The Economic and Financial Crimes Commission (EFCC) has arraigned Ahmed Kuru, the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), along with four others, over allegations of defrauding Arik Airline of N76 billion and $31.5 million.

This development was disclosed in a statement by the anti-graft agency, shared on X (formerly Twitter), on Monday.

The four co-defendants include Kamilu Omokide, a former Receiver Manager of Arik Airline Ltd; Captain Roy Ilegbodu, the Chief Executive Officer of the airline; Union Bank Ltd; and a company, Super Bravo Ltd.

The EFCC has charged Union Bank with making false statements to public officers. The other defendants face a five-count charge, including theft, abuse of office, and dishonestly misappropriating the property of another.

During their arraignment, all five defendants pleaded not guilty to the charges.

Arguments for Bail

Counsel to the first and third defendants, Taiwo Osipitan (SAN), appealed for bail on liberal terms, noting that his clients had no prior criminal records and had cooperated with EFCC investigations, including adhering to administrative bail conditions.

Similarly, Olasupo Shasore (SAN), representing Kuru, requested bail on self-recognition, citing his client’s consistent compliance with EFCC administrative bail and the need to secure his attendance at trial.

In response, EFCC counsel Wahab Shittu (SAN) opposed the bail applications, arguing that the defendants were accused of severe economic sabotage and posed a flight risk.

Shittu proposed that the court impose strict conditions, including the seizure of their passports, to ensure their presence during the trial.

According to the EFCC, the alleged fraud involves several schemes dating back to 2011 and more recent actions in 2022:

The EFCC asserts that these actions violated Sections 73, 96, 278(1), and 278(6) of the Criminal Law of Lagos State 2015.

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