An Ikeja Special Offences Court has granted bail of N20 million to Ahmed Kuru, the former Managing Director of the Assets Management Corporation of Nigeria (AMCON), along with four other defendants who are on trial for an alleged fraud involving Arik Airline worth N76 billion and $31.5 million.
The other defendants include Kamilu Omokide, the former Receiver Manager of Arik Airline Ltd; Roy Ilegbodu, the airline’s Chief Executive Officer; Union Bank; and Super Bravo Ltd. Justice Mojisola Dada approved the bail after listening to the arguments presented by their respective lawyers.
In December 2024, the Economic and Financial Crimes Commission (EFCC) charged Ahmed Kuru and several high-ranking executives from Arik Air, including Roy Ilegbodu and Kamilu Omokide, over their alleged involvement in a N76 billion loan fraud. The charges relate to fraudulent financial activities, such as misleading AMCON regarding Arik Air’s loan performance and the unauthorized conversion of company assets for personal gain.
The case was initially presented to Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, on December 12, 2024. The court has since adjourned the proceedings to January 20, 2025, for the formal arraignment of Ahmed Kuru, who was absent during the initial arraignment.
