The Ikeja Special Offences Court has granted bail of ₦20 million each to Ahmed Kuru, former Managing Director of the Assets Management Corporation of Nigeria (AMCON), and four other defendants, who are on trial for an alleged fraud involving Arik Airline amounting to ₦76 billion and $31.5 million. The other defendants include Kamilu Omokide, former Receiver Manager of Arik Airline Ltd.; Captain Roy Ilegbodu, the airline’s CEO; Union Bank; and Super Bravo Ltd. Justice Mojisola Dada ruled that each defendant must provide one surety in the same amount.
The Economic and Financial Crimes Commission (EFCC) had filed six criminal charges against Kuru, Union Bank, and others in October 2024. The charges accuse the defendants of mismanaging funds belonging to Arik Air Limited, totaling a massive N130 billion. The case, titled Federal Republic of Nigeria vs. Kamilu Alaba Omokide & Others, lists the defendants in order, with Kuru being the second.
Kuru’s bail follows his appearance in court on December 12, 2024, where his lawyer, Olasupo Shashore, SAN, apologized for his previous absence. The case continues to draw significant attention due to the scale of the alleged financial misconduct.