N76bn, $31.5m fraud trial: More exhibits tendered against former AMCON boss Ahmed Kuru

Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, has admitted additional documents in evidence tendered by the Economic and Financial Crimes Commission (EFCC) in the alleged N76bn and $31.5m fraud trial involving a former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and others.

According to the EFCC Head of Media and Publicity, Dele Oyewale, Kuru, alongside Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank of Nigeria Plc and Super Bravo Limited, are being prosecuted on a six-count charge bordering on conspiracy, stealing and abuse of office.

One of the counts reads: “That you, Union Bank Nigeria Plc, sometime in 2011 or thereabouts, in Lagos, within the jurisdiction of this Honourable Court, with the intention of causing and/or inducing the unwarranted sale of Arik Air loans and bank guarantees with Union Bank, made false statements to the Asset Management Corporation of Nigeria (AMCON) regarding Arik Air Limited’s performing loans, following which you transferred a bogus figure of N17bn to AMCON.”

Another count reads: “That you, Ahmed Lawal Kuru, Kamilu Alaba Omokide as Receiver Manager of Arik Air Limited, and Captain Roy Ilegbodu, Chief Executive Officer of Arik Air Limited in Receivership, sometime in 2022 or thereabouts, in Lagos, within the jurisdiction of this Honourable Court, fraudulently converted to the use of NG Eagle Limited the total sum of N4.9bn, property of Arik Air Limited.”

At the resumed sitting on Wednesday, the fourth prosecution witness (PW4), Usman Bawa Kaltungo, continued his examination-in-chief, led by Wahab Shittu, SAN.

He had earlier begun his testimony on Friday, November 28, 2025, where he detailed the Commission’s findings from its investigation into transactions involving Arik Air, Union Bank, AMCON and several foreign lenders.

When asked whether he was aware of any petition during the course of investigations and to whom it was addressed, he stated: “While investigations were ongoing, the first defendant wrote a complaint to the Attorney-General of the Federation (AGF) and Minister of Justice, complaining about the investigations and alleging harassment and intimidation by the prosecutors.

“The letter was addressed to the AGF and Minister of Justice.

“Based on inter-agency collaboration, we were made aware of the petition.”
Asked whether the letter was written while the case was already before the court, the witness — currently the Acting Zonal Director, Lagos Zonal Directorate 2, EFCC, Ikoyi — answered in the affirmative, adding that the content of the letter sought the stoppage of the investigation.

Kaltungo told the court that the letter was related to the case and formed part of both the official and investigative files.
He also stated that the AGF investigated the petition, which had 39 attachments, and that a legal opinion was subsequently written by the Solicitor-General and Permanent Secretary, Ministry of Justice.

In further testimony, the witness said the EFCC’s lawyer obtained the Certified True Copy (CTC) of the petition and the legal opinion.

Kaltungo added that he received the petition in his capacity as Head of the investigating team.

He identified the petition and the legal opinion signed on behalf of the AGF and Minister of Justice, confirming that both documents were duly certified and that appropriate fees were paid.

The prosecution counsel thereafter sought to tender the petition, the legal opinion and the attachments in evidence.
Justice Dada admitted and marked them as Exhibit P46.

When shown Exhibit P46, the witness read out details including the receipt of payment for the CTC and confirmed that the legal opinion was signed by the Solicitor-General of the Federation and Permanent Secretary.

“The petition was dated March 28, 2024, received at the Federal Ministry of Justice on March 28, 2024, and minuted to the Permanent Secretary on April 2, 2025,” he said.

Kaltungo also confirmed that the seal on the document bore the Federal Ministry of Justice’s Certified True Copy stamp, adding that the seal ran through all the documents. Some attachments were also certified by the Principal Executive Officer of the Federal High Court.
He listed the 39 annexures attached to the petition, including a petition by Sahara Reporters, copy, of Arik’s deed of appointment, extracts from the 61st Board Meeting of AMCON, AMCON correspondence, Arik Air’s indebtedness records, a letter to the EFCC dated June 16, 2023, extracts from AMCON Management Committee emails, notice of termination, among others.

When asked about their relevance, Kaltungo said: “This is relevant to the case and the investigation. The legal opinion relates to the subject matter of the case.”

On steps taken after receipt of the legal opinion, he stated: “We asked the prosecution counsel to apply for the CTC, which he did, and it formed part of our case file.”

On whether the investigation extended to the Central Bank of Nigeria (CBN), he responded in the affirmative, adding that a CTC was obtained from the 494th meeting of the Committee of Governors relating to the CBN’s decision to appoint a Receiver Manager for Arik.

“A week after, the appointment and takeover were effected,” he said.
The prosecution counsel subsequently tendered the CTC of the 494th meeting of the Committee of Governors, which was admitted and marked as Exhibit P47.
According to the witness, directors present at the meeting included Godwin Emefiele (Chairman), Deputy Governor, Corporate Services, Sulaiman A. Barau, Deputy Governor, Economic Policy, Sarah O. Alade, Deputy Governor, Financial System Stability, Okwu J. Nnanna, Deputy Governor, Operations, Adebayo A. Adelabu, Director of Corporate Secretarial, Yunusa Sanusi, AMCON MD, Ahmed Kuru, Director of Banking Supervision, Ahmed Abdullahi, and Senior Manager, Banking Supervision, Adebayo Aderonke.

He said the memo revealed that the state of Arik Air Limited had deteriorated significantly and required urgent intervention.

“The Chairman disclosed that the state of Arik Air Limited had deteriorated, and urgent steps needed to be taken to stem the tide. He stated that the airline, which carried 60% of passenger traffic in the country, could collapse within two weeks if not rescued.

“He added that the airline had paid out cash collaterals to its technical partners, Lufthansa, and allowed them to leave the country, indicating that the owner had abandoned the airline.

“He further stated that he had discussions with three major creditor banks and that the consensus was that the CBN should intervene.”

The witness further alleged that Kuru diverted funds belonging to Arik Air to offset insurance liabilities owed by Umza Airline while serving as Receiver Manager.
The prosecution tendered a flash drive containing a public statement aired on Channels TV, along with a certificate of compliance. The court admitted them as Exhibit P48.

When the recording was played in court, the witness confirmed it was the voice of the second defendant.

He said: “In the course of investigation, we discovered that Arik’s funds were diverted to pay for insurance cover for Umza Airlines. We invited Umza Airlines.
“The parties involved are the first, second and third defendants.

“As at the time of investigation, the funds had not been fully repaid.”

However, when the prosecution sought to tender a Certified True Copy of a Certificate of Insurance, defence counsel — Prof. Taiwo Osipitan, SAN; Oyinkan Badejo, SAN; Olalekan Ojo, SAN; and Tayo Oyetibo, SAN — objected on grounds of irrelevance.

In her ruling, Justice Dada held:
“The only issue is that it is not relevant for now; it is not tied to any of the six counts. It is hereby rejected.”

The prosecution later tendered the AMCON asset management loan account statement, which was admitted as Exhibit P49.

According to the witness, the document showed that there was no evidence of loan servicing during the receivership period and that interest continued to accrue.

Justice Dada adjourned the case till February 26, 2026.