The Economic and Financial Crimes Commission (EFCC), has arraigned a former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru and four others before a court for alleged fraud on Monday.
The four co-defendants include Kamilu Omokide, a Receiver Manager of Arik Airline Ltd; Captain Roy Ilegbodu, the Chief Executive Officer of the airline; Union Bank Ltd; and a company, Super Bravo Ltd.
This was confirmed in a statement which was shared as a post on the agency’s official X handle.
They were arraigned before Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, on a six-count charge bordering on alleged theft of properties belonging to Arik Air and abuse of office.
They pleaded not guilty when the charges were read to them.
While the defendants appealed for bail on liberal terms, the EFCC counsel Wahab Shittu (SAN) opposed the bail applications, arguing that the defendants were accused of severe economic sabotage and posed a flight risk.
He then proposed that strict conditions be imposed on them including seizure of their passports.
The Allegations
According to EFCC, the alleged fraud involves several schemes dating back to 2011 and more recent actions in 2022:
Union Bank’s False Statements: The bank allegedly made false claims to AMCON regarding Arik Air’s performing loans, which led to the unwarranted sale of the airline’s loans and guarantees.
Fraudulent Conversion: Kuru, Omokide, and Ilegbodu are accused of fraudulently diverting N4.9 billion to the use of NG Eagle Ltd, a spinoff airline.
Stolen Funds: Captain Roy Ilegbodu allegedly converted N22.5 million belonging to Arik Air Ltd for the use of Magashi Ali Mohammed.
Aircraft Destruction: The defendants are accused of authorizing the teardown and destruction of Arik Air’s 5N-JEA aircraft, valued at $31.5 million, causing significant economic harm.
