Alleged N76bn Fraud: EFCC Arraigns Kuru, Four Other Defendants Plead Not Guilty
The Economic and Financial Crimes Commission (EFCC) has arraigned a former Managing Director of Assets Management Corporation of Nigeria (AMCON) Ahmed Kuru and four others for allegedly defrauding Arik Airline of N76 billion and another $31.5 million.
The other four defendants are a former Receiver Manager of Arik Airline Ltd, Kamilu Omokide (who is listed as the first defendant) Chief Executive Officer of the airline, Captain Roy Ilegbodu (listed as the third defendant), Union Bank Ltd (named as the fourth defendant) and a company, Super Bravo Ltd, which is named as the fifth defendant.
Union Bank was charged with one count of making false statements to public officers while the other four defendants were arraigned on a five-count charge bordering on theft, abuse of office, and stealing by dishonestly taking the property of another.
The defendants, however, pleaded not guilty at their arraignment.
Following their plea, counsel to the first and third defendants, Taiwo Osipitan (SAN), told the court that he had a pending application for the bail of his clients which had been filed on Nov. 28 and November 29, 2024.
Osipitan asked the court to grant his clients bail on liberal terms.
According to him, the first defendant has no criminal records and was currently on administrative bail as granted him by the EFCC which he never jumped.
He added that the first and third defendants had an opportunity to escape but did not.
Counsel to the EFCC, Wahab Shittu (SAN), raised objections to the grant of bail.
According to him, the two defendants were facing serious offences of economic sabotage and the temptation to leave the country was very high.
He, however, agreed with the counsel that they were presumed innocent pending the determination of the court. He instead suggested that the court grant an accelerated hearing of the case as well as the seizure of the defendants’ passports to ensure that they come for their trial.
The counsel to Kuru who is named as the second defendant, Olasupo Shasore (SAN), in his application for bail asked the court to also grant bail to his client on self-recognizance.
Shasore, in his bail application, supported by 17 paragraphs of affidavits, argued that bail application was to secure the attendance of defendants in court.
He said it was correct that the second defendant was placed on administrative bail by EFCC.
Shasore thereafter urged the court to grant bail to the defendant on self-recognition and also on the terms that were earlier given by the court when the bench warrant against him was set aside.
The prosecution in his counter affidavits dated January 17, opposed the bail application of the second defendant.
He said the second defendant’s application for bail was incompetent and should be struck out.
Shittu cited relevant laws to buttress his argument.
He said: “My lord the record of this court is to the effect that the second defendant, at one point absconded in which your lordship had to issue a bench warrant.
“Learned silk for the second defendant is not the defendant on trial and it is very unhealthy for a counsel to stand as a surety for a defendant.
“I urge my lord, in exercising his discretion to take all this into consideration because our concern is the appearance of the second defendant so that he does not abscond.”
After listening to the arguments from the parties, Justice Mojisola Dada granted bail to the defendants in the sum of N20 million each with one surety each in like sum.
Dada said the sureties must be gainfully employed and must depose to means of identification.
She also directed the defendants to submit their passports to the registrar of the court.
The defendants are to remain in the custody of their respective counsel pending the perfection of their bail conditions.
Justice Dada then adjourned to March 17 for the commencement of the trial.
The anti-graft agency alleged that sometime in 2011, Union Bank Nigeria with the intention of causing and/or inducing the unwarranted sale of Arik Air loans and bank guarantees, made false statements to the Assets Management Corporation of Nigeria regarding Arik Air Ltd’s performing loans ànd later transferred the sum of N71 billion to AMCON.
The commission also alleged that Kuru, Omokide, and Ilegbodu sometime in 2022, fraudulently converted to the use of NG Eagle Ltd the total sum of N4.9 billion.
The anti-graft agency also alleged that the CEO of Arik stole the sum of N22.5 million by fraudulently converting the same to the use of Magashi Ali Mohammed, a property of Arik Air Ltd.
The EFCC also alleged that the defendants obtained undue advantage for themselves and intentionally authorized the teardown and destruction of 5N-JEA with Serial No. 15058 valued at 31.5 million dollars, an arbitrary act, that was prejudicial to the economic stability of the Federal Republic of Nigeria and Arik Air Limited.
According to the prosecution, the alleged offences contravene Sections 73, 96, 278(1), and 278(6) of the Criminal Law of Lagos State 2015.
