Alleged N76bn, $31.5m Fraud: Court Adjourns Ex-AMCON MD, Kuru, Others’ Trial
The Special Offences Court sitting in Ikeja, Lagos, has adjourned further hearing in the trial of Mallam Ahmed Kuru, a former Managing Director of Assets Management Corporation of Nigeria, AMCON, and four others, over alleged N76bn and $31.5m fraud till today, July 1, 2025.
The Special Offences Court sitting in Ikeja, Lagos, has adjourned further hearing in the trial of Mallam Ahmed Kuru, a former Managing Director of Assets Management Corporation of Nigeria, AMCON, and four others, over alleged N76bn and $31.5m fraud till today, July 1, 2025.
The court presided over by Justice Mojisola Dada, adjourned the case on Monday, June 30, 2025.
Kuru , was dragged to court alongside Capt. Roy Ilegbodu, Managing Director of Arik Air, Kamilu Omokide, Receiver Manager of Arik Air, Union Bank Nigeria Plc and Super Bravo Limited on a six-count charge bordering on conspiracy, stealing, and abuse of office to the tune of N75bn and $31.5m fraud.
At the resumed sitting on Monday, the third prosecution witness, PW3, and former Executive Director, Credits, Asset Management Corporation of Nigeria, AMCON, Muhammed Abbas Jega, stated that Arik debt with AMCON fell within the category of non-performing loans as categorised by the regulatory agencies in the country.
Kuru , was dragged to court alongside Capt. Roy Ilegbodu, Managing Director of Arik Air, Kamilu Omokide, Receiver Manager of Arik Air, Union Bank Nigeria Plc and Super Bravo Limited on a six-count charge bordering on conspiracy, stealing, and abuse of office to the tune of N75bn and $31.5m fraud.
At the resumed sitting on Monday, the third prosecution witness, PW3, and former Executive Director, Credits, Asset Management Corporation of Nigeria, AMCON, Muhammed Abbas Jega, stated that Arik debt with AMCON fell within the category of non-performing loans as categorised by the regulatory agencies in the country.
Jega, who was under cross-examination, had testified that the Arik loan, which AMCON purchased at the first phase of the Eligible Bank Asset, EBA, purchase, was performing.
The witness, however, recanted his earlier testimonies to the court that the AMCON leadership, which he was part of as an Executive Director, purchased from Union Bank and Bank PHB a whopping N85 billion Arik debt.
He informed the court that AMCON also extended an additional loan to the tune of N11bn as working capital to Arik, noting further that, despite the funds injected by AMCON as well as the BOI intervention funds injected into Arik, which AMCON also guaranteed, Arik was not able to service its obligations with AMCON up until the time he left AMCON.
His words, "Though I served as Executive Director, Credits, AMCON, and carried out all my actions with Board’s approval, I never sighted the Loan Purchase Agreement, which chronicled the number and credit details regarding the embattled Arik loan, especially from Union Bank.
“As at the time I left AMCON in 2015, the Arik loan was non-performing."
Jega, further maintained that Union Bank deceived AMCON, pointing out that it was after the “so-called London meeting between the obligor and the Executive Management of AMCON that it became clear that there were issues with the purchase,” but failed to explain why he could not escalate the matter to both the Board of AMCON and the Central Bank of Nigeria.
He also told the court that apart from the guarantees, Arik Air Limited and its promoter had other loans with AMCON, even as apart from Union Bank, none of the defendants in the criminal trials, was part of the acquisition or restructuring of the Arik loan.
His words, "Though I served as Executive Director, Credits, AMCON, and carried out all my actions with Board’s approval, I never sighted the Loan Purchase Agreement, which chronicled the number and credit details regarding the embattled Arik loan, especially from Union Bank.
“As at the time I left AMCON in 2015, the Arik loan was non-performing."
Jega, further maintained that Union Bank deceived AMCON, pointing out that it was after the “so-called London meeting between the obligor and the Executive Management of AMCON that it became clear that there were issues with the purchase,” but failed to explain why he could not escalate the matter to both the Board of AMCON and the Central Bank of Nigeria.
He also told the court that apart from the guarantees, Arik Air Limited and its promoter had other loans with AMCON, even as apart from Union Bank, none of the defendants in the criminal trials, was part of the acquisition or restructuring of the Arik loan.
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