Nigerians React As Court Allows Ex-AMCON Chief Facing ₦76bn Fraud Charges To Go Abroad

The Lagos State High Court in Ikeja has granted permission to Ahmed Kuru, former Managing Director of the Asset Management Corporation of Nigeria (AMCON), to travel to London, United Kingdom, for urgent medical care.....KINDLY READ THE FULL STORY HERE▶

Justice Mojisola Dada approved the request and ordered the release of Kuru’s international passport after hearing an application from his legal counsel, Oyinkan Badejo-Okusanya (SAN-designate). While the specific nature of the ailment was not revealed, Badejo-Okusanya emphasized that the matter required “extreme urgency.”

EFCC Flags Potential Aircraft Sale

Although the Economic and Financial Crimes Commission (EFCC), represented by counsel Wahab Shittu (SAN), did not oppose the travel request, it raised concerns over intelligence reports suggesting that Kuru and other defendants may be involved in efforts to sell aircraft linked to Arik Air—assets central to the ongoing criminal case.

“We have intelligence indicating that the first and third defendants are planning to sell some aircraft, some of which are located in France. We’re concerned this travel might be used to facilitate that,” Shittu told the court, urging that the status quo be maintained.

Defence Counters EFCC’s Concerns

In response, Badejo-Okusanya clarified that the EFCC’s concerns were not directly tied to her client and noted that Kuru’s travel destination is the UK, not France. Similarly, Olalekan Ojo (SAN), counsel to Union Bank, dismissed the EFCC’s claims as speculative and unsupported by any documents before the court.

“Union Bank remains a reputable institution and would never be involved in unethical conduct,” Ojo added.

Justice Dada, while noting the EFCC’s objections, declined to impose any restraining orders, citing the absence of concrete evidence to justify such a decision.

Background of the Case

In January 2025, the EFCC arraigned five defendants—Kamilu Omokide (former Receiver Manager of Arik Air), Ahmed Kuru, Captain Roy Ilegbodu (CEO of Arik Air), Union Bank, and Super Bravo Limited—on a six-count charge involving conspiracy, theft, and fraud.

The charges stem from allegations of defrauding Arik Air of ₦76 billion and $31.5 million, including misuse of office, illegal fund transfers, and actions detrimental to Nigeria’s economy. All defendants pleaded not guilty and were granted ₦20 million bail each, alongside a surety and passport submission.

Key Allegations

• In 2011, Union Bank allegedly misrepresented Arik Air’s loan status to AMCON, prompting a ₦71 billion transfer.

• In 2022, Kuru, Omokide, and Ilegbodu were accused of diverting ₦4.9 billion to NG Eagle Ltd and ₦22.5 million to a third party.

• The EFCC further alleged economic sabotage, including the dismantling of aircraft 5N-JEA (serial number 15058), valued at $31.5 million.

The offences reportedly contravene Sections 73, 96, 278(1), and 278(6) of the Lagos State Criminal Law, 2015.

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