Court adjourns fraud trial of ex-AMCON MD Ahmed Kuru, four others
The Special Offences Court in Ikeja, Lagos State, has postponed the fraud trial of former Managing Director of the Asset Management Corporation of Nigeria, Ahmed Kuru, along with four other defendants, to March 19, 2025.
Kuru is on trial with Kamilu Omokide, previously a receiver manager for Arik Air Ltd; Captain Roy Ilegbodu, the airline’s CEO; Union Bank Ltd; and Super Bravo Ltd. They are accused of defrauding Arik Air of N76 billion and $31.5 million.
The Economic and Financial Crimes Commission (EFCC) has charged them with offenses including theft, abuse of office, and unlawfully taking someone else's property.
On Monday, Justice Mojisola Dada presided over the session, featuring testimony from the first prosecution witness, Mr. Peter Omokaro, a former employee of Union Bank Plc.
Omokaro testified that Union Bank merely provided guarantees for Arik Air’s aircraft purchases from Airbus and Boeing, supported by foreign lenders HSBC and the US EXIM Bank, without disbursing cash directly. He also mentioned that after the Central Bank of Nigeria intervened in Union Bank in 2009, AMCON became involved, acquiring Union Bank’s guarantees in early 2011. Subsequently, a meeting took place in London that included Union Bank, AMCON, HSBC, and US EXIM Bank, though Arik Air was not present.
The defense team, consisting of senior attorneys such as Professor Taiwo Osipitan (SAN) and Olasupo Shasore (SAN), challenged Omokaro regarding the timeline of the events. He affirmed that the financial transaction in question occurred in 2010—prior to Kuru becoming AMCON's managing director—and that the third defendant also held a different position at that time.
After the proceedings, Justice Dada accepted several documents into evidence and set the next hearing for March 19, 2025, to continue the trial.
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