EFCC Arraigns Former AMCON MD, Four Others Over Alleged N76bn Fraud

Ikeja, Lagos State– The Economic and Financial Crimes Commission (EFCC) has arraigned the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, alongside four other individuals over alleged of N76 billion and $31.5 million fraud case linked to Arik Air.

The accused, who appeared before the Ikeja Special Offences Court on Monday, are facing a five-count charge that includes theft, abuse of office, and dishonest appropriation of another’s property.

The other defendants include Kamilu Omokide, the former Receiver Manager of Arik Airline Ltd., Capt. Roy Ilegbodu, the airline’s Chief Executive Officer, as well as Union Bank Ltd and Super Bravo Ltd. The bank was charged with making false statements to a public officer.

All five defendants pleaded not guilty to the charges. Counsel for the first and third defendants, Prof. Taiwo Osipitan (SAN), informed the court that a motion for bail had been filed, noting that the alleged offences are bailable and not capital in nature.

He further argued that the first defendant, Kuru, has no prior criminal records and had previously been granted administrative bail by the EFCC.

The defense counsel argued that the defendants had not jumped bail despite being granted administrative bail by the EFCC 18 months ago. They urged the court to extend similar bail terms to the defendants.

EFCC Counsel, Dr. Wahab Shittu (SAN), opposed the bail applications of the first and third defendants, citing the seriousness of the alleged economic sabotage.

While acknowledging that the defendants are presumed innocent until proven guilty, Shittu expressed concerns that they might flee the country.

He requested that their international passports be seized and urged for accelerated trial proceedings.

“My lord, this case is of national importance, and we strongly oppose granting bail. However, if the court chooses to grant bail, we request stringent conditions to ensure the defendants’ attendance in court,” Shittu stated.

The second defendant’s counsel, Olasupo Shasore (SAN), requested bail on self-recognition, assuring the court that his client would appear for trial.

Shasore emphasised that the bail application was supported by affidavits and highlighted that the defendant had previously complied with court directives.

Shittu countered, arguing that the second defendant had absconded in the past, leading to a bench warrant.

He urged the court to exercise caution and prioritize the defendant’s appearance in court.

After hearing arguments, Justice Mojisola Dada granted bail to all defendants at ₦20 million each, with one surety each in like sum. The sureties must be gainfully employed and provide means of identification.

The defendants were also ordered to submit their international passports to the court registrar.

The judge directed that the defendants remain in the custody of their counsel until their bail conditions were met and adjourned the case to March 17 for trial.

The EFCC alleges that the defendants abused their positions to defraud Arik Air. Specific accusations include misrepresenting Arik Air’s financial status to AMCON in 2011, resulting in a ₦71 billion transfer.

They are also accused of diverting ₦4.9 billion in 2022 and converting ₦22.5 million for personal use.

However, the EFCC alleges the defendants authorized the destruction of an aircraft valued at $31.5 million, actions said to undermine Nigeria’s economic stability.

The charges contravene several sections of the Criminal Law of Lagos State, 2015.