News
Court Rejects EFCC’s Document in N76 Billion Arik Air Fraud Trial
Justice Mojisola Dada of the Lagos Special Offences Court, Ikeja, has rejected a document presented by the Economic and Financial Crimes Commission (EFCC) in the ongoing trial of a former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and four others over allegations of defrauding Arik Air of N76 billion and $31.5 million.
Other defendants in the case include Mr. Kamilu Omokide, a former receiver manager of Arik Air Limited, Capt. Roy Ilegbodu, Arik Air’s Chief Executive Officer (CEO), Union Bank Limited, and Super Bravo Limited.
During the proceedings, the second prosecution witness, Mr. Augustine Obikwe, a retired Union Bank official, sought to tender a document he obtained from the EFCC. However, the defense team objected to its admissibility, arguing that it was neither signed nor properly certified.
After hearing arguments from both sides, Justice Dada ruled that the witness was not part of the EFCC’s investigative team or an AMCON official, making him ineligible to tender the document. Citing Section 104(1) of the Evidence Act, she held that only an officer with the original document had the authority to certify it.
“It is trite that the party must lay the foundation for any document sought to be tendered under the Evidence Act. Public documents must be certified by a public official,” the judge stated, rejecting the document.
Led in evidence by prosecution counsel Dr. Wahab Shittu (SAN), the witness, Mr. Obikwe, recounted his role in the financing of Arik Air’s aircraft procurement. He disclosed that he had worked in the United States from 1980 to 1982 before serving as the Group Executive Director of Corporate and International Banking at Union Bank.
He explained that Union Bank acted as a guarantor for Arik Air in securing funding for the acquisition of five aircraft—three Boeing 737-800 and two Airbus 340-500 planes—through export credit agencies, including US EXIM Bank, Coface of Germany, and the Export Credit Guarantee Department (ECGD) of the UK.
“Union Bank did not commit any money for the guarantee of the 85 percent. The three Boeing 737-800 were used for local operations, while the widebody aircraft were deployed to New York and London,” Obikwe testified.
He further noted that until his retirement from Union Bank in August 2009, Arik Air had never defaulted on its loan repayments.
During the hearing, the prosecution sought to tender a report from a meeting held by stakeholders in London. However, the defense team, led by Prof. Taiwo Osipitan (SAN) and Mr. Olalekan Ojo (SAN), objected on the grounds that the document was neither signed nor dated.
Ojo (SAN) argued that the document lacked authenticity, while Osipitan (SAN) questioned its origin, emphasizing that only original copies could be certified under the law.
Despite the objections, prosecution counsel Shittu (SAN) insisted on its relevance, stating, “Even if the document was stolen, in as much as it is relevant to the case, my lord, it is admissible in the law court.”
Justice Dada ruled in favor of the defense, maintaining that the document could not be admitted as evidence due to improper certification and the fact that the witness was not an EFCC investigative officer.
Following this ruling, the court adjourned the trial to May 19, 2025, for further proceedings.
Independent Corrupt Practices and Other Related Offences Commission (ICPC) has filed a criminal charge against Chief Mike Ozekhome, SAN, alleging his involvement in a corruption scheme connected to a London property.
Chief Ozekhome
The ICPC filed a three-count charge before the Abuja High Court through its Head of High Profile Prosecution Department, Osuobeni Akponimisingha. The charge, marked FCT/HC/CR/010/26 and dated 16 January, names Ozekhome as the sole defendant in the case.
In the first count, the commission alleged that Ozekhome, aged 68 and residing at No. 53 Nile Street, Maitama, Abuja, received a property described as House 79, Randall Avenue, London NW2 7SX, around August 2021. The ICPC stated that the property was purportedly given to him by one Mr. Shani Tali and that the act amounted to a felony contrary to Section 13 and punishable under Section 24 of the Corrupt Practices and Other Related Offences Act 2000.
In the second count, the senior lawyer was accused of making a false document with a Nigerian passport bearing the name “Mr. Shani Tali” around the same period. The commission alleged that the passport, marked A07535463, was intended to support a fraudulent claim of ownership of the London property. The alleged offence contravenes Section 363 and is punishable under Section 364 of the Penal Code CAP 532 Laws of the Federal Capital Territory (FCT), Abuja, 2006.
The third count alleged that Ozekhome dishonestly used the same passport to support claims over the property despite allegedly knowing the document was false, an offence said to violate Section 366 and punishable under Section 364 of the Penal Code.
Supporting documents attached to the charge include an extra-judicial statement allegedly made by the defendant on 12 January 2026, a judgment referenced as REF/2023/0155 dated 11 September 2025, interim forfeiture proceedings relating to the London house, a data page for “Shani Tali,” a letter dated 18 December 2025, and other expected materials.
The ICPC also listed several individuals expected to testify, including investigators Wakili Musa and Tosin Olayiwola, a representative of the Nigerian Immigration Service, and investigators Ebenezer Nduo and Blessing Monokpo, alongside any additional witnesses the commission may call. As of the time of reporting, the case had not yet been assigned to a judge.
The development follows an earlier investigation by the ICPC sparked by a petition from Olanrewaju Suraj, head of the Human and Environmental Development Agenda (HEDA), citing a judgment from a London property tribunal.
The tribunal’s ruling had linked Ozekhome and others to alleged forgery and fraudulent claims of ownership of the North London building. The petition accused several individuals of conspiring with corrupt Nigerian officials to procure forged identity documents for the purpose of “fraudulently claim[ing] ownership” of the property.
Nigerian Exchange Limited (NGX) has launched the NGX Net-Zero Programme to guide listed companies toward clear carbon reduction pathways and enhanced climate disclosures aligned with global investor standards.
NGX
The high-level launch engaged chief executives of quoted firms alongside development partners including German Investment Corporation KfW, DEG, and African Foresight Group (AFG), NGX’s implementation partner. Issuers and investors discussed financing decarbonisation, sustainability practices, and attracting climate-aligned capital.
NGX Group Chairman Dr Umaru Kwairanga described the initiative as concrete climate action, commending partners for two years of groundwork. “Today marks leadership and decisive action. Climate change has become a core business imperative, with capital markets mobilising capital and setting standards,” Kwairanga said.
He positioned NGX Net-Zero to support emissions measurement, disclosure, capacity building, and sustainable finance access, urging CEOs to embrace it strategically rather than as compliance. Kwairanga reaffirmed NGX’s goal to make Nigeria’s capital market Africa’s green finance hub.
Group CEO Temi Popoola called climate action a business imperative, noting sustainability-embedded firms attract capital, manage risks, and stay competitive. DEG Management Board Member Monika Beck highlighted partnerships scaling impactful, commercially viable climate solutions.
The event closed with a ceremonial gong marking the programme launch and send-off for outgoing DEG Regional Director Bernd Telemann.
Nigerian Financial Intelligence Unit (NFIU) has hailed Nigeria’s removal from the European Union’s list of high-risk third countries for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) as a landmark achievement endorsing the nation’s reform efforts.
Nigerian Financial Intelligence Unit (NFIU)
NFIU CEO Hafsat Abubakar Bakari said the delisting, contained in European Commission Delegated Regulation (EU) C (2025) 8460 adopted December 4, 2025 and effective January 29, 2026, affirms sustained AML/CFT and Counter Proliferation Financing (CPF) reforms.
The move follows Nigeria’s exit from the FATF Jurisdictions under Increased Monitoring after addressing strategic deficiencies, alongside Burkina Faso, Mali, Mozambique, South Africa and Tanzania.
Bakari noted the European Commission recognised Nigeria’s strengthened AML/CFT effectiveness, closed technical gaps, and fulfilled FATF Action Plan commitments leading to grey list removal in June and October 2025.
The delisting eliminates enhanced due diligence requirements for EU financial transactions, easing compliance, boosting cross-border flows, and enhancing Nigeria’s appeal for European trade, investment and partnerships.
The NFIU attributed success to President Bola Ahmed Tinubu’s political will and collaboration among National Assembly, law enforcement, regulators, judiciary, private sector and development partners.
The agency reaffirmed commitment to ongoing FATF, GIABA, EU engagement and domestic framework resilience to maintain international confidence in Nigeria’s financial system.
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