By Seun Ibiyemi
Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on Tuesday adjourned further hearing in the alleged N76 billion and $31.5 million fraud trial involving former Managing Director of Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and others till June 25, 2026.
Kuru is standing trial alongside Kamilu Alaba Omokide, Roy Ilegbodu, Union Bank of Nigeria Plc and Super Bravo Limited over a six-count charge bordering on conspiracy, stealing and abuse of office instituted by the Economic and Financial Crimes Commission (EFCC).
According to the charges, Union Bank allegedly made false statements to AMCON in 2011 regarding the status of loans belonging to Arik Air Limited, leading to the transfer of an alleged bogus figure of N71 billion to AMCON.
Another count alleged that Kuru, Omokide and Ilegbodu fraudulently converted N4.9 billion belonging to Arik Air for the use of NG Eagle Limited in 2022.
At Tuesday’s proceedings, the fourth prosecution witness, Usman Bawa Kaltungo, during cross-examination by counsel to the first and third defendants, Prof. Taiwo Osipitan, SAN, told the court that AMCON only purchases secured non-performing loans from banks and not all categories of debts.
The prosecution counsel, Wahab Shittu, SAN, objected to the admissibility of some letters allegedly written by the defendants to the EFCC, arguing that the documents were photocopies and uncertified.
“It is a photocopy. On that basis, it is inadmissible; it lacks certification,” Shittu argued.
However, Osipitan urged the court to reserve its ruling on the objection until the stage of final written addresses.
In her ruling, Justice Dada held that since the original copies were already with the EFCC and identified by the witness, they should be produced whenever necessary. The court subsequently admitted the documents and marked them as Exhibit P53.
During proceedings, the witness read portions of a letter from AMCON to the EFCC requesting intervention to prevent the arraignment of some AMCON officials.
According to him, the letter stated that all decisions taken by AMCON and the receiver managers were actions approved by the corporation’s Board of Directors.
When asked whether any money linked to the alleged fraud was traced to the personal accounts of Kuru and Ilegbodu, the witness replied: “None.”
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The witness also confirmed that documents before the court showed the debts in question were being serviced, adding that no bank had produced evidence to the contrary.
The defence later tendered a Federal High Court judgment, which was admitted as Exhibit P54, while additional court processes filed in 2025 were admitted as Exhibit P55.
Under further cross-examination, the witness denied suggestions that his testimony was based on hearsay, insisting that his evidence was derived from both witness statements and findings from investigations.
He also maintained that the N4.9 billion allegedly diverted to NG Eagle represented revenue generated from Arik Air’s operations while under receivership and should have been used to service the airline’s loan obligations.
The witness disclosed that one Magashi Ali Mohammed, mentioned in Count Three of the charge, claimed via email that some funds were meant for an official trip to the Bahamas, though no documentary evidence was provided to investigators to support the claim.
The defence, however, insisted that the Bahamas trip was official and tendered internal memoranda seeking approval for the trip. Despite objections from the prosecution that the documents were electronically generated and uncertified, Justice Dada admitted them as Exhibits P56 to P59.
The court also admitted a letter from JEM Leasing Limited concerning aircraft lease payments as Exhibit P60, despite objections by the prosecution.
Justice Dada thereafter adjourned the matter till June 25 and July 7, 2026, for continuation of trial.
