₦76bn, $31.5m Fraud: Court Adjourns Trial Of Ex-AMCON Boss, Union Bank, Arik Executives To July 1
Justice Mojisola Dada of the Special Offences Court sitting in Ikeja has adjourned further hearing in the ongoing trial of former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Mallam Ahmed Kuru, and four others to July 1, 2025.
Kuru is being tried alongside Capt. Roy Ilegbodu (Managing Director of Arik Air), Kamilu Omokide (Receiver Manager of Arik Air), Union Bank Nigeria Plc, and Super Bravo Limited on a six-count charge bordering on conspiracy, stealing, and abuse of office involving over ₦76 billion and $31.5 million.
At Monday’s hearing, the third prosecution witness, Muhammed Abbas Jega, a former Executive Director of Credits at AMCON, told the court that Arik Air’s debt was ultimately reclassified as non-performing, contradicting his earlier claim that the loan was performing at the time of AMCON’s acquisition.
Jega disclosed that AMCON acquired ₦85 billion worth of Arik loans from Union Bank and Bank PHB, and also injected an additional ₦11 billion as working capital into the airline. Despite these interventions, he said Arik failed to meet its obligations until his departure from AMCON in 2015.
He further stated, “Though I acted with board approval during my tenure, I never personally reviewed the Loan Purchase Agreement detailing Arik’s credit history, particularly from Union Bank.”
Jega accused Union Bank of misleading AMCON during the transaction, stating that concerns only became apparent after a meeting in London involving Arik and AMCON executives. However, he admitted he did not escalate these red flags to AMCON’s board or the Central Bank of Nigeria.
When questioned further, he acknowledged that only Union Bank was directly involved in the loan acquisition and restructuring process, distancing the other defendants from those specific transactions.
The trial continues on July 1, 2025.
