In a dramatic turn of events, the Ikeja Special Offences Court in Lagos State has granted bail to Ahmed Kuru, the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), alongside four co-defendants, over their alleged involvement in a massive fraud scandal. The court, presided over by Justice Mojisola Dada, on Monday set the bail at an eye-watering N20 million for each defendant.
Kuru and his co-accused are facing charges connected to an alleged misappropriation of N76 billion and $31.5 million linked to the controversial acquisition and management of Arik Air, one of Nigeria’s prominent airlines. The prosecution claims the fraud occurred during Kuru’s tenure at AMCON, raising serious concerns about corporate governance within the agency.
While granting the bail, Justice Dada emphasized the need for all defendants to present two sureties in like sum, one of whom must own landed property within Lagos State. Additionally, the defendants were ordered to deposit their travel documents with the court to prevent any attempt to flee the country while the trial is ongoing.
The Economic and Financial Crimes Commission (EFCC), prosecuting the case, argued that the defendants used their positions to siphon funds and orchestrate elaborate schemes under the guise of managing the airline’s financial obligations. The EFCC revealed that the alleged fraud caused significant financial strain on Arik Air, pushing the airline into receivership under AMCON in 2017.
As the trial unfolds, the defense team has vehemently denied the allegations, describing the charges as baseless and politically motivated. Lead counsel to Ahmed Kuru asserted that his client acted in the best interest of national development during his tenure at AMCON, calling for a fair and unbiased hearing.
The case has drawn widespread attention, with many Nigerians expressing shock at the scale of the alleged financial impropriety. Advocacy groups and stakeholders in the aviation sector have called for a thorough investigation to ensure accountability and transparency in managing national assets.
The court adjourned the matter to February 5, 2025, for the commencement of trial. As the legal battle continues, Nigerians await further revelations in what promises to be one of the most high-profile corruption cases in recent years.
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