The trial of Ahmed Kuru, former managing director of the Asset Management Corporation of Nigeria (AMCON), over alleged N76 billion and $31.5 million fraud, was stalled on Monday due to the absence of his counsel, Olasupo Shasore.

Mr Kuru is standing trial alongside four others: Kamilu Omokide, former receiver manager of Arik Air Ltd.; Roy Ilegbodu, chief executive officer of the airline; Union Bank, and Super Bravo Ltd. They face a five-count charge bordering on theft, abuse of office and dishonest acquisition of property.

Union Bank is also charged with making false statements to a public officer.

During Monday’s hearing, Dr. Wahab Shittu, counsel for the Economic and Financial Crimes Commission (EFCC), informed the court that the case was scheduled for further cross-examination. He also noted the presence of the prosecution’s witness.

However, Tunji Ahmed, standing in for Mr Shasore, sought an adjournment, explaining that the latter was out of the country for medical reasons.

Dr. Shittu expressed concern over the delay, stating, “I am particularly concerned why a junior lawyer from the chamber of the learned silk cannot take up the matter in his absence. This is a case of national and international matters which has to do with aviation of this country, while Shasore is entitled to take good care of his health, this matter is entitled to proceed.”

Justice Mojisola Dada adjourned the case to May 28 for the continuation of the trial.

The EFCC alleges that in 2011, Union Bank made false statements to AMCON regarding Arik Air’s performing loans, which led to the sale of the airline’s loans and guarantees. The bank is accused of transferring N71 billion to AMCON under false pretences.

The commission also claims that in 2022, Kuru, Omokide, and Ilegbodu fraudulently diverted N4.9 billion to NG Eagle Ltd. Additionally, the EFCC alleges that Ilegbodu stole N22.5 million, converting it for the use of Magashi Ali Mohammed.

Furthermore, the defendants are accused of authorising the destruction of aircraft 5N-JEA (Serial No. 15058), valued at $31.5 million, an act deemed prejudicial to Nigeria’s economic stability and Arik Air’s interests.

The alleged offences contravene Sections 73, 96, 278(1), and 278(6) of the Criminal Law of Lagos State, 2015.