The Economic and Financial Crimes Commission (EFCC) has arraigned Ahmed Kuru, the former Managing Director of the Assets Management Corporation of Nigeria (AMCON), alongside four others, for allegedly defrauding Arik Airline of N76 billion and $31.5 million.
Kuru and the other defendants appeared before Justice Mojisola Dada at the Lagos Special Offences Court in Ikeja.
The other defendants include Kamilu Omokide, a former Receiver Manager of Arik Airline Limited; Captain Roy Ilegbodu, the airline’s Chief Executive Officer; and Super Bravo Limited. They face a five-count charge, including theft, abuse of office, and dishonestly misappropriating property.
All defendants pleaded not guilty to the charges.
Following the plea, counsel for the first and third defendants, Prof. Taiwo Osipitan (SAN), informed the court that bail applications had been filed on November 28 and 29, 2024, for his clients.
Osipitan urged the court to grant bail on liberal terms, arguing that the first defendant has no criminal record and had previously honored administrative bail granted by the EFCC without absconding. He emphasized that the defendants had opportunities to flee but chose to stay, demonstrating their willingness to comply with the law.
Prosecution counsel, Dr. Wahab Shittu (SAN), opposed the bail applications, citing a counter-affidavit filed on December 2, 2024. Shittu urged the court to reject the bail applications, emphasizing the severity of the economic sabotage charges against the defendants.
He stated, “The temptation for the defendants to leave the country is very high.” Shittu proposed that the court seize the defendants’ international passports and prioritize an accelerated trial. He added, “If my lord decides to be magnanimous to grant them bail, we shall be praying for stringent conditions because we are particular about their attendance in court.”
Separately, counsel for the second defendant, Mr. Olasupo Shasore (SAN), also filed a motion for bail dated December 6, 2024. He requested that his client be granted bail on self-recognition, supporting his plea with a 17-paragraph affidavit. Shasore argued that the purpose of bail is to ensure the defendant’s attendance in court.
He further noted that his client had been placed on administrative bail by the EFCC and prayed the court to extend similar terms. He added that the bench warrant previously issued against the second defendant had been set aside under specific conditions, which should be maintained.
However, the prosecution opposed Shasore’s motion, labeling it incompetent and urging the court to strike it out. Shittu argued, “My lord, the record of this court is to the effect that the second defendant, at one point, absconded, in which your lordship had to issue a bench warrant.”
Shittu also cautioned against allowing defense counsel to act as sureties for defendants, calling it “unhealthy.” He urged the court to exercise discretion in ensuring the second defendant complies with court proceedings and does not abscond again.
After hearing the arguments, Justice Dada granted bail to all defendants. Each was required to provide a bail bond of N20 million, with one surety in the same amount. The judge specified that the sureties must be gainfully employed and provide verifiable identification documents.
Additionally, the defendants were ordered to surrender their international passports to the court registrar. The court instructed that the defendants remain in the custody of their respective counsel until they fulfill the bail conditions.
The case was adjourned to March 17, 2025, for trial commencement.
