N76bn fraud: Court sets aside arrest warrant against Kuru

Former managing director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, will be arraigned on January 20, 2025, before Ikeja Special Offences Court in Lagos over an alleged N76 billion and $31.5 million fraud after the court sets aside arrest warrant.

Also, Managing Director of Arik Air; Kamilu Omokide, receiver manager of Arik Air; Union Bank Nigeria Plc; and Super Bravo Limited will also be arraigned alongside Kuru following a petition filed by Femi Falana, a senior advocate of Nigeria (SAN), on behalf of Johnson Arumemi, the founder of Arik Air, and the airline’s shareholders.

Kuru and his legal team failed to turn up at the court on Thursday, prompting the trial judge, Mojisola Dada, to order his arrest.

Kuru’s counsel, Olasupo Shasore, in a motion on notice, signed an undertaking and assured the court that he would produce his client for an arraignment on January 20, 2025. Wahab Shittu, the prosecution counsel, did not object to the application.

“My lord, if the learned silk is assuring the court that the second defendant will be available on January 20 for his arraignment, we will not object to the application,” he said.

“We could not contact him the way others were contacted, and his counsel has signed an undertaking that he will produce him. Knowing the consequences of the undertaking, the prosecution will not be objecting to the revocation of the bench warrant against the second defendant.”

Consequently, Dada, in a short ruling, set aside the bench warrant earlier issued against Kuru and adjourned the matter to January 20.

The Economic and Financial Crimes Commission (EFCC) accused Union Bank of “making false statements” to AMCON regarding Arik Air’s loans and bank guarantees, adding that false statements resulted in the transfer of N71 billion to AMCON. The EFCC accused Kuru, Omokide, and Ilegbodu of stealing and “fraudulently converting N4.9 billion for the use of NG Eagle Limited in 2022”.

EFCC also accused Kuru and Omokide of intentionally incorporating NG Eagle Limited for the purpose of obtaining an undue advantage for themselves and their cronies after Kuru, Omokide, and Ilegbodu authorised the destruction of 5N-JEA aircraft valued at $31.5 million on February 12, 2022.