The trial of former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and four others over alleged fraud involving N76 billion and $31.5 million has been adjourned until October 15 and 17, 2025, following a dramatic courtroom session on Tuesday.
Presiding Judge, Justice Mojisola Dada of the Special Offences Court, Ikeja, Lagos, adjourned the proceedings after a tense start to the day’s hearing, which saw lead counsel for the Economic and Financial Crimes Commission (EFCC), Dr. Wahab Shittu, attempt to limit media coverage of the trial.
Dr. Shittu urged the court to restrain journalists from reporting on the ongoing proceedings, contradicting his earlier statements describing the case as “a public trial the whole world was waiting for.” His attempt sparked criticism and drew the attention of the judge, who cautioned him to focus on the legal matters before the court rather than targeting media professionals.
In her response, Justice Dada reminded the EFCC counsel that it was the court’s responsibility — not the prosecution’s — to determine whether reporting restrictions should be imposed. She further advised Dr. Shittu against allowing media coverage to distract from the substance of the case.
The dramatic exchange raised eyebrows in the courtroom, with observers questioning whether the EFCC counsel was prosecuting on behalf of the Federal Government or appeared to be shielding the interests of Arik Air and its promoter, Sir Johnson Arumemi-Ikhide.
Following the courtroom clash, proceedings resumed with the cross-examination of Mr. Abbas Jega, a former Executive Director of Credits at AMCON and a witness for the EFCC. Lead counsel for Union Bank, Mr. Olalekan Ojo, SAN, grilled Jega over the consistency of his testimony and the reliability of his recollections.
Jega admitted that his statement to the EFCC, dated June 19, 2023, was based largely on memory, given that he left AMCON over a decade ago and no longer had access to key documents related to the Arik and Union Bank transactions.
Under pressure, Jega reviewed several documents presented by Mr. Ojo SAN, including the Loan Purchase Agreement (LPA) between Union Bank and AMCON. He confirmed that Union Bank paid a lump sum of N71 billion to AMCON for Arik-related loans, which had initially been priced at N50 billion based on collateral valuation.
The court also examined a 2008 Export Credit Agency (ECA) Loan Agreement. Jega recalled a 2007 meeting in London where Union Bank agreed to provide a $135 million facility to Arik Air for the purchase of three Boeing aircraft. However, his account showed inconsistencies with his earlier EFCC statement and prior testimony in court.
The cross-examination highlighted discrepancies in the EFCC’s case, casting doubt on the integrity of the investigation and raising concerns about the quality of prosecution in high-value financial fraud cases.
With more questions than answers, the trial is set to resume in October, with legal analysts expecting further revelations and intense legal arguments in what has become one of Nigeria’s most closely watched corruption cases.
The proceedings underscore broader issues around prosecutorial transparency, judicial independence, and press freedom in the handling of financial crimes in the country.
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