The Economic and Financial Crimes Commission (EFCC) yesterday arraigned five individuals, including the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, for allegedly defrauding Arik Air of ₦76 billion and $31.5 million.

The other defendants include the former Receiver Manager of Arik Air, Kamilu Omokide; the airline’s CEO, Captain Roy Ilegbodu; and a corporate entity, Super Bravo Ltd. They are facing six counts of theft, abuse of office, and stealing by dishonestly converting property. All defendants pleaded not guilty.

It is noteworthy that Kuru voluntarily presented himself in court to answer the charges brought against him by the EFCC.

During the proceedings, the defence counsel for Kuru and Ilegbodu, Prof. Taiwo Osipitan (SAN), submitted bail applications dated 28 and 29 November 2024. He argued that the defendants had no prior criminal records and had fully complied with earlier administrative bail terms. The counsel requested that bail be granted on similar liberal terms, emphasising that the defendants had not attempted to flee.

In opposition, EFCC counsel Dr. Wahab Shittu (SAN) filed counter-affidavits on 2 and 22 December 2024. He argued that the charges against the defendants constituted serious economic sabotage and expressed concerns about the risk of flight. Shittu recommended the seizure of their international passports and urged an accelerated trial.

The defence counsel for Omokide, Mr. Olasupo Shasore (SAN), also filed a motion on 6 December 2024 seeking bail on self-recognition, highlighting that Omokide had previously been granted administrative bail. However, Shittu opposed this application, citing Omokide’s past failure to appear in court, which had led to the issuance of a bench warrant.

After hearing the arguments, Justice Mojisola Dada granted bail to the defendants in the sum of ₦20 million each, with one surety per defendant in the same amount. The sureties must be gainfully employed and provide valid identification. The defendants were also ordered to surrender their international passports.

The trial was adjourned to 17 March 2025.

The EFCC accused Kuru, Omokide, and Ilegbodu of fraudulently diverting ₦4.9 billion to NG Eagle Ltd in 2022. Additionally, Ilegbodu is charged with stealing ₦22.5 million, fraudulently converting it to the use of Magashi Ali Mohammed, property of Arik Air Ltd. Furthermore, the defendants allegedly authorised the destruction of an aircraft worth $31.5 million, compromising Nigeria’s economic stability and the interests of Arik Air.

The EFCC stated that these offences contravene Sections 73, 96, 278(1), and 278(6) of the Criminal Law of Lagos State, 2015.