Alleged N76bn Fraud: Court Orders Arrest of Ex-AMCON Boss, Kuru

Wale Igbintade

Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, on Tuesday issued a bench warrant for the arrest of Ahmed Lawal Kuru, the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), over an alleged fraud involving N76 billion and $31.5 million.

The bench warrant was issued after Kuru failed to appear in court for his arraignment.

The court had scheduled the arraignment of Kuru alongside Captain Roy Ilegbodu, the Managing Director of Arik Air; Kamilu Omokide, the receiver-manager of Arik Air; Union Bank PLC; and Super Bravo Limited.

They face six charges, including making false statements, fraudulent conversion, abuse of office, stealing, and dishonest conversion of property, all brought against them by the Economic and Financial Crimes Commission (EFCC).

The Economic and Financial Crimes Commission (EFCC) alleged that in 2011, Union Bank Nigeria Plc caused the unwarranted sale of Arik Air’s loans and bank guarantees by making false statements to AMCON regarding Arik Air’s performing loans, later transferring N71 billion to AMCON.

The Commission further claims that Kuru, Omokide, and Ilegbodu stole and fraudulently converted N4.9 billion for their own use through NG Eagle Limited in 2022.

The EFCC also accuses Ilegbodu, in his role as MD/CEO of Arik Air Ltd in receivership, of stealing N22.5 million in May 2024, which he fraudulently converted for the use of Magashi Ali Mohammed’s property of Arik Air Ltd.

Additionally, the Commission stated that on July 11, 2019, Kuru and Omokide, in their roles as public officers, incorporated NG Eagle Limited (RC Number 1600277) to secure undue advantage for themselves and their associates.

The accused parties are also alleged to have authorized the destruction of a Boeing aircraft, valued at $31.5 million, on February 12, 2022, in an arbitrary act harmful to the economic stability of Nigeria and Arik Air.

On November 29, 2023, the defendants allegedly converted three Boeing aircraft, registered 5N-MJG, 5N-MJN, and 5N-MJE, belonging to Arik Air, for use by Super Bravo Limited.

The EFCC charges that these offenses contravene various sections of the criminal law of Lagos State, including Sections 96, 278(1)(a), 278(1)(b), and 278(6) of the Criminal Law of Lagos State (2011 and 2015).

The scheduled arraignment on Tuesday was disrupted by Kuru’s absence, as well as the absence of his lead counsel, Olasupo Shasore SAN.

During the court session, the prosecution, led by Dr. Wahab Shittu SAN, announced his appearance, while Taiwo Osipitan SAN represented Omokide and Ilegbodu.

Olalekan Ojo SAN announced his appearance for the fourth defendant (Union Bank of Nigeria Plc), while Tayo Oyetibo SAN appeared for the fifth defendant ( Super Bravo Limited), and I.B. Amefula appeared for the second defendant holding a brief of Olasupo Sashore (SAN).

However, the second defendant ( Ahmed Kuru) was absent from court and was not represented.

Kuru’s absent prompted the court to issue a bench warrant for his arrest.

Shittu argued that Kuru had repeatedly skipped administrative bail granted by the EFCC, was uncooperative, and had blocked all communication with the commission, making him unavailable at his residence.

Justice Dada granted the prosecution’s request and issued the bench warrant for Kuru’s arrest.

Amefula apologised to the court for their earlier absence, saying that they were from the Chambers of, Olasupo Shasore SAN.

He said that Shasore was not in the country and that he would like to appear for Kuru personally.

He requested the revocation of the bench warrant, but Justice Dada ruled that the warrant would remain in effect until Kuru’s appearance at the next adjourned date.

The case has been adjourned until January 20, 2025, for the arraignment of the defendants.