US seeks forfeiture of $14m assets owned by Air Peace boss, Onyema, in case of alleged bank fraud, money laundering

The United States government has requested the forfeiture of approximately $14 million in assets owned by Allen Ifechukwu Athan Onyema, CEO of Air Peace, and his associate Ejiroghene Eghagha, following a superseding indictment alleging serious fraud and money laundering.

Onyema and Eghagha face multiple counts, including conspiracy to commit bank fraud, bank fraud, credit application fraud and money laundering. Specifically, the indictment targets $4,017,852.51 from a JP Morgan Chase account, $4,393,842.05 from a Bank of Montreal account and $5,634,842.04 from another Bank of Montreal account.

U.S. Attorney Ryan K. Buchanan stated, “After allegedly using his airline company as a cover to commit fraud on the United States’ banking system, Onyema, along with his co-defendant, allegedly committed additional crimes of fraud in a failed attempt to derail the government’s investigation.”

READ ALSO: Air Peace boss, Allen Onyema, complains, says Nigerian airlines lost billions to aviation strike

The alleged fraud involved using export letters of credit to transfer over $20 million into U.S. bank accounts between 2016 and 2018 for purchasing Boeing 737 aircraft. However, investigations revealed falsified documentation and Springfield Aviation’s lack of legitimate role in aviation transactions

Following initial charges, Onyema and Eghagha allegedly instructed a Springfield Aviation manager to sign a backdated contract, obstructing the investigation and attempting to unfreeze bank accounts.

Air Peace Limited acknowledged the charges as part of ongoing legal proceedings related to previous financial misconduct allegations. The airline emphasized that both executives remain innocent until proven guilty and assured the public that ongoing proceedings won’t impact safety or daily operations.

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