Court Orders Arrest of Ex-AMCON MD Ahmed Kuru Over Alleged N4.9 Billion Fraud

Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, has issued a bench warrant for the arrest of Ahmed Kuru, former Managing Director of the Assets Management Corporation of Nigeria (AMCON). This action followed Kuru’s absence in court on Monday, where he was scheduled to be arraigned on a six-count charge, including allegations of stealing property worth N4.9 billion belonging to Arik Air and abuse of office.

Kuru, alongside the current Managing Director of Arik Air, Captain Roy Ilegbodu; the receiver manager of Arik Air, Kamilu Omokide; Union Bank Plc; and a company, Super Bravo Limited, was to be arraigned by the Economic and Financial Crimes Commission (EFCC). The case was brought before the court by the founder of Arik Air, Johnson Arumemi, and its shareholders, represented by Senior Advocate of Nigeria, Femi Falana.

The charges include allegations that Union Bank made false statements about the financial status of Arik Air, which facilitated the airline’s sale and subsequent takeover by AMCON. This was deemed contrary to Section 96 of the Criminal Law of Lagos State, 2015.

One of the charges also alleges that in 2022, Kuru, Omokide, and others fraudulently converted N4.9 billion, allegedly stolen from Arik Air, to the use of NG Eagle Limited. This offence violates Section 278(1)(a) of the Criminal Law of Lagos State, 2011.

Justice Dada issued the arrest warrant after Kuru failed to appear in court for his arraignment.