Court admits fresh evidence in N76bn, $31.5m fraud trial of ex-AMCON MD Ahmed Kuru

Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on Wednesday admitted additional documents tendered by the Economic and Financial Crimes Commission (EFCC) in the alleged N76bn and $31.5m fraud trial involving former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and others.

Kuru is standing trial alongside Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank of Nigeria Plc and Super Bravo Limited on a six-count charge bordering on conspiracy, stealing and abuse of office.

One of the counts alleges that Union Bank, around 2011, made false representations to AMCON regarding performing loans of Arik Air, leading to the transfer of about N71bn to the corporation. Another count accuses Kuru and others of fraudulently converting N4.9bn belonging to Arik Air to the use of NG Eagle Limited.

At the resumed hearing, the fourth prosecution witness, Usman Bawa Kaltungo, Acting Zonal Director, Lagos Zonal Directorate 2 of the EFCC, continued his testimony led by prosecution counsel Wahab Shittu, SAN. He had earlier begun his evidence in November 2025, detailing findings from investigations into transactions involving Arik Air, Union Bank, AMCON and foreign lenders.

Kaltungo told the court that during the investigation the first defendant petitioned the Attorney-General of the Federation and Minister of Justice, alleging harassment and seeking to halt the probe. He said the petition, accompanied by 39 attachments, was reviewed by the Solicitor-General, whose legal opinion formed part of the investigation file.

Justice Dada admitted the petition, legal opinion and attachments as Exhibit P46 after the prosecution tendered certified true copies. The witness confirmed the documents bore certification from the Federal Ministry of Justice and relevant authorities.

The prosecution also tendered minutes of the 494th meeting of the Committee of Governors of the Central Bank of Nigeria relating to the decision to appoint a receiver manager for Arik Air, which the court admitted as Exhibit P47.

Kaltungo testified that investigators obtained a broadcast in which the second defendant spoke on the matter. A flash drive containing the recording and a certificate of compliance were admitted as Exhibit P48 after being played in court.

He further told the court that investigations indicated funds belonging to Arik Air were diverted to settle insurance liabilities for Umza Airline while the airline was under receivership. However, the court rejected the tendering of a certificate of insurance linked to Umza Aviation Services after defence counsel argued it was not relevant to the charges. Justice Dada ruled that the document was not tied to any of the six counts at that stage.

The court also admitted certified statements of Arik Air’s loan account with AMCON as Exhibit P49. According to the witness, the account showed no evidence that the receiver manager serviced the loan, with interest continuing to accrue and AMCON issuing demand notices.

Justice Dada adjourned the matter to February 26, 2026, for continuation of trial.