Arik Air Fraud Case: Witness Clears Former AMCON Boss Kuru of Wrongdoing

KURU

The Lagos State Special Offences Court, presided over by Justice Mojisola Dada, has adjourned the trial of former Asset Management Corporation of Nigeria (AMCON) Managing Director Ahmed Kuru and four others to March 19, 2025. 

The case involves allegations of fraud totalling N76 billion and $31.5 million, allegedly siphoned from Arik Air.

The adjournment followed the testimony of the prosecution's first witness, Mr Peter Omokaro, a former Assistant General Manager at Union Bank Plc. 

Omokaro, who worked at the bank from 1980 until his resignation in 2015, provided insights into the financial dealings between Union Bank and Arik Air.

Led by prosecution counsel, Dr Wahab Shittu (SAN), Omokaro explained that Arik Air had approached Union Bank for financing to acquire aircraft. 

He said rather than disbursing cash, the bank acted as a guarantor for loans obtained from HSBC Bank and the US EXIM Bank for the purchase of Airbus and Boeing aircraft.

“Union Bank, in turn, collected indemnity from Arik Air, and the aircraft were delivered. At no point did we disburse cash for the acquisition,” Omokaro testified.

Union Bank’s Involvement and AMCON’s Role

Omokaro further revealed that in August 2009, the Central Bank of Nigeria (CBN) intervened in Union Bank’s operations, leading to the sale of the guarantee to AMCON before December 2010. 

However, by early 2011, Union Bank attempted to reverse the sale, realizing it had been an error, he added.

While revealing that a crucial meeting was held in London involving AMCON, Union Bank, HSBC Bank, and US EXIM Bank, but Arik Air was notably absent, Omokaro stated that Union Bank sought to step in as an obligor to take over Arik Air’s responsibilities.

“The foreign credit agencies never called in the guarantee, nor did Union Bank revoke its indemnity,” he added.

Kuru Not Involved in the Transaction, Witness Confirms

During cross-examination by Prof. Taiwo Osipitan (SAN), representing the first and third defendants, Omokaro confirmed that neither Ahmed Kuru nor the third defendant had any involvement in the transaction.

“I was not present at the London meeting," he admitted.

Similarly, when questioned by Mr Olasupo Shasore (SAN), counsel for Kuru, and Mr Olalekan Ojo (SAN), representing Union Bank, Omokaro clarified that the transaction occurred in 2010 before Kuru was appointed AMCON Managing Director.

“I am seeing the second defendant for the first time today,” he stated.

In a notable development, Ojo (SAN) presented Omokaro’s written statement to the Economic and Financial Crimes Commission (EFCC) as evidence.

With the cross-examinations concluded, Justice Dada adjourned the case to March 19, 2025, for further proceedings.

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