The Lagos State Special Offences Court in Ikeja has adjourned the fraud trial of former Managing Director of the Asset Management Corporation of Nigeria, Ahmed Kuru, and four others to March 19, 2025.
Kuru is standing trial alongside Kamilu Omokide, a former receiver manager of Arik Air Ltd; Captain Roy Ilegbodu, the airline’s CEO; Union Bank Ltd; and Super Bravo Ltd. The defendants are accused of defrauding Arik Air of N76 billion and $31.5 million.
The Economic and Financial Crimes Commission (EFCC) has charged them with theft, abuse of office, and dishonestly taking another’s property.
During Monday’s proceedings, Justice Mojisola Dada presided over the hearing, which featured testimony from the first prosecution witness, Mr. Peter Omokaro, a former Union Bank Plc employee.
Omokaro testified that Union Bank had only provided guarantees for Arik Air’s aircraft acquisitions from Airbus and Boeing, backed by foreign lenders HSBC and the US EXIM Bank, and did not disburse cash directly. He further stated that after the Central Bank of Nigeria’s intervention in Union Bank in 2009, AMCON became involved in the matter, acquiring Union Bank’s guarantee in early 2011. A meeting in London followed, involving Union Bank, AMCON, HSBC, and US EXIM Bank—but without Arik Air’s participation.
The defense team, led by senior lawyers including Professor Taiwo Osipitan (SAN) and Olasupo Shasore (SAN), questioned Omokaro about the timeline of events. He confirmed that the financial transaction in question took place in 2010—before Kuru assumed office as AMCON’s managing director—and that the third defendant was also not in his current role at the time.
Following the proceedings, Justice Dada admitted several documents into evidence and scheduled the next hearing for March 19, 2025, for the continuation of the trial.
