Pat Stevens/
The Economic and Financial Crimes Commission (EFCC) has arraigned Ahmed Kuru, the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), alongside Union Bank Plc and three others, over alleged fraud involving ₦76 billion and $31.5 million belonging to Arik Air.
The defendants, including the airline’s former Receiver Manager, Kamilu Omokide, and its CEO, Captain Roy Ilegbodu, were brought before Justice Mojisola Dada of the Lagos Special Offences Court on a six-count charge of theft, abuse of office, and economic sabotage. The charges also name Super Bravo Ltd as a co-defendant.
According to the EFCC, Union Bank provided misleading financial information to AMCON in 2011, inflating Arik Air’s loan liabilities to ₦71 billion. The indictment further alleges that in 2022, Kuru and other defendants diverted ₦4.9 billion from Arik Air to a separate entity, NG Eagle Ltd.
One of the most striking charges involves the destruction of an Arik Air aircraft, valued at $31.5 million, allegedly authorised by Kuru and Omokide. The EFCC argues that this act was not only prejudicial to the airline but also detrimental to Nigeria’s economic stability.
The defendants pleaded not guilty to all charges. Their counsel, led by Senior Advocates of Nigeria (SAN) Taiwo Osipitan and Olasupo Shasore, sought bail, citing their clients’ compliance with EFCC investigations and lack of prior convictions.
Prosecuting counsel Wahab Shittu SAN opposed the bail applications, highlighting the seriousness of the charges and expressing concerns over the defendants potentially fleeing the country.
Justice Dada granted bail in the sum of ₦20 million each, with two sureties in like sum. The court also ordered the defendants to surrender their international passports and adjourned the trial to March 17–19, 2025.
The EFCC maintains that the charges represent a crucial step in holding public officials and corporate entities accountable for economic misconduct, emphasising its commitment to combating corruption in all forms.
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