Court Adjourns Trial of Ex-AMCON MD Kuru and Others Over N76bn, $31.5m Fraud to July 1

Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, has adjourned the trial of Mallam Ahmed Kuru, former Managing Director of the Asset Management Corporation of Nigeria (AMCON), and four others until July 1, 2025.

The defendants face charges related to an alleged fraud involving N76 billion and $31.5 million linked to Arik Air.Kuru is being tried alongside Capt. Roy Ilegbodu, Managing Director of Arik Air; Kamilu Omokide, former Receiver Manager of Arik Air; Union Bank Nigeria Plc; and Super Bravo Limited. They are facing a six-count charge including conspiracy, stealing, and abuse of office.

The Economic and Financial Crimes Commission (EFCC) alleges that in 2011, Union Bank misrepresented Arik Air’s performing loans as non-performing debts, leading to the unwarranted transfer of N71 billion to AMCON. The defendants are accused of diverting funds and misappropriating assets, including unlawfully dismantling an aircraft valued at $31.5 million.

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All defendants have pleaded not guilty and were granted bail of N20 million each with one surety. The trial has seen testimonies revealing complex financial transactions and alleged deliberate deception involving the loans and guarantees of Arik Air.

The court’s latest adjournment to July 1 allows for continuation of proceedings in this high-profile case involving significant financial mismanagement within Nigeria’s aviation sector.