsel denied any involvement in the purported sale of assets, insisting his client had no role or authority in such matters. The defense for Union Bank equally distanced the bank from the allegations, asserting that no evidence or charge before the court implicated the institution.

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Justice Dada, after hearing from all parties, granted the travel request by Ilegbodu for medical reasons. The court also allowed similar applications for travel made by the first and third defendants.

The high-stakes trial continues, with the EFCC committed to preserving the integrity of the proceedings and the assets under contention.