The defendants face six counts of conspiracy, stealing and abuse of office involving alleged conversion of funds belonging to Arik Air to the use of NG Eagle Limited in 2022.
The Special Offences Court in Lagos has admitted fresh documentary evidence in the ongoing trial of a former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and four others over an alleged N76 billion and $31.5 million fraud.
Mr Kuru is being prosecuted alongside Kamilu Omokide, Roy Ilegbodu, Union Bank of Nigeria Plc and Super Bravo Limited by the Economic and Financial Crimes Commission (EFCC).
According to EFCC spokesperson Dele Oyewale in a statement on Wednesday, the defendants face a six-count bordering on conspiracy, stealing and abuse of office.
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The trial judge Mojisola Dada presided over the case.
The charges
According to the EFCC, one of the counts alleges that Union Bank, in 2011, made false representations to AMCON regarding the status of Arik Air's performing loans and bank guarantees.
The prosecution claims the bank transferred what it described as a "bogus" figure of N71 billion to AMCON in connection with the transaction.
Another count accuses Messrs Kuru, Omokide (as Receiver Manager of Arik Air), and Roy Ilegbodu, Chief Executive Officer of Arik Air in receivership, of fraudulently converting N4.9 billion belonging to Arik Air to the use of NG Eagle Limited in 2022.
All defendants have pleaded not guilty.
Petition to Attorney-General
At Wednesday's proceedings, the fourth prosecution witness, Usman Kaltungo, who is the Acting Zonal Director, Lagos Zonal Directorate 2 of the EFCC, continued his testimony.
Led in evidence by prosecution lawyer Wahab Shittu, who is a Senior Advocate of Nigeria (SAN), Mr Kaltungo told the court that while investigations were ongoing, the first defendant wrote a petition to the Attorney-General of the Federation (AGF) and Minister of Justice, alleging harassment and intimidation by investigators and requesting that the probe be halted.
The witness said the petition, dated 28 March 2024, was received by the Federal Ministry of Justice the same day and later minuted to the Permanent Secretary.
He added that the AGF's office reviewed the petition and its 39 attachments, after which a legal opinion was issued by the Solicitor-General and Permanent Secretary of the Ministry of Justice.
The EFCC subsequently obtained certified true copies (CTCs) of the petition and the legal opinion, which were tendered and admitted in evidence as Exhibit P46.
Among the annexures, the witness said, were extracts of AMCON board meetings, correspondence between parties, documents relating to Arik Air's indebtedness, and other materials linked to the investigation.
He confirmed that official certification fees were paid and that the ministry's seal appeared across the documents.
CBN meeting minutes admitted
Mr Kaltungo further testified that the investigation extended to the Central Bank of Nigeria (CBN), where the EFCC obtained certified minutes of the 494th meeting of the Committee of Governors.
The document, admitted as Exhibit P47, detailed deliberations preceding the appointment of a receiver manager for Arik Air.
Those listed as present at the meeting included former CBN Governor Godwin Emefiele and other deputy governors and senior officials, as well as Mr Kuru in his capacity as AMCON Managing Director at the time.
According to the witness, the minutes reflected concerns that Arik Air, then said to account for about 60 per cent of domestic passenger traffic, could collapse within two weeks without regulatory intervention.
The committee resolved that urgent steps be taken to stabilise the airline.
Alleged diversion of funds
In further testimony, the EFCC witness alleged that during his tenure as Receiver Manager of Arik Air, Mr Kuru diverted funds belonging to the airline to offset insurance liabilities owed by Umza Airline.
The prosecution tendered a flash drive containing a public statement allegedly made by the second defendant and aired by Channels Television.
The court admitted the flash drive and certificate of compliance as Exhibit P48.
However, when the prosecution attempted to tender a Certificate of Insurance issued in favour of UMZA Aviation Service, defence lawyers, including Taiwo Osipitan, Oyinkan Badejo, Olalekan Ojo and Tayo Oyetibo, who are also SANs, objected.
They argued that the document was irrelevant to the six counts before the court and therefore inadmissible.
In response, the prosecution maintained that the document formed part of the investigative record and was relevant to allegations of abuse of office and stealing.
The prosecution also tendered a certified loan account statement from AMCON relating to Arik Air's receivership account. The document was admitted as Exhibit P49.
Mr Kaltungo told the court that the account was opened to monitor loan repayments after AMCON acquired Arik Air's debt exposure.
According to him, the statement showed no evidence that the receiver manager serviced the loan. Instead, he said, interest continued to accrue, prompting AMCON to issue a demand notice.
"The sole purpose of appointing a receiver manager was to service the loan," the witness told the court.
In her ruling, Ms Dada held that although the document was certified, it was not tied to any of the counts in the charge "for now" and accordingly rejected it.
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After the day's proceedings, Ms Dada adjourned the case until 26 February, for continuation of trial.
Background
In January 2025, the EFCC arraigned Mr Kuru and his co-defendants over the alleged misrepresentation of Arik Air's loans, which led AMCON to acquire debts worth N71 billion.
Subsequent investigations revealed that the obligations were backed by foreign guarantees and were not in default.
The commission also accused the defendants of diverting N4.9 billion of Arik Air funds in 2022 to NG Eagle Limited, and of authorising the teardown of an aircraft valued at $31.5 million -- acts seen as harmful to Nigeria's economic stability.
Earlier last year, the court allowed Mr Kuru to travel abroad for urgent medical treatment in London.
His lawyer described the medical situation as requiring "extreme urgency."
EFCC did not oppose the travel, but raised concerns about possible attempts by other defendants to dispose of assets.
Ms Dada granted the release of Mr Kuru's passport and declined restraining orders, citing lack of evidence.
All five defendants pleaded not guilty and were granted bail with one surety each.
