Court grants ex-AMCON MD Kuru, others N20m bail over alleged Arik N76bn fraud
By Jeffrey Agbo
An Ikeja Special Offences Court has granted bail to the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and four other defendants accused of involvement in the alleged N76 billion and $31.5 million Arik Airline fraud.
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Justice Mojisola Dada, presiding over the case on Monday, set bail at ₦20 million for each defendant, with one surety apiece, after hearing their respective lawyers’ arguments for bail.
The other defendants include Kamilu Omokide, a former Receiver Manager of Arik Airline Ltd; Captain Roy Ilegbodu, the airline’s Chief Executive Officer; Union Bank; and Super Bravo Ltd.
The defendants pleaded not guilty to the charges.
Justice Dada adjourned to March 17 for the commencement of the trial.
The anti-graft agency alleged that sometime in 2011, Union Bank, with the intention of causing and/or inducing the unwarranted sale of Arik Air loans and bank guarantees, made false statements to the Assets Management Corporation of Nigeria regarding Arik Air Ltd’s performing loans ànd 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 the same to the use of Magashi Ali Mohammed, a property of Arik Air Ltd.
The EFCC also alleged that the defendants obtained undue advantage for themselves and intentionally authorized the teardown and destruction of 5N-JEA with Serial No. 15058 valued at 31.5 million dollars, an arbitrary act, that was prejudicial to the economic stability of the Federal Republic of Nigeria and Arik Air Limited.
According to the prosecution, the alleged offences contravene Sections 73, 96, 278(1), and 278(6) of the Criminal Law of Lagos State 2015.
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