A retired banker, Austen Obigwe, took the witness field, on Wednesday, within the trial of a former Managing Director of Property Administration Company of Nigeria (AMCON), Ahmed Kuru and 4 others for allegedly defrauding Arik Air of N76 billion and $31.5 million, respectively.
Obigwe testified because the second prosecution witness within the case which is being tried earlier than Justice Justice Mojisola Dada of the Particular Offences Court docket sitting in Ikeja, Lagos.
Led in proof by the prosecuting counsel, Wahab Shittu (SAN), the witness testified that he began his banking profession by serving on the then Icon Service provider Financial institution in 1982.
He later labored with Nigeria Worldwide Financial institution, Residents Financial institution and retired as a former group govt director in command of Company and worldwide banking division, Union Financial institution in August 2009 when the Central Financial institution of Nigeria (CBN) took over the financial institution and sacked all its govt members.
Earlier than he retired, Obigwe stated he labored as Govt Director for interfacing with the board of Union Financial institution and Arik Air.
READ ALSO: Mohbad’s Father Asks Court docket To Quash Recommendation Releasing Naira Marley, Sam Larry, 2 Others
In line with him, the financial institution dealt with the transaction with Arik Air, US EXIM to buy three Plane for which Union Financial institution supplied a assure.
“I used to be additionally concerned within the financing of two Airbus 340-500. These plane have been used for the New York and London Routes and this hub was the most important success that proceeded the commendation from President Yar’Adua,” the witness testified.
“As a financial institution, we can’t absolutely fund these plane and so our technique was to subject ensures to large worldwide banks like HSBC, Customary Chartered and others.
“For one more three aloha planes, we have been supported by US Exim Financial institution towards the assure of Union Financial institution. After I left the companies of Union Financial institution on August 9, 2009, all of the amenities to Arik Air have been performing and there was no overdue obligation.”
Underneath cross examination from counsel to the Ist and third defendants, Prof. Taiwo Osipitan, SAN, the witness admitted that Union Financial institution certainly part-financed along with HSBC London, Arik’s buy of aircrafts to the tune of greater than $20m.
The witness additionally disclosed that he labored for Arik as a advisor and the airline presently owed him about $2.3m.
Mr Obigwe additionally admitted that Arik didn’t personal the 26 planes he and colleagues noticed once they visited the airways amenities throughout the nation and till full reimbursement is made for the planes, the planes belonged to those that leased them to Arik.
He confirmed beneath cross examination his assertion to the EFCC that Arik’s drawback started when CBN ordered Banks in Nigeria to transform all transactions from off steadiness sheet to on steadiness sheet and to cut back their single Obligor publicity. This he stated had the impact of accelerating the curiosity paid by Arik on the mortgage from 3% to 33%.
The witness additionally answered questions from Olasupo Sashore (SAN).
A transfer by the prosecution counsel, Wahab Shittu (SAN) to tender in proof the minutes of a gathering held in London by Union Financial institution and a few financiers of the ability obtained by Arik Airline and assured by the financial institution, raised sturdy objections from the defence crew.
Prof. Taiwo Osipitan (SAN), Olasupo Sashore (SAN), and Olalekan Ojo (SAN), all representing the defendants opposed the doc whereas arguing that the witness was not the unique maker.
After listening to the legal professionals, Justice Mojisola Dada in her ruling held that, “It’s properly established {that a} social gathering should lay the right basis beneath the Proof Act. Public paperwork should certainly be licensed by a public official.”
Citing varied selections of the courts, the choose deemed the doc inadmissible as a result of witness’s lack of affiliation with AMCON, which holds the unique doc.
The choose emphasised the significance of correct certification as mandated by regulation, stating, “This witness can’t tender the doc.”
Justice Dada has adjourned the matter until Could 19 and 28, 2025 for continuation of trial.
The defendants, former MD of AMCON, Ahmed Kuru, a former Receiver Supervisor of Arik Airline Ltd., Kamilu Omokide; Chief Govt Officer of the airline, Capt. Roy Ilegbodu; Tremendous Bravo Ltd. and Union Financial institution Plc are going through a six-count cost bordering on theft, abuse of workplace and stealing by dishonestly taking the property of one other.
All of them pleaded not responsible.
The put up Alleged N76bn Fraud: Ex-Financial institution Employee Testifies In Ex-AMCON Boss’ Case appeared first on Channels Tv.
