January 20, (THEWILL) – A Special Offences Court sitting in Ikeja, Lagos, has granted bail to the former Managing Director of the Assets Management Corporation of Nigeria, Ahmed Kuru, and four other defendants in an alleged N76 billion and $31.5 million fraud involving Arik Air.
Justice Mojisola Dada, in her ruling on Monday, admitted Kuru and his co-defendants to bail in the sum of N20 million each, with one surety apiece.
The court had previously adjourned the case on December 12, 2024, for the arraignment of Kuru; Capt. Roy Ilegbodu, Managing Director of Arik Air; Kamilu Omokide, Receiver Manager of Arik Air; Union Bank Nigeria Plc; and Super Bravo Limited. They are being prosecuted by the Economic and Financial Crimes Commission on charges of fraud and mismanagement of funds linked to Arik Air.
The EFCC’s charges include allegations of false statements, fraudulent conversion of funds, and abuse of office.
One of the charges read, “That you, Union Bank Nigeria Plc, sometime in 2011 or thereabouts, in Lagos, within the jurisdiction of this Honourable Court, with the intention of causing and/or inducing the unwarranted sale of Arik Air loans and bank guarantees with Union Bank, made false statements to the Assets Management Corporation of Nigeria (AMCON) regarding Arik Air Limited’s performing loans, following which you transferred a bogus figure of N71,000,000,000 (Seventy-One Billion Naira) to AMCON.”
Another count alleged that, “You, Ahmed Lawal Kuru, Kamilu Alaba Omokide (Receiver Manager of Arik Air Limited), and Captain Roy Ilegbodu (Chief Executive Officer of Arik Air Limited in Receivership), sometime in 2022 or thereabouts, in Lagos, fraudulently converted to the use of NG Eagle Limited the sum of N4,900,000,000 (Four Billion, Nine Hundred Million Naira), property of Arik Air Limited.”
The defendants were also charged with authorizing the destruction of a valued asset.
The fifth count stated, “That you, Kamilu Alaba Omokide, Ahmed Lawal Kuru, and Capt. Roy Ilegbodu, on February 12, 2022, in Lagos, being public officers, abused the authority of your offices by authorizing the destruction of 5N-JEA with Serial No. 15058, valued at $31.5 million. This act was prejudicial to the economic stability of Nigeria and Arik Air Limited.”
The court emphasised strict adherence to the bail conditions, requiring sureties to have verified means of identification and reside within the court’s jurisdiction.
The EFCC has vowed to pursue the case vigorously, arguing that the alleged fraud undermines Nigeria’s economic stability and the aviation industry.
The case has been adjourned to allow further proceedings, as the defendants await trial on the charges leveled against them.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
