Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on Monday, June 30, 2025, adjourned till July 1, 2025, further hearing in the trial of Mallam Ahmed Kuru, a former Managing Director of the Asset Management Corporation of Nigeria (AMCON), and four others over alleged financial misconduct involving N76 billion and $31.5 million.
The trial, being prosecuted by the Economic and Financial Crimes Commission (EFCC), involves serious allegations of conspiracy, stealing, and abuse of office. The defendants are facing a six-count charge in connection with the alleged diversion and mismanagement of public funds.
Kuru is being tried alongside Captain Roy Ilegbodu, Managing Director of Arik Air; Kamilu Omokide, Receiver Manager of Arik Air; Union Bank Nigeria Plc; and Super Bravo Limited. The charges stem from the alleged fraudulent handling of funds and assets related to the operations and receivership of Arik Air, a major Nigerian airline that was taken over by AMCON in 2017 due to its massive debt profile.
According to the EFCC, the accused persons allegedly conspired to divert billions of naira and millions of dollars meant for the recovery and stabilization of the airline, thereby abusing their positions and violating their fiduciary duties.
During Monday’s proceedings, the prosecution was expected to continue presenting its case, but the matter was adjourned due to procedural reasons.
Justice Dada ordered all parties to return to court on Tuesday, July 1, 2025, for continuation of trial. The adjournment underscores the high-profile nature and complexity of the case, which has drawn public attention due to the magnitude of the alleged fraud and the involvement of prominent corporate and public sector figures.
The EFCC has vowed to pursue the matter to its logical conclusion, insisting that no one is above the law and that the commission remains committed to ensuring accountability in the management of public resources.
