The Economic and Financial Crimes Commission (EFCC) has arraigned the former Managing Director of the Assets Management Corporation of Nigeria (AMCON), Ahmed Kuru, along with four others, for allegedly defrauding Arik Air of N76 billion and $31.5 million.
The other defendants include Kamilu Omokide, a former Receiver Manager of Arik Air Ltd; Captain Roy Ilegbodu, the airline’s Chief Executive Officer; and Super Bravo Ltd.
They were charged with six counts, including theft, abuse of office, and dishonestly misappropriating funds.
The defendants pleaded not guilty before Justice Mojisola Dada of the Special Offences Court, Ikeja, Lagos.
While hearing on the matter lasted, Prof. Taiwo Osipitan (SAN), counsel for the first and third defendants, moved a motion for bail for his clients.
He urged the court to grant bail on liberal terms, emphasizing that the first defendant, Ahmed Kuru, had no prior criminal record and had cooperated fully with EFCC investigations.
“The first defendant has always honoured the EFCC’s administrative bail terms and has no intention of fleeing,” Osipitan argued.
He further noted that both defendants had opportunities to abscond but chose not to, reflecting their willingness to face trial.
Counsel for the second defendant, Olasupo Shasore (SAN), similarly argued for bail, citing a 17-paragraph affidavit supporting his application.
Shasore requested bail on self-recognition or under the same terms as previously granted by the court when a bench warrant issued against the second defendant was set aside.
EFCC counsel, Dr Wahab Shittu (SAN), opposed the bail applications. He argued that the charges were serious economic crimes amounting to economic sabotage.
“These are grave allegations with substantial implications for Nigeria’s economic stability,” Shittu said.
He expressed concerns about the defendants potentially absconding and urged the court to impose stringent bail conditions, including the surrender of their international passports.
Shittu further noted that the second defendant had previously absconded, leading to the issuance of a bench warrant.
“We urge the court to take this into consideration to ensure the defendants’ presence during trial,” he added.
After hearing arguments from both sides, Justice Dada granted bail to the defendants in the sum of N20 million each, with one surety each in like sum.
The court ruled that the sureties must be gainfully employed and provide valid means of identification.
Justice Dada also directed the defendants to submit their international passports to the court registrar and remain in the custody of their counsel until the bail conditions were perfected.
The case was adjourned until March 17, 2025, for the commencement of the trial.
The EFCC accused Kuru, Omokide, and Ilegbodu of fraudulently converting N4.9 billion belonging to Arik Air to their use through NG Eagle Ltd, a company they allegedly established.
Additionally, the anti-graft agency alleged that Captain Ilegbodu, as CEO of Arik Air, misappropriated N22.5 million by transferring it to Magashi Ali Mohammed, another individual linked to the scandal.
The defendants were also accused of authorizing the destruction of an Arik aircraft, 5N-JEA with Serial No. 15058, valued at $31.5 million.
The EFCC claimed this act was prejudicial to Nigeria’s economic stability and contravened Sections 73, 96, 278(1), and 278(6) of the Lagos State Criminal Law, 2015.
Arik Air, once one of Nigeria’s largest airlines, had faced financial difficulties, leading to AMCON’s intervention in 2017.
The airline was taken over due to mounting debt, with Kuru and Omokide playing key roles in the recovery efforts.
However, the EFCC alleged that instead of stabilizing the airline, the defendants exploited their positions to siphon funds and compromise the company’s assets.
