Ahmed Kuru is facing trial alongside Capt. Roy Ilegbodu, Managing Director of Arik Air; Kamilu Omokide, Receiver Manager of Arik Air; Union Bank of Nigeria Plc; and Super Bravo Limited. 

Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos State, has adjourned the trial of Ahmed Kuru, a former Managing Director of the Asset Management Corporation of Nigeria (AMCON), and four others over alleged fraud amounting to N76 billion and $31.5 million. 

The matter has been rescheduled for further hearing on July 1, 2025.

Ahmed Kuru is facing trial alongside Capt. Roy Ilegbodu, Managing Director of Arik Air; Kamilu Omokide, Receiver Manager of Arik Air; Union Bank of Nigeria Plc; and Super Bravo Limited. 

The defendants are charged with six counts bordering on conspiracy, stealing, and abuse of office related to the alleged multi-billion naira financial misconduct.

At the proceedings held on Wednesday, May 28, the second prosecution witness, Austine Obigwe, a former Group Executive Director of Union Bank Plc, testified before the court. He revealed that in 2011, two years after he exited Union Bank, Arik Air owed his consultancy firm, Staal, a sum of $2.3 million.

“I am not interested in collecting it. I wrote it off when I discovered that Arik Air started having challenges,” Obigwe told the court.

During cross-examination by defence counsels Olasupo Shasore (SAN), representing the second defendant; Olalekan Ojo (SAN), for the fourth defendant; and Tayo Oyedepo (SAN), for the fifth defendant, Obigwe confirmed he took up consultancy roles with Arik Air and other companies after leaving Union Bank.

When asked whether he had a personal relationship with Arik Air’s founder, Johnson Arumemi-Ikhide, Obigwe answered in the affirmative.

“I currently don’t have any formal relationship with the airline. I maintain a relationship with Arumemi-Ikhide,” he stated.

Obigwe also disclosed that in 2009, he participated in an inspection of 26 aircraft belonging to Arik Air and confirmed the fleet was airworthy based on evaluations conducted by Lufthansa.

“I had no reason to doubt Lufthansa’s evaluation,” he said, explaining that the inspection aimed to confirm the integrity of the airline’s fleet.

Speaking on the issue of loan performance, Obigwe noted that during his tenure at Union Bank, Arik Air was servicing its loan obligations without complaints from other financial institutions.

He further testified that he was unaware of a letter dated April 23, 2009, allegedly sent by AMCON to Union Bank regarding a N46.11 billion debt owed by Arik Air during his time at the bank.

Commenting on Arik Air’s business standing during his tenure, Obigwe said, “I can only speak for the period I was there. When I was in Union Bank, Arik Air was one of the best companies.”

Addressing lenders’ rights in cases of non-performing loans, Obigwe explained, “A lender is legally empowered to dispose of the security in the event of default by the borrower,” adding that loans can also be reassigned or transferred to another bank.

The high-profile fraud trial, involving allegations of N76 billion and $31.5 million in financial irregularities, continues to attract public attention due to the stature of the defendants and the implications for Nigeria’s financial sector governance.

Justice Dada adjourned the matter until July 1, 2025, for further hearing.