Court fixes December for AMCON ex-MD’s fraud trial

Former Managing Director, Asset Management Corporation of Nigeria, (AMCON) Mr. Ahmed Kuru

An Ikeja Special Offences Court has adjourned the alleged N4.9bn fraud case involving a former Managing Director of the Asset Management Corporation of Nigeria, Ahmed Kuru, and five others until December 3 and 10, 2026, for continuation of trial.

The adjournment followed the continuation of cross-examination of the fourth prosecution witness, Bawa Usman Kaltungo, by counsel for the second defendant, Olasupo Shasore (SAN).

During Wednesday’s proceedings, Kaltungo maintained that the Economic and Financial Crimes Commission investigated both the complainant and the defendants following a petition concerning the management of Arik Air’s debts and funds.

He told the court that the commission invited the complainant to adopt the petition and make a statement about the alleged offences.

However, when Shasore asked whether he had questioned Arik Air’s chairman and promoter, Sir Johnson Arumemi-Ikhide, during the investigation, Kaltungo said he had the discretion to determine whom to invite for questioning.

The defence counsel also questioned the witness about Arumemi-Ikhide’s engagements with AMCON management and the airline’s receiver-manager over the indebtedness.

Shasore drew Kaltungo’s attention to a letter dated January 25, 2016, titled “Proposal for Resolution of Arik Air Limited’s Facilities Acquired by AMCON,” which was reportedly addressed to AMCON’s managing director.

Responding, the witness said, “If Sir Johnson Arumemi-Ikhide said he had taken a loan, that is their business, but there is no evidence to back the claim.”

The cross-examination also focused on allegations in the EFCC’s investigation report that Kuru expended and transferred N4.9bn towards establishing NG Eagle Limited.

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Shasore presented several documents, including a certified true copy of an extract from AMCON’s 78th board meeting, which reportedly contained the board’s approval for the establishment of NG Eagle and its budgeted expenditure.

The document was presented to challenge the allegation that the decision to establish the airline was solely attributable to Kuru.

Kaltungo, however, urged the court to disregard the board-meeting extract tendered in evidence.

The witness also maintained that the loans allegedly acquired by AMCON from Union Bank of Nigeria Plc were non-existent, describing the transaction as a scam.

He further insisted that Arik Air was not indebted to either Union Bank or AMCON.

Kuru and the other defendants are facing a six-count charge filed by the EFCC, bordering on conspiracy, stealing and abuse of office, following a petition by human rights lawyer, Femi Falana (SAN), on behalf of Arik Air’s promoters and shareholders.

The other defendants are Kamilu Alaba Omokide, a former receiver-manager of Arik Air; Captain Roy Ilegbodu, the airline’s chief executive officer; Union Bank of Nigeria Plc; and Super Bravo Limited.

One of the charges alleges that Union Bank made false representations to AMCON in 2011 concerning Arik Air’s performing loans, resulting in the transfer of an allegedly fictitious debt of N71bn to the corporation.

Another count accuses Kuru, Omokide and Ilegbodu of fraudulently converting N4.9bn belonging to Arik Air for the benefit of NG Eagle Limited in 2022.