Ex-AMCON MD, Kuru’s trial adjourned in alleged ₦76b, $31.5m fraud case

The Particular Offences Court in Ikeja, Lagos, postponed extra court cases within the fraud trial of aged AMCON Managing Director Mallam Ahmed Kuru and four others till July 1, 2025. The case involves allegations of conspiracy, stealing, and abuse of situation of enterprise linked to roughly ₦76 billion and $31.5 million.

Kuru faces bills alongside Captain Roy Ilegbodu, Managing Director of Arik Air; Kamilu Omokide, Arik Air’s Receiver Manager; Union Bank Nigeria Plc; and Magnificent Bravo Shrimp. The six-depend stems from the handling of Arik Air’s debts, which AMCON got.

At some level of Monday’s resumed listening to, the third prosecution inquire, Muhammad Abbas Jega, a aged AMCON Executive Director guilty of Credits, testified that the debt owed by Arik Air used to be labeled as non-performing. Jega, who had earlier acknowledged the mortgage used to be performing, changed his problem after extra defective-examination, acknowledging that AMCON bought an N85 billion debt from Union Bank and Bank PHB and prolonged an extra N11 billion as working capital to Arik Air.

Jega acknowledged despite these interventions and funds from the Bank of Industry assured by AMCON, Arik Air didn't fulfill its compensation duties by the level he left AMCON in 2015.

He outlined, “Though I served as Executive Director, Credits, AMCON, and acted with the Board’s approval, I never observed the Loan Score Settlement outlining info of the Arik mortgage, particularly from Union Bank.”

He added, “As of my departure in 2015, the Arik mortgage used to be non-performing.”

Jega furthermore accused Union Bank of misleading AMCON, asserting it grew to radically change evident completely after a gathering in London between Arik’s representatives and AMCON’s Executive Administration that issues with the mortgage recall surfaced. Nonetheless, he failed to define why he failed to report these issues to AMCON’s Board or the Central Bank of Nigeria.

Additional, Jega confirmed Arik Air and its promoters held a host of loans with AMCON aside from the one assured by the bank.

Below extra questioning, he acknowledged that aside from Union Bank, the a host of defendants were now not fascinated by acquiring or restructuring the Arik mortgage.

The court adjourned the trial to July 1, 2025, for continuation.