Alleged N76bn, $31.5m Fraud: Court Adjourns Ex-AMCON MD, Kuru, Others’ Trial Till July 1

Kuru

By JUMOKE SANNI

Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on Monday, June 30, 2025, adjourned till July 1, 2025 further hearing in the trial of Mallam Ahmed Kuru, a former Managing Director of Assets Management Corporation of Nigeria, AMCON, and four others, over alleged N76bn and $31.5m fraud.

Kuru , alongside Capt. Roy Ilegbodu, Managing Director of Arik Air, Kamilu Omokide, Receiver Manager of Arik Air, Union Bank Nigeria Plc and Super Bravo Limited is facing trial on a six-count charge bordering on conspiracy, stealing, and abuse of office to the tune of N75bn and $31.5m fraud.

At the resumed sitting on Monday, the third prosecution witness, PW3, Muhammed Abbas Jega, a former Executive Director, Credits, Asset Management Corporation of Nigeria (AMCON), stated that Arik debt with AMCON fell within the category of non-performing loans as categorised by the regulatory agencies in the country.

Jega, under cross-examination at the last adjourned sitting, had testified that the Arik loan, which AMCON purchased at the first phase of the Eligible Bank Asset (EBA) purchase, was performing.

However, during further cross examination, on Monday, he recanted his earlier testimonies to the court when he told the court that the AMCON leadership, which he was part of as an Executive Director, purchased from Union Bank and Bank PHB a whopping N85billion Arik debt.

He told the court that AMCON also extended an additional loan to the tune of N11bn as working capital to Arik.