TransparencIT
TransparencIT
@TransparencITng

Fraud

Jul 16, 2025

FRN vs Ahmed Kuru (Former Managing Director of Assets Management Corporation of Nigeria (AMCON)) & 4 others

Humans

Ahmed Kuru
& 4 others

Money bag

N76,000,000,000.00 & $31,500,000.00
Amount allegedly defrauded

Money bag

Case Summary
The accused persons, while being public officers, were alleged to have intentionally authorized the tear down and destruction of 5N-JEA with Serial No. 15058 valued at the said sum, an arbitrary act, which act is prejudicial to the economic stability of the Federal Republic of Nigeria and Arik Air Limited.

Calendar

177
Day(s) since arraignment

Gavel

Case Update
The prosecution witness, a former Director at Union Bank, testified that he managed key transactions between the bank, Arik Air, and international financiers, including US EXIM Bank and HSBC Germany. He explained that Union Bank provided guarantees for Arik Air’s aircraft purchases, ensuring that loans covering up to 85% of the costs were secured without defaults and that all facilities extended to Arik Air were performing when he was at the bank. He also confirmed that Union Bank never initiated any request to sell its financial obligations regarding Arik Air’s assets during his tenure. The court upheld the objection by the defence counsel challenging the admissibility of the documents related to the disputed transactions tendered by the prosecution on the ground that the witness was neither the author of the documents nor a member of the investigation team.

Court house

Hon. Justice M. A. Dada
State High Court, Ikeja, Lagos

Legislation

ACJA/ACJL Compliance - violated

Case Information
Ahmed Kuru & 4 others
Presiding Judge & Designated Court
Hon. Justice M. A. Dada, State High Court, Ikeja, Lagos
Nature and Number of Charges
6-count charge bordering on theft, abuse of office and stealing by dishonestly taking the property of another.
Date of 1st Arraignment
Jan 20, 2025
Summary of Case
The accused persons, while being public officers, were alleged to have intentionally authorized the tear down and destruction of 5N-JEA with Serial No. 15058 valued at the said sum, an arbitrary act, which act is prejudicial to the economic stability of the Federal Republic of Nigeria and Arik Air Limited.
Defendant(s) and Plea entered on Arraignment
1. Ahmed Kuru (Former Managing Director of Assets Management Corporation of Nigeria (AMCON)) – Not guilty
2. Kamilu Omokide (Former Receiver Manager of Arik Airline Ltd) – Not guilty
3. Captain Roy Ilegbodu (Chief Executive Officer of Arik Airline) – Not guilty
4. Super Bravo Ltd (Company) – Not guilty
5. Union Bank Plc (Company) – Not Guilty
Defence Counsel(s)
1. Prof Taiwo Osipitan (SAN) (Lawyer)
2. Olasupo Shasore, SAN (Former Attorney-General of Lagos State)
Prosecuting Agency
Economic and Financial Crimes Commission
Prosecutor(s)
1. Wahab Shittu (Lawyer)
Status of Case
On Trial
Stage of Trial
Prosecution Stage
Length of Trial
177 day(s)
Case Update
The prosecution witness, a former Director at Union Bank, testified that he managed key transactions between the bank, Arik Air, and international financiers, including US EXIM Bank and HSBC Germany. He explained that Union Bank provided guarantees for Arik Air’s aircraft purchases, ensuring that loans covering up to 85% of the costs were secured without defaults and that all facilities extended to Arik Air were performing when he was at the bank. He also confirmed that Union Bank never initiated any request to sell its financial obligations regarding Arik Air’s assets during his tenure. The court upheld the objection by the defence counsel challenging the admissibility of the documents related to the disputed transactions tendered by the prosecution on the ground that the witness was neither the author of the documents nor a member of the investigation team.
ACJA/ACJL Compliance
Violated