EFCC Witness Says Arik Air Had No Bad Debt, Faults Receivership

A director of the Economic and Financial Crimes Commission (EFCC), Bawa Usman Kaltungo, told a Lagos State Special Offences Court in Ikeja that Arik Air owed no money to Union Bank of Nigeria Plc, describing the airline’s receivership as fraudulent and based on a non-existent bad debt.
Kaltungo, who is the Director of the EFCC’s Lagos Zonal Directorate 2, made the claim while testifying as the fourth prosecution witness in the ongoing trial of former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and four other defendants over alleged fraud involving N76 billion and $31.5 million.
The witness, who led the EFCC team that investigated the petition ...