Court sets aside arrest warrant against ex-AMCON MD Kuru accused of N76bn fraud

An Ikeja special offences court in Lagos has fixed January 20, 2025, for the arraignment of Ahmed Kuru, former managing director of the Asset Management Corporation of Nigeria (AMCON), over allegations of N76 billion and $31.5 million fraud.

Kuru is to be arraigned alongside Roy Ilegbodu, managing director of Arik Air; Kamilu Omokide, receiver manager of Arik Air; Union Bank Nigeria Plc; and Super Bravo Limited.

The charges stem from a petition filed by Femi Falana, a senior advocate of Nigeria (SAN), on behalf of Johnson Arumemi, founder of Arik Air, and the airline’s shareholders.

According to the charge sheet, the Economic and Financial Crimes Commission (EFCC) accused Union Bank of “making false statements” to AMCON regarding Arik Air’s loans and bank guarantees.

The EFCC stated that these false statements resulted in the transfer of N71 billion to AMCON. The commission also accused Kuru, Omokide, and Ilegbodu of stealing and “fraudulently converting N4.9 billion for the use of NG Eagle Limited in 2022.”

Additionally, the EFCC alleged that Kuru and Omokide intentionally incorporated NG Eagle Limited to secure undue advantages for themselves and their associates. The anti-graft agency further accused Kuru, Omokide, and Ilegbodu of authorizing the destruction of a 5N-JEA aircraft valued at $31.5 million on February 12, 2022.

On December 3, Kuru and his legal team were absent from court, leading the trial judge, Mojisola Dada, to issue a bench warrant for his arrest.

At Thursday’s session, Kuru’s counsel, Olasupo Shasore, signed an undertaking to produce his client on the scheduled arraignment date.

“My lord, if the learned silk is assuring the court that the second defendant will be available on January 20 for his arraignment, we will not be objecting to the application,” said Wahab Shittu, the prosecution counsel.

“We could not contact him the way others were contacted, and his counsel has signed an undertaking that he will produce him. Knowing the consequences of the undertaking, the prosecution will not be objecting to the revocation of the bench warrant against the second defendant.”

Judge Dada, in a brief ruling, set aside the bench warrant and adjourned the case to January 20.