N76bn Fraud Allegations: Ex-AMCON MD, Co-Defendants Get Passports for Medicals

A Special Offences Court in Ikeja, Lagos, presided over by Justice Mojisola Dada, has granted applications from Ahmed Kuru, the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), and two other individuals, for the temporary release of their international passports. This will enable them to seek medical treatment overseas.

Kuru, along with Kamilu Omokide, Capt Roy Ilegbodu, Union Bank of Nigeria Plc, and Super Bravo Limited, is currently facing a six-count charge initiated by the Economic and Financial Crimes Commission (EFCC). The charges include conspiracy, stealing, and abuse of office, stemming from an alleged financial misconduct totaling N76 billion and $31.5 million.

The EFCC's allegations state that in 2011, Union Bank purportedly misled AMCON regarding the true status of Arik Air Limited’s performing loans, leading to the transfer of an allegedly inflated loan portfolio valued at N71 billion to AMCON. Furthermore, the anti-graft agency claims that Kuru, Omokide (who served as Arik Air’s Receiver-Manager), and Ilegbodu (the airline’s Chief Executive Officer during its receivership) fraudulently diverted N4.9 billion belonging to Arik Air to NG Eagle Limited in 2022.

During the court session on Tuesday, Professor Taiwo Osipitan (SAN), counsel for the first and third defendants, informed the court about the filed applications seeking the temporary release of his clients' passports for medical trips abroad. The counsel for the second defendant also presented a similar request for his client.

In response, Wahab Shittu (SAN), representing the prosecution, informed the court that the EFCC did not object to the applications. However, he emphasized the need for an expedited hearing of the substantive criminal case. Justice Dada subsequently ruled in favour of the applications, ordering the interim release of the international passports to the concerned defendants for their medical journeys. The case has been adjourned to October 26, 2026, which was the previously scheduled date for the continuation of the trial.

At the preceding hearing on June 25, 2026, the court accepted as evidence a Certified True Copy of the Court of Appeal judgment. This judgment affirmed the legality of AMCON’s appointment of a Receiver-Manager for Arik Air Limited, as Bawa Kaltungo, the EFCC’s fourth prosecution witness and Director of the Lagos Zonal Directorate 2, continued his testimony in the ongoing trial involving Ahmed Kuru and four others. The judgment was presented during the cross-examination of Kaltungo by Professor Osipitan.

The defence counsel confronted the witness with the appellate court’s decision, which had set aside an earlier judgment relied upon by Arik Air’s promoter and complainant, Sir Johnson Arumemi-Ikhide, to contest the legality of the receivership. The appellate court's ruling reaffirmed the powers vested in AMCON’s appointed Receiver-Manager to administer the airline’s affairs. Kaltungo, however, maintained that this Court of Appeal decision did not impact the findings of the EFCC’s investigation or alter Arik Air’s ownership structure, asserting that ownership remained with its shareholders despite the receivership arrangement. He explicitly stated that “the appointment of a receiver-manager does not transfer ownership of the company to the Federal Government.”

The proceedings further delved into the prosecution’s allegation that Kamilu Omokhide and Capt Roy Ilegbodu unlawfully authorized the dismantling of an aircraft, identified as 5N-JEA, Serial Number 15058, valued at approximately $31.5 million. Under cross-examination, Kaltungo acknowledged that the commission’s investigations did not reveal any proceeds from the aircraft’s teardown being traced to the personal accounts of either Omokhide or Ilegbodu. “I have said it before that no money was traced to their personal accounts,” the witness reiterated. Despite this concession, he insisted that the aircraft’s dismantling was unlawful and remained a crucial aspect of the prosecution’s case. The defence then presented documents, purportedly showing that JEM Leasing Limited, the alleged owner of the aircraft, had authorized its teardown. Kaltungo, however, questioned the authenticity of these documents, noting that the supposed authorization letter lacked the company’s official letterhead.

The court also admitted a Certified True Copy of a Federal High Court judgment delivered by Justice Alexander Owoeye in Suit No. FHC/L/CS/1141/2024. The defence argued that this judgment recognized Captain Samuel Caulcrick, Capt Isiaka Oyeshina Akinfenwa, and other personnel involved in the teardown as acting under authority granted by the aircraft’s owners. Additionally, a board resolution from AMCON, which authorized and ratified the establishment, transfer, and allotment of shares in NG Eagle Limited, including shares allocated to Capt Ilegbodu, was accepted as evidence. The court also heard testimonies concerning claims that about N4.9 billion from Arik Air’s assets was diverted to establish NG Eagle instead of being used to settle Arik Air’s debts. Kaltungo maintained that financial records obtained during the investigation indicated that these funds were not applied towards servicing the airline’s outstanding debts.