The Lagos State Special Offences Court in Ikeja has adjourned the fraud trial of former Managing Director of the Asset Management Corporation of Nigeria, Ahmed Kuru, and four others to March 19, 2025.
Kuru, alongside Kamilu Omokide, a former receiver manager of Arik Air Ltd; Captain Roy Ilegbodu, the airline’s CEO; Union Bank Ltd; and Super Bravo Ltd, is facing trial over allegations of defrauding Arik Air of N76 billion and $31.5 million.
The charges, filed by the Economic and Financial Crimes Commission, include theft, abuse of office, and dishonestly taking another’s property.
During Monday’s proceedings, Justice Mojisola Dada presided over the hearing, which featured testimony from the first prosecution witness, Mr. Peter Omokaro, a former Union Bank Plc employee.
The defendants, all of whom have pleaded not guilty, were granted bail set at N20 million each, with one surety in like sum.
Leading the prosecution, EFCC counsel Dr. Wahab Shittu (SAN) called Omokaro to testify. Omokaro, who worked at Union Bank from 1980 to 2015 and rose to the position of assistant general manager of treasury, provided insights into the financial transactions at the heart of the case.
He clarified that Union Bank had only guaranteed financing for Arik Air’s aircraft acquisitions from Airbus and Boeing, secured through foreign lenders HSBC and US EXIM Bank.
According to Omokaro, the bank did not directly disburse any cash for the purchases.
He recounted that in August 2009, following the Central Bank of Nigeria’s intervention in Union Bank’s operations, AMCON became involved in the matter.
By early 2011, Union Bank had sold its guarantee to AMCON, leading to a meeting in London between Union Bank, AMCON, HSBC, and US EXIM Bank—without Arik Air’s participation.
“At no point did Union Bank disburse cash for the acquisition of the aircraft,” Omokaro stated during his testimony.
Following his statements, the prosecution moved to submit five documents related to the transaction, which the court accepted as evidence.
During cross-examination, Professor Taiwo Osipitan (SAN), representing the first and third defendants, questioned Omokaro about the London meeting. Omokaro confirmed that neither Kuru nor the third defendant were present at the discussions.
Responding to inquiries from Olasupo Shasore (SAN), counsel for Kuru, Omokaro noted that the financial transaction in question occurred in 2010, before Kuru assumed office as AMCON’s managing director.
He also confirmed that the third defendant was not in his current role at the time.
Further cross-examination by Union Bank’s counsel, Mr. Olalekan Ojo (SAN), touched on Omokaro’s past legal conflict with the bank. Omokaro acknowledged that he had sued Union Bank in 2011 after his dismissal.
Ojo also submitted a statement from Omokaro related to the investigation, which was added to the case records.
Following these developments, Justice Dada scheduled the next hearing for March 19, 2025, for the continuation of the trial.
