The Economic and Financial Crimes Commission (EFCC) has formally arraigned Ahmed Kuru, former Managing Director of the Asset Management Corporation of Nigeria (AMCON), alongside four co-defendants, on allegations of embezzling N76 billion and an additional $31.5 million from Arik Airline.
The co-accused include Kamilu Omokide, former Receiver Manager of Arik Airline Limited (the first defendant); Captain Roy Ilegbodu, CEO of Arik Airline (third defendant); Union Bank Limited (fourth defendant); and Super Bravo Limited, a corporate entity listed as the fifth defendant.
Union Bank faces a singular charge of providing false statements to public officials, while the remaining defendants are contending with five counts encompassing theft, abuse of office, and dishonest misappropriation of property.
During the arraignment, all defendants maintained their innocence, pleading not guilty to the charges leveled against them.
Following their pleas, counsel for the first and third defendants, Taiwo Osipitan (SAN), informed the court of a pending bail application submitted on November 28 and 29, 2024. Osipitan appealed for the court to grant his clients bail on lenient conditions, emphasizing their clean criminal records and consistent compliance with prior administrative bail terms granted by the EFCC.
Osipitan argued that both defendants had opportunities to flee the country but demonstrated their integrity by remaining to face trial.
In contrast, counsel for the EFCC, Wahab Shittu (SAN), objected to the bail request. Shittu asserted that the gravity of the charges, described as acts of economic sabotage, significantly heightened the likelihood of the defendants absconding. However, he acknowledged the presumption of innocence until proven guilty and proposed an accelerated trial alongside the confiscation of the defendants’ passports to ensure their attendance in court proceedings.
Olasupo Shasore (SAN), representing Kuru (the second defendant), urged the court to grant his client bail on self-recognizance, citing affidavits supporting his client’s reliability. Shasore argued that Kuru had previously adhered to the terms of an administrative bail and had not exhibited any intent to evade justice.
Shittu countered, reminding the court of an earlier incident when a bench warrant was issued against Kuru for failure to appear in court. He emphasized that a defense counsel serving as a surety undermines judicial propriety and urged the court to consider the risk of flight in its discretion.
After deliberation, Justice Mojisola Dada granted bail to all defendants in the sum of N20 million each, with one surety of equal financial standing. The court stipulated that the sureties must possess verifiable employment and submit valid identification documents. Additionally, the defendants were required to surrender their passports to the court’s registrar.
Pending fulfillment of the bail terms, the court permitted the defendants to remain in the custody of their respective legal representatives. The case was adjourned to March 17 for the trial’s commencement.
Genesis of Allegations
The EFCC alleges that in 2011, Union Bank Nigeria facilitated the unjustifiable sale of Arik Air’s loans and guarantees by misrepresenting the airline’s performing loans to AMCON, ultimately transferring N71 billion to the corporation.
Further allegations indicate that in 2022, Kuru, Omokide, and Ilegbodu fraudulently diverted N4.9 billion for the benefit of NG Eagle Limited. Additionally, Captain Ilegbodu is accused of illicitly transferring N22.5 million to Magashi Ali Mohammed, an amount purportedly belonging to Arik Air.
The prosecution also alleges that the defendants authorized the dismantling and destruction of aircraft 5N-JEA (Serial No. 15058), valued at $31.5 million, an act described as arbitrary and detrimental to Nigeria’s economic interests and Arik Air’s operational stability.
These actions, according to the EFCC, contravene multiple provisions of the Lagos State Criminal Law of 2015, including Sections 73, 96, 278(1), and 278(6).
The upcoming trial is anticipated to provide clarity on the allegations and their ramifications for the Nigerian aviation sector and public accountability.
