Just In: Court grants ex-AMCON MD, others N20m bail

Justice Mojisola Dada of an Ikeja Special Offences Court on Monday granted N20m, bail to former Managing Director of Assets Management Corporation of Nigeria, Ahmed Kuru, and four other defendants standing trial for alleged Arik Airline N76 bn and $31.5m fraud.

Other defendants in the trial are the former Receiver Manager of Arik Airline Ltd, Kamilu Omokide, Chief Executive Officer of the airline, Captain Roy Ilegbodu, Union Bank and Super Bravo Ltd.

Justice Dada granted the defendants bail in the sum of N20m, with one surety each after taking arguments for bail by their respective lawyers.

Background
Recall that the Economic and Financial Crimes Commission (EFCC) has filed charges against Ahmed Kuru, former Managing Director of the Asset Management Corporation of Nigeria (AMCON), and several top executives of Arik Air, including  Roy Ilegbodu and Kamilu Omokide, over their involvement in an alleged N76 billion loan fraud.

The accused individuals are facing trial for their roles in a scandal that has sent shockwaves through both the aviation and banking sectors. The charges stem from fraudulent financial activities, including misleading AMCON about Arik Air’s loan performance and the illegal conversion of company assets for personal use.

Read Also: ’13 Count Charges!’ Court Fixes January 20 for Arraignment of Oba Otudeko, Others Over Alleged N12.3bn Fraud

The case was brought before Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, on Thursday, December 12, 2024. The court adjourned the proceedings to January 20, 2025, for the formal arraignment of Ahmed Kuru, former MD of AMCON, who had failed to appear for the initial arraignment.

The court had issued a bench warrant for Kuru’s arrest on December 3, 2024, after his failure to attend. The charges highlight several alleged fraudulent actions, including a false report to AMCON about Arik Air’s loan status, which led to the transfer of N71 billion to AMCON.

Other counts accuse Kuru, Ilegbodu, and Omokide of converting funds for their personal use and authorizing the destruction of an aircraft valued at $31.5 million. At Thursday’s court session, Kuru’s counsel, Olasupo Shasore, assured the court that his client would appear for the January arraignment.

In response, Wahab Shittu, prosecution counsel indicated no objection, noting the signed undertaking to ensure Kuru’s presence. Justice Dada subsequently revoked the bench warrant, allowing the case to proceed.

The court adjourned the matter to January 20, 2025, for the arraignment of all accused individuals.

Detail of bai to come later…