An Ikeja Special Offences Court on Monday granted N20 million bail to Ahmed Kuru, former Managing Director of Assets Management Corporation of Nigeria (AMCON), Ahmed Kuru, and four other defendants standing trial for alleged Arik Airline N76 billion and $31.5 million fraud.

The other defendants in the trial are Kamilu Omokide, former Receiver Manager of Arik Airline Ltd; Roy Ilegbodu, Chief Executive Officer of the airline; Union Bank and Super Bravo Ltd.

Mojisola Dada granted the defendants bail in the sum of N20 million with one surety each after hearing arguments for bail by their respective lawyers.

Recall that in December 2024, the Economic and Financial Crimes Commission (EFCC) filed charges against Ahmed Kuru, former Managing Director of the Asset Management Corporation of Nigeria (AMCON), and several top executives of Arik Air, including Roy Ilegbodu and Kamilu Omokide, over their involvement in an alleged N76 billion loan fraud.

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The accused individuals faced trial for their roles in a scandal. The charges stem from fraudulent financial activities, including misleading AMCON about Arik Air’s loan performance and the illegal conversion of company assets for personal use.

The case was brought before Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, on Thursday, December 12, 2024. The court adjourned the proceedings to January 20, 2025, for the formal arraignment of Ahmed Kuru, former MD of AMCON, who had failed to appear for the initial arraignment.

 

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.

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