An Ikeja Special Offences Court on Monday granted N20 million bail to Mr Ahmed Kuru, the former Managing Director of Asset Management Corporation of Nigeria (AMCON). Ahmed Kuru, and four other defendants, and standing trial for an alleged Arik Airline N76 billion and $31.5 million fraud.
Arik Air Limited is under AMCON Receivership since February 2017 over a huge debt owed to AMCON by Sir. Johnson Arumeni. Union Bank and others had sold the Arik debt to AMCON when the Federal Government of Nigeria through the Central Bank of Nigeria (CBN) and the Ministry of Finance created AMCON to mop up the bank loans in the banks during the global financial crisis. But AMCON has not known peace since the intervention in Arik.
The other defendants in the trial are Mr Kamilu Omokide, the former Receiver Manager of Arik Airline Ltd; Roy Ilegbodu, Chief Executive Officer of the airline; Union Bank and Super Bravo Ltd. Mojisola Dada granted the defendants bail in the sum of N20 million with one surety each after hearing arguments for bail by their respective lawyers.
Recall that in December 2024, the Economic and Financial Crimes Commission (EFCC) filed charges against Ahmed Kuru, former Managing Director of the Asset Management Corporation of Nigeria (AMCON), and several top executives of Arik Air, including Roy Ilegbodu and Kamilu Omokide, over their involvement in an alleged N76 billion loan fraud.
The accused individuals faced trial for their roles in a scandal. The charges stem from alleged fraudulent financial activities, including misleading AMCON about Arik Air’s loan performance and the illegal conversion of company assets for personal use, and the case was brought before Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, on Thursday, December 12, 2024. The court adjourned the proceedings to January 20, 2025, for the formal arraignment of Ahmed Kuru, former MD of AMCON, who had failed to appear for the initial arraignment.
Full Court Proceeding
The matter came up Monday, January 20, 2025, before Hon. Justice Mojisola A. Dada of the High Court of Lagos State for the arraignment of the former AMCON boss, and four Defendants for allegedly defrauding Arik Airline of N76 billion and $31.5 million respectively.
The other four defendants are former Receiver Manager of Arik Airline Limited, Kamilu Omokide (1st Defendant), Chief Executive Officer of the airline, Captain Roy Ilegbodu (3rd Defendant), Union Bank Limited (4th Defendant) and Super Bravo Limited, (5th Defendant).
The prosecution was represented by a team of lawyers, led by Wahab Shittu SAN. The defence team for the 1st and 3rd Defendants was led by Professor Taiwo Osipitan SAN, while the 2nd Defendant was represented by Olasupo Shasore SAN. The 4th Defendant’s legal team was led by Olalekan Ojo SAN, and the 5th Defendant’s defence team was led by Tayo Oyetibo SAN.
The first significant motion considered during the proceedings was the objection raised by the 4th Defendant’s legal team on the jurisdiction of the court to entertain the count against her. The 4th Defendant’s counsel argued that the court lacks jurisdiction to hear the count as constituted against his client. After careful consideration, the court overruled this objection. This paved the way for the arraignment of the Defendants. After their plea had been taken, counsel to the EFCC requested hearing dates and remand of the 1st – 3rd Defendants in correctional centres pending their trial.
Counsel to 1st and 3rd Defendants, Prof Taiwo Osipitan SAN promptly informed His Lordship of pending applications for the bail of his clients, which were filed on November 28th and 29th 2025 respectively. Prof. Osipitan SAN moved the court to grant his clients bail on either self-recognizance or on very liberal terms.
According to him, the Defendants have no criminal records and were on EFCC administrative bail as far back as June 2023, which they did not jump. He argued that the Defendant had the opportunity of running away from Nigeria if they wanted to. However, they chose to stay and defend the case. He urged the court to uphold the defendants’ presumption of innocence and their rights to personal liberties bearing in mind that the offences charged are non-capital offences.
Counsel to the EFCC, Dr Wahab Shittu SAN, objected to the bail application and urged the court to not grant same. He argued that the two defendants are facing trial for serious offences of economic sabotage. Consequently, the temptation for them to flee the country was very much on the high side.
Prosecuting Counsel, however, agreed with counsel to 1st and 3rd Defendants that they are presumed innocent of the allegations in the Counts prior to the determination of the case. He urged the court to grant an accelerated hearing of the case in lieu of the bail and that if bail is to be granted, the Defendants should be made to deposit their international passport with the court as this will ensure their presence in court throughout the duration of their trial. He urged the court to impose strict conditions for bail.
During Reply on Point of Law, Prof. Osipitan SAN pointed out to the court that the prosecution’s request for remand of the Defendants in correctional centres will add to the congestion of the already congested correctional centres. On strict conditions for bail requested by the prosecution, he urged the court not to accept it because it is like giving bail with the right hand and taking the bail away with the left hand.
Counsel to the 2nd Defendant, Ahmed Kuru, Olasupo Shasore SAN in his application for bail requested the court to also grant bail to his client on self-recognizance. Shasore SAN, in his bail application, supported by a 17-paragraph affidavit, argued that the bail application was to secure the attendance of defendants in court.
He stated that it was correct that the 2nd Defendant was granted administrative bail by EFCC and when the 2nd Defendant did not attend court on the date of arraignments, a bench warrant was issued against him. The warrant has been vacated by the Court upon the 2nd Defendant showing good cause. Shasore SAN thereafter urged the court to grant bail to the 2nd Defendant on self-recognition and also on the terms, which were earlier given by the court when the bench warrant against him was set aside.
The prosecution in his Counter Affidavit dated January 17th, 2025, opposed the bail application of the 2nd Defendant. He argued that the 2nd Defendant’s application for bail was incompetent and should be struck out. Shittu SAN cited relevant cases to support his argument.
He argued that the 2nd Defendant, at one point absconded as a result of which the Court had to issue a bench warrant for his arrest. He urged the court to consider the strong possibility of the 2nd Defendant jumping bail and the concern of the prosecution that the trial would be stalled if one or more of the defendants is/are absent during trial.
After listening to the arguments from the parties, Hon. Justice Mojisola A. Dada granted bail to the defendants in the sum of N20 million each with one surety each in like sum. Each of the sureties must be gainfully employed by and must depose to affidavit of means. His Lordship also directed the defendants to deposit their international passports with the registrar of the court, pending the trial. They were released to their respective Senior Counsel pending the perfection of their bail papers. The case was then adjourned to 17th, 18th and 19th of March 2025 for commencement trial.
