Union Bank, others in trial for allegedly defrauding Arik Airline of N76 billion and $31.5 million.

Union Bank, others in trial for allegedly defrauding Arik Airline of N76 billion and $31.5 million.

The trial of a former Managing Director of Assets Management Corporation of Nigeria, AMCON, Ahmed Kuru, Union Bank and three others for allegedly defrauding Arik Airline of N76 billion and $31.5 million, respectively began before Justice Mojisola Dada sitting at the Special Offences Court, Ikeja, Lagos.

Cablenews24 reports that the other accused persons are Kamilu Alaba Omorkide, Captain Roy Ilegbodu, Chief Executive Officer at Arik Air International Ltd, Union Bank of Nigeria Plc. and Super Bravo.

The Economic and Financial Crimes Commission (EFCC) on Monday through Wahab Shittu, SAN, led its first prosecution witness – Mr Peter Omakaro who worked for Union Bank for 35 years before he retired as assistant manager.

This Online Medium gathers that the accused persons are standing for allegedly defrauding Arik Airline of N76 billion and $31.5 million. They all pleaded not guilty to the six-count criminal charge bordering on theft, abuse of office and stealing by dishonestly taking the property of another.

The witness informed the court that Union Bank did not disburse money to Arik Air but only gave a guarantee for the purchase of Aircraft by Arik Air.

He added that in August 2009, CBN sent a team to take over Union Bank, adding that the executive manager of Union Bank sold the guarantee to AMCON.

“In 2011 when the bank discovered the error and tried to see how to legalise the wrong, Union Bank wanted to step in as an obligor to take over the responsibility of Arik collateral for the guarantee while the aircraft were in custody of Arik,” he said.
The court has fixed Wednesday for continuation of trial.

About Cablenews24:

At CableNews24, we’re your trusted companion in navigating today’s fast-paced world. We are your gateway to a world of instant information, updates, and compelling stories. We are not just an online TV and newspaper website,we offer a dynamic mix of up-to-the-minute news, and insightful articles, CableNews24 delivers everything you need to stay connected. Whether you’re catching breaking news in real-time or exploring in-depth coverage through our online newspaper, we promise to keep you informed, entertained, and ahead of the curve. From local happenings to global events, we deliver news that matters.

Join the CableNews24 experience – where news meets convenience, and your world comes alive.

CableNews24 – News, Anytime, Anywhere.

For Advertisement, Event Coverage/MC, Public Relations, Story/Article Publication, and other Media Services, kindly send an email to: cablenews24.com@gmail.com OR Kindly call: 08023535955 . To stay updated with the latest news stories, kindly visit cablenews24.com published by AAAANDREL GLOBAL SERVICES