IKEJA, Nigeria – Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, has adjourned further hearing in the multi-billion Naira fraud trial involving the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, until June 25, 2026.
Okay News reports that the decision was reached on Tuesday, May 19, 2026. Kuru is facing prosecution by the Economic and Financial Crimes Commission (EFCC) alongside Kamilu Alaba Omokide (former Receiver Manager of Arik Air), Captain Roy Ilegbodu (former CEO of Arik Air in Receivership), Union Bank of Nigeria Plc, and Super Bravo Limited. The defendants are being tried on a six-count charge bordering on conspiracy, stealing, and abuse of office regarding the financial assets and operational management of Arik Air Limited.
The anti-graft agency alleges that Union Bank falsely manipulated Arik Air’s loan data in 2011 to induce an unwarranted sale of the airline’s portfolio to AMCON, moving a bogus figure of ₦71 billion. Furthermore, the executive defendants are accused of dishonestly converting ₦4.9 billion of Arik Air’s assets in 2022 to kickstart a separate entity, NG Eagle Limited, without lawful authorization.
During Tuesday’s proceedings, defense counsel Prof. Taiwo Osipitan, SAN, cross-examined the fourth prosecution witness, Usman Bawa Kaltungo. The witness clarified that AMCON’s institutional mandate strictly restricts it to purchasing secured non-performing loans rather than assuming random corporate debts. Tension flared in the courtroom when the prosecution team, led by Wahab Shittu, SAN, fiercely objected to the defense attempting to tender photocopies of official letters written to the EFCC, citing a lack of legal certification. Justice Dada ultimately admitted the documents as Exhibit P53, ordering the EFCC to produce the original copies from its files at the next session. Under further questioning, the witness admitted that the disputed actions were officially rubber-stamped by AMCON’s Board of Directors and confirmed that no stolen funds had been directly traced to the personal bank accounts of Kuru or the other executive defendants.
