Alleged N76bn and $31.5m fraud: Court Adjourns Ex-AMCON MD, Kuru, Others’  Trial Till June 4

Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on Wednesday, May 28, 2025, adjourned till June 4, 2025 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. 

Kuru , alongside Capt. Roy Ilegbodu, Managing Director of Arik Air, Kamilu Omokide, Receiver Manager of Arik Air, Union Bank Nigeria Plc and Super Bravo Limited is facing trial 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 Wednesday , the second prosecution witness , PW2, Austine Obigwe, a former  Group Executive Director of Union Bank Plc, stated that in 2011, two years after he exited Union Bank,  Arik Air was indebted to his company, Staal, to the tune of $2.3m.

 He, however, said: “I am not interested in collecting it.  I wrote it off when I discovered that Arik Air started having challenges.”

During cross-examination by the defence counsel, including Olasupo Shasore, SAN (for the second defendant); Olalekan Ojo, SAN (for the fourth defendant); and Tayo Oyedepo, SAN (for the fifth defendant),  the  PW2 also confirmed that following his exit from Union Bank, he began consultancy engagements with Arik Air and other companies.

When asked whether the founder of Arik Air, Johnson Arumemi-Ikhide, was a personal acquaintance, he responded in the affirmative.

He, however, added  that “ I currently don’t have any formal relationship with the airline, I maintain a relationship with Arumemi-Ikhide.”

Obigwe stated that he participated in an inspection of 26 aircraft belonging to Arik Air in 2009, and found them to be airworthy and in good condition based on assessments provided by Lufthansa.

“I had no reason to doubt Lufthansa’s evaluation,” he said, adding that the purpose of the inspection was to ensure that the airline’s fleet had not been depleted.

When asked about the airline’s compliance with its loan obligations, Obigwe testified that during his tenure at Union Bank, there were no complaints from other financial institutions suggesting that Arik Air was defaulting on its loan obligations.

He also confirmed that Arik Air was servicing its loan with Union Bank during his tenure.

Responding to a letter dated April 23, 2009, allegedly written by AMCON to Union Bank concerning a N46.11 bn debt owed by Arik Air, the witness stated that the letter was not brought to his attention while he was still with the bank.

When asked to speak about the character and management of Arik Air, the witness said: “I can only speak for the period I was there. When I was in Union Bank, Arik Air was one of the best companies.”

Also, when asked about the options available to lenders when a loan becomes non-performing, Obigwe said that the lender might choose to transfer the loan to another bank, reassign it, or enforce the security tied to the loan.

“ A lender is legally empowered to dispose of the security in the event of default by the borrower,” he added.

The matter was adjourned till June 4, 2025 for the continuation of trial.