Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on Wednesday admitted additional documentary evidence in the alleged N76 billion and $31.5 million fraud trial involving a former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and others.
Kuru is standing trial alongside Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank of Nigeria Plc, and Super Bravo Limited on a six-count charge bordering on conspiracy, stealing and abuse of office, instituted by the Economic and Financial Crimes Commission (EFCC).
One of the counts alleges that Union Bank, in 2011, made false representations to AMCON concerning the status of performing loans and bank guarantees granted to Arik Air Limited, leading to the transfer of an alleged bogus sum of N71 billion to AMCON.
Another charge alleges that Kuru, Omokide (as Receiver Manager of Arik Air), and Ilegbodu (Chief Executive Officer of Arik Air in Receivership) fraudulently converted N4.9 billion belonging to Arik Air for the benefit of NG Eagle Limited in 2022.
At the resumed hearing, the fourth prosecution witness, Usman Bawa Kaltungo, Acting Zonal Director, Lagos Zonal Directorate 2 of the EFCC, continued his examination-in-chief led by Wahab Shittu, SAN.
Kaltungo told the court that during the investigation, the first defendant petitioned the Attorney-General of the Federation and Minister of Justice, alleging harassment and seeking a halt to the probe. He said the petition, dated March 28, 2024, was investigated by the Federal Ministry of Justice, which subsequently issued a legal opinion signed by the Solicitor-General and Permanent Secretary.
The prosecution tendered certified true copies of the petition, the legal opinion and 39 annexures. Justice Dada admitted them as Exhibit P46.
The witness further testified that the investigation extended to the Central Bank of Nigeria (CBN), from which the EFCC obtained certified minutes of the 494th meeting of the Committee of Governors concerning the decision to appoint a receiver manager for Arik Air. The court admitted the CBN document as Exhibit P47.
According to Kaltungo, the meeting, chaired by former CBN Governor Godwin Emefiele, resolved that urgent intervention was required to prevent the collapse of Arik Air, which at the time reportedly accounted for about 60 per cent of domestic passenger traffic.
The witness also testified that investigators recovered a public statement allegedly made by Kuru and aired on Channels Television. A flash drive containing the broadcast and a certificate of compliance were admitted as Exhibit P48.
Kaltungo further alleged that funds belonging to Arik Air were diverted to offset insurance liabilities for another airline, Umza Aviation Services. However, when the prosecution sought to tender a certified true copy of the Certificate of Insurance issued in favour of Umza, defence counsel objected on grounds of relevance.
After hearing arguments from both sides, Justice Dada ruled that the document was not tied to any of the six counts before the court and rejected it for the time being.
The court subsequently admitted as Exhibit P49 a certified loan account statement from AMCON relating to Arik Air in receivership. The witness testified that the account showed no evidence of loan servicing during the receivership period, with interest continuing to accrue, prompting AMCON to issue a demand notice.
Justice Dada adjourned further proceedings to February 26, 2026.
