Arik Air fraud trial intensifies as EFCC alerts court to asset sale attempt by top defendants in N76bn, \$31.5m theft and abuse of office case in Lagos

Arik Air fraud trial took a dramatic turn on Wednesday as the Economic and Financial Crimes Commission (EFCC) informed the Lagos High Court of an alleged plan by two key defendants to illegally sell off assets tied to a massive financial fraud case.

At a hearing before Justice Mojisola Dada of the Special Offences Court in Ikeja, EFCC counsel revealed intelligence indicating that Kamil Omokide, former Receiver Manager of Arik Air, and Capt. Roy Ilegbodu, the airline’s current Managing Director, were plotting to dispose of assets tied to a N76 billion and $31.5 million fraud.

Also read: EFCC currency seizure uncovers N426bn in foreign notes at Lagos airport

The EFCC had arraigned the duo alongside former AMCON MD, Ahmed Kuru, Union Bank Plc, and Super Bravo Ltd in January 2025 on a six-count charge bordering on stealing, conspiracy, and abuse of office.

All defendants pleaded not guilty to the charges.

One count alleged that Union Bank made false representations to AMCON in 2011, falsely inflating Arik Air’s loan obligations to N71 billion to justify an unwarranted transfer.

Another charge accused Kuru, Omokide, and Ilegbodu of fraudulently converting N4.9 billion property of Arik Airto NG Eagle Limited in 2022.

Perhaps the most striking accusation, Count Five, states that the defendants authorized the destruction of an aircraft 5N-JEA, Serial No. 15058 valued at $31.5 million, an act the EFCC described as prejudicial to Nigeria’s economic stability.

The EFCC’s fresh alert about asset sales raises fears of potential obstruction of justice, with the prosecution urging close scrutiny of the defendants’ actions during the ongoing Arik Air fraud trial.