A Special Offences Court sitting in Ikeja, Lagos, has granted N20m bail to the former Managing Director of the Assets Management Corporation of Nigeria, Ahmed Kuru, over alleged N76bn and $31.5m fraud involving Arik Air.
Kuru had been arraigned alongside the Managing Director of Arik Air, Capt. Roy Ilegbodu, Receiver Manager of Arik Air, Kamilu Omokide, Union Bank Nigeria Plc and Super Bravo Limited on allegations of false statements, fraudulent conversion of funds, and abuse of office brought against them by the Economic and Financial Crimes Commission (EFCC)
Justice Mojisola Dada, in her ruling on Monday, granted Kuru and his co-defendants bail, with one surety in like sum, for each of them.
The judge held that the sureties must reside within the jurisdiction of the court, submit their passports, verified addresses and means of identification to the registrar of the court.
The EFCC alleged that between 2021 and 2022, the defendants authorized the destruction of a valued asset and mismanaged funds linked to Arik Air.
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, “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 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.”
When the charges were read to them, the defendants pleaded not guilty to all counts.
Following their plea, counsel to the first and third defendants, Taiwo Osipitan, a Senior Advocate of Nigeria, informed the court of his pending application for the bail of his two clients, filed on November 28 and November 29, 2024, respectively.
Osipitan said the first defendant has no criminal records and has been on administrative bail granted him by the EFCC which he never jumped. He therefore asked the court to grant them bail on liberal terms.
Also, counsel to Kuru who is named as the second defendant, Olasupo Shasore, a Senior Advocate of Nigeria, in his application for bail asked the court to grant bail to his client on self-recognizance.
Wahab Shittu, a Senior Advocate of Nigeria representing the EFCC, objected to the bail applications, saying the weighty allegations against them might seek to leave the country if granted bail.
After listening to the arguments from the parties, Justice Dada granted bail to the defendants in the sum of N20 million each with one surety each in like sum.
Justice Dada ordered that the defendants remain in the custody of their respective counsel pending the perfection of their bail conditions and adjourned to March 17 for the commencement of the trial.
‘N76bn Fraud’: Ex-AMCON MD Kuru, Others Get N20m Bail is first published on The Whistler Newspaper
Source: The Whistler
