AMCON Official Detained Over N120bn Fraud In Arik Air

The Economic and Financial Crimes Commission (EFCC) has taken into custody Mr. Kamilu Omokide, the Receiver Manager appointed by the Assets Management Corporation of Nigeria (AMCON) for Arik Nigeria Limited, over allegations of misappropriation and diversion of approximately N120 billion.

Captain Samuel Caulcrick was also detained in connection with the alleged illegal sale and dismantling of a $41 million CRJ 1000 aircraft operated by Arik Air.

The EFCC’s actions were prompted by a petition submitted by human rights lawyer Femi Falana (SAN), who represents Arik Nigeria Limited and provided evidence of financial fraud and asset sales exceeding N120 billion.

According to the petition, which was addressed to the EFCC Chairman and dated April 27, Arik Nigeria Limited, an airline operating in Nigeria since 2006, had a receiver manager appointed to oversee its assets due to financial obligations to various banks.

However, the petition alleges that the receiver manager engaged in financial mismanagement, diversion of funds, sales of assets, and misappropriation of Arik Airline’s funds.

The detailed petition presented a comprehensive account of the alleged financial irregularities, including the diversion of money, sale of assets, and misappropriation of funds by the receiver manager.

These allegations raise significant concerns about the handling of Arik Airline’s assets and the potential impact on its financial stability and operations.

AMCON, established by the Nigerian government in 2010 to address the issue of non-performing loans, has taken steps to recover the debts owed by Arik Nigeria Limited.

The appointment of a receiver manager was a measure undertaken to manage the company’s assets and ensure the repayment of debts to banks.

However, the allegations of misappropriation and asset sale made in the petition require a thorough investigation to determine the veracity of the claims and the extent of any financial impropriety.