Court Adjourns Ex-AMCON MD Ahmed Kuru’s Fraud Trial to December

The Lagos State Special Offences Court sitting in Ikeja has adjourned the alleged fraud trial involving former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and five others until December 3 and 10, 2026, for continuation of proceedings.

The adjournment followed the continuation of cross-examination of the fourth prosecution witness, Bawa Usman Kaltungo, an Economic and Financial Crimes Commission (EFCC) investigator, by defence counsel Olasupo Shasore, SAN.

During Wednesday’s proceedings, Kaltungo maintained that the EFCC investigated both the complainant and the defendants following a petition concerning Arik Air’s debts and funds.

The defence questioned the witness about whether investigators had interviewed Arik Air’s chairman and promoter, Sir Johnson Arumemi-Ikhide, and presented documents relating to the management of the airline’s indebtedness.

Counsel also tendered an extract from AMCON’s 78th board meeting, which reportedly contained approval for the establishment of NG Eagle Limited and its budgeted expenditure. The document was presented to challenge the prosecution’s allegation that Kuru independently authorised the expenditure.

The witness urged the court to disregard the document.

The EFCC investigator also maintained that the loans allegedly acquired by AMCON from Union Bank of Nigeria were non-existent and disputed that Arik Air was indebted to either Union Bank or AMCON.

Kuru is standing trial alongside former Arik Air receiver-manager Kamilu Alaba Omokide, airline chief executive Captain Roy Ilegbodu, Union Bank of Nigeria Plc and Super Bravo Limited on a six-count charge bordering on alleged conspiracy, stealing and abuse of office.

One of the charges alleges that Union Bank made false representations to AMCON in 2011 concerning Arik Air’s loans and bank guarantees, resulting in the transfer of an allegedly fictitious debt of ₦71 billion.

Another count accuses Kuru, Omokide and Ilegbodu of fraudulently converting ₦4.9 billion belonging to Arik Air for the benefit of NG Eagle in 2022.

The defendants have pleaded not guilty to the charges.

The case followed a petition by human rights lawyer Femi Falana, SAN, on behalf of Arik Air’s promoters and shareholders.

The court fixed December 3 and 10, 2026, for continuation of trial. The allegations have yet to be established in court, and the defendants are presumed innocent unless proven guilty.