News
EFCC arraigns ex-AMCON MD, Ahmed Kuru, for alleged N76bn fraud

The Economic and Financial Crimes Commission (EFCC) has arraigned a former Managing Director of Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, for alleged N76 billion fraud at Lagos Special Offences Court, Ikeja.
The EFCC’s Head of Media and Publicity, Dele Oyewale, who disclosed this in a statement on Monday in Abuja, said Kuru was arraigned alongside four others on a six-count charge of fraud and abuse of office for alleged theft of properties belonging to Arik Air.
Other defendants are the Managing Director of Arik Air, Roy Ilegbodu, the airline’s Receiver Manager, Kamilu Omokide, Union Bank Plc and Super Bravo Limited.
The commission alleged that the defendants defrauded Arik Airline of N76 billion and another $31.5 million.
They, however, pleaded not guilty to the charges.
Following their plea, a defence counsel, Taiwo Osipitan (SAN), told the court that he had a pending application for his clients’ bail filed on November 29, 2024.
He asked the court to grant his clients bail on liberal terms.
READ ALSO: Alleged N12.3bn fraud: Otudeko’s counsel protests in court
The EFCC counsel, Wahab Shittu (SAN), asked the court to reject the bail application because two out of the four defendants were facing serious offences of economic sabotage.
Justice Mojisola Dada granted the defendants bail in the sum of N20 million each with one surety in like sum.
She said the sureties must be gainfully employed and must depose to means of identification.
The judge also directed the defendants to submit their passports to the court registrar.
However, the defendants will remain in the custody of their respective counsel pending the perfection of their bail conditions.
Justice Dada adjourned the case to March 17 for the commencement of the trial.
Join the conversation
Opinions
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.