Court orders arrest of ex-AMCON MD Ahmed Kuru over alleged fraud

An Ikeja Special Offences Court in Lagos has issued an arrest warrant for Ahmed Kuru, a former Managing Director of the Asset Management Corporation of Nigeria (AMCON), following his failure to appear for trial on Tuesday.

Justice Mojisola Dada, presiding over the case, issued the warrant after Kuru and his legal team were absent at the scheduled arraignment on a six-count charge of theft and abuse of office.

The Economic and Financial Crimes Commission (EFCC) filed the charges against Kuru, alongside Roy Ilegbodu, Managing Director of Arik Air; Kamilu Omokide, Receiver Manager of Arik Air; Union Bank of Nigeria; and Super Bravo Limited, a company.

The charges stem from a petition by Femi Falana, a Senior Advocate of Nigeria (SAN), filed on behalf of Johnson Arumemi, founder of Arik Air, and the airline’s shareholders.

The EFCC alleges that Union Bank misled AMCON regarding Arik Air’s loans and bank guarantees, resulting in the transfer of ₦71 billion to AMCON under false pretenses.

Kuru, Omokide, and Ilegbodu are accused of fraudulently diverting ₦4.9 billion from Arik Air for the establishment of NG Eagle Limited in 2022. The trio also allegedly authorized the destruction of a 5N-JEA aircraft valued at $31.5 million on February 12, 2022.

Further allegations include the theft of ₦22.5 million by Ilegbodu, purportedly converted for the use of one Magashi All Mohammed.

The EFCC also claims that Kuru and Omokide abused their positions by incorporating NG Eagle Limited in 2019 to gain undue advantage for themselves and their associates.

According to the charge sheet, Union Bank is accused of fabricating financial figures to facilitate the transfer of Arik Air loans to AMCON, misrepresenting the loans as non-performing to justify a ₦71 billion transaction.

One charge reads:
“That you, UNION BANK NIGERIA PLC, sometime in 2011 in Lagos, within the jurisdiction of this Honourable Court, with the intention of causing and/or inducing unwarranted sale of Arik Air loans and bank guarantees, made false statements to AMCON, leading to the transfer of a bogus figure of ₦71,000,000,000.00 to AMCON.”

The defendants are also accused of manipulating corporate and financial processes to divert funds and assets of Arik Air under AMCON’s receivership.

The court directed the EFCC to execute the arrest warrant to ensure Kuru and other defendants appear for trial. The case highlights significant concerns about corporate governance and financial transparency in Nigeria’s aviation sector.

Further hearings are expected to address these allegations and determine accountability.