An Ikeja Special Offences Court on Monday granted N20 million bail to Ahmed Kuru, former Managing Director of Assets Management Corporation of Nigeria (AMCON), Ahmed Kuru, and four other defendants standing trial for alleged Arik Airline N76 billion and $31.5 million fraud.
The other defendants in the trial are Kamilu Omokide, former Receiver Manager of Arik Airline Ltd; Roy Ilegbodu, Chief Executive Officer of the airline; Union Bank and Super Bravo Ltd.
Mojisola Dada granted the defendants bail in the sum of N20 million with one surety each after hearing arguments for bail by their respective lawyers.
In December 2024, the Economic and Financial Crimes Commission (EFCC) filed charges against Ahmed Kuru, former Managing Director of the Asset Management Corporation of Nigeria (AMCON), and several top executives of Arik Air, including Roy Ilegbodu and Kamilu Omokide, over their involvement in an alleged N76 billion loan fraud.
The accused individuals faced trial for their roles in a scandal. The charges stem from fraudulent financial activities, including misleading AMCON about Arik Air’s loan performance and the illegal conversion of company assets for personal use.
The case was brought before Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, on Thursday, December 12, 2024. The court adjourned the proceedings to January 20, 2025, for the formal arraignment of Ahmed Kuru, former MD of AMCON, who had failed to appear for the initial arraignment.
EFCC had alleged that the defendants: Kuru, Kamilu Alaba Omokide as Receiver Manager of Arik Air Limited and Captain Roy Ilegbodu, Chief Executive Officer of Arik Air Limited in receivership, sometimes in 2022 or thereabout, were stolen and fraudulently converted to the use of NG Eagle Limited the total sum of N4, 900, 000. 00.
The anti graft agency accused the MD/CEO of Arik Air Limited in receivership, in May, 2024 or thereabout, of stealing the sum of N22,500,000.00 by fraudulently converting same to the use of Magashi Ali Mohammed, property of Arik Air Limited
Kuru and Omokide were also alleged of being public officers on July 11, 2019 or thereabout in Lagos, within the directed to be done in abuse of the authority of their offices an arbitrary act, to wit: intentionally and in violation of the discharge of their functions incorporated a Company called NG Eagle Limited, RC Number 1600277 for the purpose of obtaining undue advantage for themselves and or cronies.
Parts of the charge read that, “Kamilu Alaba Omokide, Ahmed Lawal Kuru and Captain Roy Ilegbodu on February 12, 2022 or thereabout, in Lagos, being public officers directed to be done in abuse of the authority of your office and with intention of obtaining undue advantage for yourself and cronies an arbitrary act, to wit: intentionally authorizing the tear down and destruction of 5N-JEA with Serial No. 15058 valued at $31.5 million an arbitrary act, which act is prejudicial to the economic stability of the Federal Republic of Nigeria and Arik Air Limited.”
