The Economic and Financial Crimes Commission (EFCC) has arraigned Ahmed Kuru, the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), alongside four others, over allegations of defrauding Arik Air of N76 billion and $31.5 million.
The defendants, including Kamilu Omokide (former Receiver Manager of Arik Air), Captain Roy Ilegbodu (the airline’s Chief Executive Officer), and Super Bravo Ltd, appeared before Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, on six charges ranging from theft to abuse of office and misappropriation of funds.
The EFCC alleged that the accused fraudulently converted N4.9 billion through NG Eagle Ltd, a company they reportedly set up, and authorized the destruction of an Arik aircraft valued at $31.5 million.
Further accusations included misappropriating N22.5 million by transferring it to an associate, Magashi Ali Mohammed.
But All the defendants pleaded not guilty. Defence counsels, led by Prof. Taiwo Osipitan (SAN) and Olasupo Shasore (SAN), sought bail for their clients, emphasizing their cooperation during EFCC investigations.
EFCC counsel, Dr Wahab Shittu (SAN) opposed the bail applications, citing the seriousness of the charges, which he described as acts of economic sabotage.
He urged the court to impose strict bail conditions, referencing a prior instance where one of the defendants absconded, necessitating a bench warrant.
Justice Dada granted bail to each defendant at N20 million with one surety of equal amount.
The court required the sureties to be gainfully employed and directed the defendants to surrender their passports and remain in the custody of their counsels until their bail terms were met.
The trial is set to commence on March 17, 2025.
The EFCC claims the alleged fraud significantly contributed to Arik Air’s financial troubles.
Once a leading Nigerian airline, Arik Air was taken over by AMCON in 2017 due to mounting debt.
However, the EFCC alleged that instead of stabilizing the airline, the defendants exploited their positions for personal gain, undermining the company’s recovery efforts.
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