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.
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.