Alleged N76bn fraud: EFCC arraigns ex-AMCON MD, 4 others

The Economic and Financial Crimes Commission (EFCC) has arraigned the former Managing Director of Asset Management Cooperation of Nigeria (AMCON), Ahmed Kuru, for allegedly defrauding Arik Air.

Kuru and four others on Monday, January 20, 2025 appeared before Ikeja Special Offences Court for alleged N76 billion and $31.5 million fraud, respectively.

The other defendants are former Receiver Manager of Arik Airline Ltd., Kamilu Omokide, Chief Executive Officer of the airline, Capt. Roy Ilegbodu, a first generation bank, and Super Bravo Ltd.

They are standing trial on a five-count charge bordering on theft, abuse of office and dishonestly taking the property of another.

The bank was charged with a count of making false statements to a public officer.

The defendants, however, pleaded not guilty to the charge.

Counsel to first and third defendants, Prof. Taiwo Osipitan (SAN), informed the court of a motion for bail.

Osipitan argued that the alleged offences were bailable offences and not capital offences.

He urged the court to grant bail to the defendants on liberal terms.

He said that the first defendant had no criminal records and was granted an administrative bail by the EFCC.

He added that the defendants had the opportunity to jump bail but did not

“EFCC granted them administrative bail 18 months ago in which they did not not jump bail.

“We pray the court to grant bail to the two defendants on the same liberal terms given to them by EFCC,” Osipitan said.

The EFCC Counsel, Dr Wahab Shittu (SAN), informed the court that he filed counter-affidavits against first and third defendants.

Shittu prayed the court to dismiss their bail applications.

According to him, the two defendants are facing serious offences of economic sabotage.

He, however, agreed with the second and third defence counsel that they were presumed innocent pending the determination of the case.

Shittu added that the temptation of the defendants leaving the country was very high.

The counsel to the second defendant, Mr Olasupo Shasore (SAN), urged the court to also grant bail to his client on self recognition.

After listening to the arguments from the parties, Justice Mojisola Dada, granted  bail to the defendants in the sum of N20 million each with one surety each in like sum.

Dada held that the sureties be gainfully employed and should depose to means of identification.

She also directed the defendants to submit their international passports to the registrar of the court.

“The defendants shall remain in the respective custody of their counsel pending the perfection of their bail condition,” the judge said.

The case was adjourned until March 17 for commencement of trial.

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Earlier, the EFCC alleged that the defendants abused their office and stole property belonging to Arik Air.

The anti-graft agency alleged that sometime in 2011, a bank with the intention of causing and/or inducing unwarranted sale of Arik Air loans and bank guarantees, made false statements to AMCON.

EFCC said the false statement was made regarding Arik Air Ltd’s performing loans and later transferred the sum of N71 billion to AMCON.

The commission also alleged that Kuru, Omokide and Ilegbodu sometime in 2022, fraudulently converted to the use of NG Eagle Ltd, the total sum of N4.9 billion.

The anti-graft agency also alleged that the CEO of Arik stole the sum of N22.5 million by fraudulently converting same to the use of Magashi Ali Mohammed.

EFCC said the money belonged to Arik Air Ltd.

The EFCC also alleged that the defendants obtained undue advantage for themselves and intentionally authorised the tear down and destruction of 5N-JEA with Serial No. 15058 valued at $31.5 million, an arbitrary act.

EFCC said the act was prejudicial to the economic stability of the Federal Republic of Nigeria and Arik Air Ltd.

According to the prosecution, the alleged offences contravene Sections 73, 96, 278(1) and 278(6)  of the Criminal Law of Lagos State, 2015.

The Star