RismadarVoice Reporters
May 19, 2026
Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, has adjourned further hearing in the alleged N76 billion and $31.5 million fraud trial involving former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and others till June 25 and July 7, 2026.
Kuru is standing trial alongside Kamilu Alaba Omokide, Roy Ilegbodu, Union Bank of Nigeria Plc and Super Bravo Limited on a six-count charge bordering on conspiracy, stealing and abuse of office, filed by the Economic and Financial Crimes Commission (EFCC).
One of the charges alleges that Union Bank, in 2011, made false representations to AMCON regarding Arik Air’s loan status, leading to the transfer of an alleged bogus sum of N71 billion to the corporation.
Another count accuses Kuru, Omokide and Ilegbodu of fraudulently converting N4.9 billion belonging to Arik Air Limited for the benefit of NG Eagle Limited.
At Tuesday’s proceedings, the fourth prosecution witness, Usman Bawa Kaltungo, during cross-examination by defence counsel, Prof. Taiwo Osipitan (SAN), stated that AMCON only acquires secured non-performing loans from banks.
The prosecution team, led by Wahab Shittu (SAN), objected to the admissibility of some documents tendered by the defence because they were photocopies and uncertified.
“It is a photocopy. On that basis, it is inadmissible; it lacks certification,” the prosecution argued.
However, Justice Dada ruled that since the originals were in the custody of the EFCC and had been identified by the witness, they should be produced when required. The documents were subsequently admitted and marked as Exhibit P53.
During the hearing, the witness read portions of a letter written by AMCON to the EFCC seeking intervention to prevent the arraignment of some AMCON officials, stating that actions taken by the corporation and receiver managers were decisions of AMCON’s Board of Directors.
The witness also told the court that no funds linked to the alleged fraud were traced to the personal accounts of the first and third defendants.
“None,” he replied when asked whether proceeds of the alleged fraud were found in their personal accounts.
Kaltungo further confirmed that documents before the court showed that the debts in question were being serviced, adding that no bank had produced contrary evidence.
The defence tendered additional court documents and internal memoranda relating to Arik Air and NG Eagle Limited, some of which were admitted as exhibits despite objections from the prosecution.
The witness maintained that the N4.9 billion allegedly diverted represented revenue generated from Arik Air operations during receivership and ought to have been used to service the airline’s loan obligations.
He also stated that investigators were unable to obtain documentary evidence to support claims that certain expenditures, including a Bahamas trip allegedly undertaken by one of the parties involved, were official.
The matter was thereafter adjourned till June 25 and July 7, 2026, for continuation of the trial.
