EFCC charges former AMCON MD Ahmed Kuru, four others with N76 billion, $31.5 million fraud.
The Economic and Financial Crimes Commission (EFCC) has charged Ahmed Kuru, former Managing Director of the Asset Management Corporation of Nigeria (AMCON), and four others over fraud allegations against Arik Airline.
The development was disclosed in a statement by the anti-corruption agency, shared on X (formerly Twitter), on Monday.
The four co-accused include Kamilu Omokide, former Managing Director of Arik Airline Ltd; Captain Roy Ilegbodu, Managing Director of the airline; Union Bank Ltd; and a company, Super Bravo Ltd.
The EFCC has charged Union Bank with making false statements to public officials. The other defendants are charged with five counts, including theft, abuse of office and dishonest appropriation of property. At their trial, all five defendants pleaded not guilty to the charges.
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Arguments for conditional release
The lawyer for the first and third defendants, Taiwo Osipitan (SAN), applied for bail, insisting that his clients have no criminal record and had cooperated with the EFCC investigations, including adhering to the conditions of their administrative bail.
Similarly, Olasupo Shasore (SAN), representing Kuru, applied for bail on recognizance, citing his client's continued compliance with the EFCC administrative bail and the need to ensure his presence in court.
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In response, EFCC counsel, Wahab Shittu (SAN), opposed the bail applications, arguing that the defendants were charged with serious economic sabotage and posed a flight risk. Shittu suggested that the court impose strict conditions, including the seizure of their passports, to ensure their presence during the trial.
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