‘N76bn fraud’: Court sets aside arrest warrant against ex-AMCON MD Kuru, fixes Jan 20 for arraignment

An Ikeja special offences court in Lagos has fixed January 20 for the arraignment of Ahmed Kuru, a former managing director of the Asset Management Corporation of Nigeria (AMCON), over an alleged 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 case stems from a petition filed by Femi Falana, a senior advocate of Nigeria (SAN), on behalf of Johnson Arumemi, the founder of Arik Air, and the airline’s shareholders.

Based on 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 anti-graft agency said the false statements resulted in the transfer of N71 billion to AMCON.

The EFCC accused Kuru, Omokide, and Ilegbodu of stealing and “fraudulently converting N4.9 billion for the use of NG Eagle Limited in 2022”.

The commission also accused Kuru and Omokide of intentionally incorporating NG Eagle Limited for the purpose of obtaining an undue advantage for themselves and their cronies.

The anti-graft agency alleged that Kuru, Omokide, and Ilegbodu authorised the destruction of 5N-JEA aircraft valued at $31.5 million on February 12, 2022.

On December 3, Kuru and his legal team were absent from the court, prompting the trial judge, Mojisola Dada, to order his arrest.

At the court session on Thursday, Kuru’s counsel, Olasupo Shasore, in a motion on notice, signed an undertaking and assured the court that he would produce his client for an arraignment on January 20, 2025.

Wahab Shittu, the prosecution counsel, did not object to the application.

“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,” he said.

“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.”

Consequently, Dada, in a short ruling, set aside the bench warrant earlier issued against Kuru and adjourned the matter to January 20.