The Economic and Financial Crimes Commission (EFCC) has arraigned the Former Managing Director of Assets Management Cooperation of Nigeria (AMCON), Ahmed Kuru, and four others for allegedly defrauding Arik Airline N76 billion and $31.5 million, respectively.

Kuru and other defendants were arraigned before Justice Mojisola Dada of a Lagos Special Offences Court, Ikeja.

Other defendants are: former Receiver Manager of Arik Airline Limited, Kamilu Omokide, the Chief Executive Officer of the airline, Captain Roy Ilegbodu, and Super Bravo Limited.

They were arraigned on a five-count charge bordering on theft, abuse of office, and stealing by dishonestly taking the property of another.
The defendants pleaded not guilty to all the counts charge.

Following their plea, the counsel to the first and third defendants, Prof Taiwo Osipitan (SAN) told the court that he had filed a bail application, dated November 28 and 29, 2024 for the two defendants.

Osipitan urged the court to grant the defendants bail on liberal terms.

He submitted the first defendant has no criminal records and that EFCC granted him administration bail and he never jumped.

He also said that the defendants had an opportunity to escape but they did not not do so. He therefore prayed the court to grant bail to the defendants on the liberal terms as given by the EFCC.

The prosecution counsel, Dr Wahab Shittu (SAN), told the court that he filed a counter-affidavit dated December 2, 2024.

He urged the court to dismiss their bail applications. Added that the two defendants are facing serious offences of economic sabotage.

He added that the temptation of the defendants to leave the country was very high. He suggested that an accelerated hearing be granted and the defendants’ international passports be seized by the court.

He said, “if my lord decides to be magnanimous to grant them bail, we shall be praying for stringent conditions because we are particular about their attendance in court.”

Also, the second defendant’s counsel, Mr Olasupo Shasore (SAN) in his motion for bail dated December 6, 2024, urged the court to grant bail to his client on self-recognition.

Shasore told the court that his client’s bail application was supported by 17 paragraphs of affidavits. He argued that bail application was to secure the attendance of defendants in court.

He noted that it was correct that the second defendant was placed on administrative bail by EFCC. He therefore prayed the court to grant bail to the defendant on self-recognition and on the terms given by the court when the bench warrant against him was set aside..

The prosecution also opposed the bail application of the second defendant. He said the second defendant’s application for bail was incompetent and and should be struck out.

Shittu 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.”

He said it is very unhealthy for a counsel to stand as a surety for a defendant. He therefore urged the court to exercise his discretion and consider all issues raised because of his concern appearance of the second defendant so that he does not abscond.

After listening to their arguments and submission, Justice Dada granted them bail in the sum of N20 million each with one surety each in like sum.

The judge said the sureties must be gainfully employed and deposed to means of identification.
She further ordered the defendants to submit their international passports to the registrar of the court.

The court also directed the defendants to remain in the custody of their respective counsel pending perfection of their bail conditions and adjourned to March 17, 2025, for the commencement of trial.

https://guardian.ng/business-services/entrepreneur/efcc-arraigns-ex-amcon-md-others-over-alleged-n76b-31-5m-fraud/ 2 Likes 2 Shares

Another fish don enter net.


-Kiss the truth!

A Receiver appointed under a special legal power to handle the affairs of a bankrupt company in extreme financial distress allegedly conspired and stole from the company he was brought in to save.

Unbelievable. Only in Nigeria.

It is like a specialist Consultnt brought in to save a dying patient allegedly conspiring with nurses to stick a knife through the heart of the patient.

₦‎76b, $31.5m Fraud.
That's about #124 billion in total!
...and they got a bail of #20m and just one surety in like sum?
#20 million is just 0.016% of the stolen money for fuccckk's sake!!
It's time for us to burn the existing laws and come up with new ones!

What are these individuals going to do with all this huge amount of money? At the end of the day, majority of it will still be in their accounts by the time they die. So, what is the end gain of this senseless looting?

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