On Monday, an Ikeja Special Offences Court approved a N20 million bail for Ahmed Kuru, the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), along with four other individuals who are facing trial for their alleged involvement in a N76 billion and $31.5 million fraud linked to Arik Airlines.
The other accused in the case include Kamilu Omokide, the former Receiver Manager of Arik Airlines, Roy Ilegbodu, the airline’s CEO, as well as Union Bank and Super Bravo Ltd.
Justice Mojisola Dada, who presided over the hearing, granted each defendant bail of N20 million with one surety required for each. This decision came after the respective defense counsels presented arguments in favor of bail.
The case stems from a charge filed by the Economic and Financial Crimes Commission (EFCC) in December 2024, accusing Kuru and other senior Arik Air officials of being involved in a fraudulent loan transaction worth N76 billion.
Read also: EFCC moves to seize assets of key figures in Arik fraud scandal
The allegations against the accused involve manipulating AMCON into believing Arik Air’s loan repayment performance was better than it was and the illegal diversion of company assets for personal gain. The trial is set to continue after a delay in December 2024 when Kuru failed to appear for the initial arraignment. The next court session has been scheduled for January 20, 2025.
