EFCC arraigns AMCON MD, four others over alleged N76B fraud

The Economic and Financial Crimes Commission (EFCC) has arraigned Ahmed Kuru, former Managing Director of the Asset Management Corporation of Nigeria (AMCON), along with four others, for allegedly defrauding Arik Airline of N76 billion and $31.5 million.

The other defendants include Kamilu Omokide, the former Receiver Manager of Arik Airline Limited, Roy Ilegbodu, the Chief Executive Officer of the airline, and Super Bravo Limited.

The defendants face six counts of theft, abuse of office, and stealing by dishonestly taking the property of another. However, they pleaded not guilty to the charges.

Taiwo Osipitan, the defence counsel for the first and third defendants, informed the court of a motion for a bail application, requesting that the defendants be granted bail on liberal terms. Olasupo Shasore (SAN), counsel for the second defendant, also urged the court to grant bail to his client on self-recognition.

In response, the prosecution opposed the bail applications through counter-affidavits. EFCC Counsel, Mr Wahab Shittu (SAN) expressed concerns that the defendants might be tempted to leave the country.

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After hearing arguments from both parties, Justice Mojisola Dada granted bail to each defendant in the sum of N20 million with one surety in like sum.

The judge added that the sureties must be gainfully employed and provide proof of identification. Additionally, the defendants were ordered to submit their international passports to the court registrar.

The court further directed that the defendants remain in the custody of their respective counsel pending the fulfilment of their bail conditions. The trial is set to commence on March 17.

EFCC had in the charge alleged that Kuru, Omokide, and Ilegbodu fraudulently converted N4.9 billion to their use through NG Eagle Ltd in 2022.

The anti-graft agency further claimed that the CEO of Arik, Ilegbodu, stole N22.5 million by fraudulently converting it to the benefit of Magashi Ali Mohammed, a property of Arik Airline Ltd.

Ifeoma Okeke-Korieocha

Ifeoma Okeke-Korieocha is the Aviation Correspondent at BusinessDay Media Limited, publishers of BusinessDay Newspapers. She is also the Deputy Editor, BusinessDay Weekender Magazine, the Saturday Weekend edition of BusinessDay. She holds a BSC in Mass Communication from the prestigious University of Nigeria, Nsukka and a Masters degree in Marketing at the University of Lagos. As the lead writer on the aviation desk, Ifeoma is responsible and in charge of the three weekly aviation and travel pages in BusinessDay and BDSunday. She also overseas and edits all pages of BusinessDay Saturday Weekender. She has written various investigative, features and news stories in aviation and business related issues and has been severally nominated for award in the category of Aviation Writer of the Year by the Nigeria Media Nite-Out awards; one of the Nigeria’s most prestigious media awards ceremonies. Ifeoma is a one-time winner of the prestigious Nigeria Media Merit Award under the 'Aviation Writer of the Year' Category. She is the 2025 Eloy Award winner under the Print Media Journalist category. She has undergone several journalism trainings by various prestigious organisations. Ifeoma is also a fellow of the Female Reporters Leadership Fellowship of the Wole Soyinka Centre for Investigative Journalism.