The Economic & Financial Crimes Commission has arrested one Ayobami Adegoke, the Managing Director of BainesCredit Microfinance Bank based in Ikoyi following a criminal complaint by Dr Segun Oyebolu, the Managing Director of QuickAir Networks Limited who had alleged that the bank committed the fraud between April and August of 2022.

The allegation is based on fraudulent manipulation of customer accounts, resulting in the stealing of well over N100M Naira from the customer’s account between April and August 2022.

According to the complainant, the bank manipulated his accounts and posted false overdraft payments in his account between the periods, which unfortunately led to the sudden collapse of the enterprise.

According to the allegation, Ayobami Adegoke, BainesCredit MD and a host of others including one Mr Williams who has since left the country perpetrated this fraud by posting fictitious loan deductions in his account between the periods causing it to lose continued capacity to service its numerous travel~agent customer’s around the country.

The bank simply started posting fictitious, inexistent overdraft payments into our account, affecting us from being able to service our customers. It was really sad that this same bank took us to court in 2023, claiming we were owing on a phantom loan that was never taken from them.

It is really sad that a Bank like BainesCredit MFB Limited will prosecute one of its biggest customers on a fake loan. The matter was subsequently dismissed by the same court as the bank failed completely to bring any proof of the existence of such a loan to the company.

Representatives of Quickair Networks Limited has vowed to pursue the matter to its logical conclusion as the significant fraud has tainted its name and the name of its promoters aside causing it huge financial losses in the travel industry which they service.

The Economic and Financial Crimes Commission (EFCC) on Wednesday presented its second prosecution witness, Austine Obegwe, a retired Group Executive Director in charge of Corporate and International Banking at Union Bank, in the trial of former Assets Management Corporation of Nigeria (AMCON) Managing Director Ahmed Kuru and four others.

Kuru and the other defendants are accused of defrauding Arik Airline of ₦76 billion and $31.5 million. The case is being heard before Justice Mojisola Dada at the Special Offences Court in Ikeja, Lagos.

The other defendants include Kamilu Omokide, a former Receiver Manager of Arik Airline Ltd.; Capt. Roy Ilegbodu, the airline’s Chief Executive Officer; Super Bravo Ltd.; and Union Bank Plc.

They face a six-count charge of theft, abuse of office, and dishonest appropriation of property.

Count one reads: “That you, Union Bank Nigeria Plc, sometime in 2011 or thereabouts, in Lagos, within the jurisdiction of this Honourable Court, with the intention of causing and/or inducing unwarranted sale of Arik Air loans and bank guarantees with Union Bank, made false statements to the Assets Management Corporation of Nigeria (AMCON), regarding Arik Air Limited’s performing loans, following which you transferred a bogus figure of N71, 000,000,000.00 (Seventy-One Billion Naira) to AMCON.”

Count two reads: “That you, Ahmed Lawal Kuru, Kamilu Alaba Omokide as Receiver Manager of Arik Air Limited, and Captain Roy Ilegbodu, Chief Executive Officer of Arik Air Limited in Receivership, sometime in 2022 or thereabout, in Lagos, within the jurisdiction of this honourable court, fraudulently converted to the use of NG Eagle Limited the total sum of N4,900,000,000.00 (Four Billion Nine Hundred Million Naira only), property of Arik Air Limited”.

The defendants, however, pleaded “not guilty” to all six charges when they were read out to them.

At the resumed trial on Wednesday, Obegwe informed the court that he worked with Union Bank from 1980 until his retirement in August 2009.

Led in evidence by the prosecution counsel, Wahaab Shittu (SAN), Obegwe testified that he handled the transaction with Arik Air and the US EXIM Bank for the purchase of three aircraft, for which Union Bank provided a guarantee.

He said, “I was a board member. I handled the transaction with Arik Air, for which Union Bank provided a guarantee. We had a second transaction for two wide-body aircraft, body-long hub A340500, and chemist of HSBC Germany Coface of the UK. Three of them are also shareholders.

“The credit financed the two Boeing (planes) agreed and there was no payment by Union Bank. He did not pay any money or communicate any money for the guarantee of 85%.

“In two wide-body aircraft, the hub was the major success that preceded the commendation from President Yar’Adua. This aircraft, one was fly to London and the other was fly direct to New York.

“The major focus of this airline finance is that Union Bank were able to provide pending of a loan up to 85% until I left the bank in August 2009. All facilities extended to Arik were performing, meaning that there was no default because of the way Arik was structured. But for Arik, he has two repayments every time.

“In return of providing falters of the aircraft, we make collection of credit card. Everything was cash. I’m also aware that there was no default of money for the first bank to apply to CBN and pay to HSBC in dollars, the bank representing all the foreign lenders.”

The prosecution counsel, Wahaab Shittu (SAN), sought to tender some documents relating to the transaction, which were satisfied by the EFCC.

All the defence counsel objected to this application on the grounds that the witness was not an author and there was no evidence of stratification payment. They urged the court to refuse this application.

In a short ruling, Justice Dada rejected the documents: “The witness in the box is not a member of the investigation team, he is not a member of AMCON, and the documents cannot be tender.”

The witness said further that “any bank can sell facilities if they want to sell or buy, and there was no request to sell any facilities when I was there”.

The counsel cross-examined the witness for the first and third defendants, Taiwo Osipitan, SAN, and Olasupo Shasore, SAN, counsel for the second defendant, Kuru, where they tendered several documents which the court admitted as exhibits.

Justice Dada adjourned the matter till May 19 and 28, 2025, for continuation of trial.

The senate has approved the request of President Bola Tinubu for emergency rule in Rivers state.

Senate President Godswill Akpabio read the president’s letter during Thursday’s plenary before lawmakers went into a closed door session.

….More to come