Ex-AMCON MD, others to face trial in December over N4.9bn fraud

An Ikeja Special Offences Court has fixed December 3 and 10, 2026, for the continuation of the alleged N4.9bn fraud trial involving former Asset Management Corporation of Nigeria (AMCON) Managing Director, Ahmed Kuru, and five others.

The defendants are facing a six-count charge filed by the Economic and Financial Crimes Commission (EFCC) over allegations bordering on conspiracy, stealing and abuse of office in connection with the management of Arik Air’s debts and funds.

At Wednesday’s proceedings, the court continued the cross-examination of the fourth prosecution witness, Bawa Usman Kaltungo, by counsel for the second defendant, Olasupo Shasore (SAN).

Kaltungo told the court that the EFCC investigated both the complainant and the defendants following a petition concerning the airline’s financial affairs.

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He said the commission invited the complainant to adopt the petition and provide a statement on the alleged offences.

However, when Shasore asked whether the witness had questioned Arik Air’s chairman and promoter, Sir Johnson Arumemi-Ikhide, during the investigation, Kaltungo said he had the discretion to decide whom to invite for questioning.

The defence counsel also questioned the witness about Arumemi-Ikhide’s dealings with AMCON management and the airline’s receiver-manager over the indebtedness.

Shasore drew the witness’s attention to a letter dated January 25, 2016, titled “Proposal for Resolution of Arik Air Limited’s Facilities Acquired by AMCON”, reportedly addressed to the corporation’s managing director.

Responding to the questions, Kaltungo said there was no evidence to support the claim that Arumemi-Ikhide had taken a loan.

“If Sir Johnson Arumemi-Ikhide said he had taken a loan, that is their business, but there is no evidence to back the claim,” the witness said.

The cross-examination also focused on allegations in the EFCC’s investigation report that Kuru expended and transferred N4.9bn towards establishing NG Eagle Limited.

Shasore presented several documents, including a certified true copy of an extract from AMCON’s 78th board meeting, which reportedly contained the board’s approval for the establishment of NG Eagle and its budgeted expenditure.

The document was tendered to challenge the allegation that the decision to establish the airline was solely attributable to Kuru.

Kaltungo, however, urged the court to disregard the board-meeting extract presented by the defence.

The witness also maintained that loans allegedly acquired by AMCON from Union Bank of Nigeria Plc were non-existent, describing the transaction as a scam.

He further insisted that Arik Air was not indebted to either Union Bank or AMCON.

The charges followed a petition by human rights lawyer, Femi Falana (SAN), on behalf of Arik Air’s promoters and shareholders.

The other defendants are Kamilu Alaba Omokide, a former receiver-manager of Arik Air; Captain Roy Ilegbodu, the airline’s chief executive officer; Union Bank of Nigeria Plc; and Super Bravo Limited.

One of the charges alleges that Union Bank made false representations to AMCON in 2011 concerning Arik Air’s performing loans, leading to the transfer of an allegedly fictitious N71bn debt to the corporation.

Another count accuses Kuru, Omokide and Ilegbodu of fraudulently converting N4.9bn belonging to Arik Air for the benefit of NG Eagle Limited in 2022.