Alleged N76bn, $31.5m Fraud: Former AMCON MD Ahmed Kuru, Four Others Arraigned

On January 20, 2025, the Economic and Financial Crimes Commission (EFCC) arraigned Ahmed Kuru, former Managing Director of the Asset Management Corporation of Nigeria (AMCON), alongside four others for alleged financial misappropriation involving Arik Airline. The defendants were accused of defrauding the airline of N76 billion and $31.5 million.

Joining Kuru in the dock were Kamilu Omokide, former Receiver Manager of Arik Airline; Captain Roy Ilegbodu, the airline’s Chief Executive Officer; as well as Super Bravo Ltd and Union Bank Plc. They appeared before Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, to face a six-count charge that included theft, abuse of office, and dishonestly converting another’s property.

The Charges
One of the charges alleged that Union Bank falsely reported the performance of Arik Air’s loans to AMCON in 2011, leading to the transfer of N71 billion under questionable terms. Another count accused Kuru, Omokide, and Ilegbodu of diverting N4.9 billion belonging to Arik Air to NG Eagle Limited in 2022.

In a separate charge, the trio was accused of authorizing the teardown of a $31.5 million aircraft belonging to Arik Air without proper justification, an act deemed prejudicial to Nigeria’s economic stability.

Court Proceedings
The defendants pleaded not guilty to all charges. Defense counsel Prof. Taiwo Osipitan, SAN, applied for bail on liberal terms, citing the defendants’ clean records and compliance with previous EFCC bail conditions. EFCC Counsel Wahab Shittu, SAN, opposed the application, citing the severity of the allegations and the risk of flight. However, he acknowledged the defendants’ presumption of innocence.

Justice Dada granted bail to each defendant at N20 million with two sureties in like sum. The sureties must be employed and present valid means of identification. The defendants were also ordered to submit their international passports to the court registry.

Next Steps
Justice Dada scheduled the trial for March 17, 18, and 19, 2025, promising an accelerated hearing to ensure timely resolution of the case.

This high-profile trial has drawn significant public attention, highlighting concerns about accountability and transparency in Nigeria’s corporate and financial sectors.