Photo caption: Kuru
Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos State, on Tuesday 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 N76bn and $31.5m, to October 15, and 17, 2025.
Kuru is standing 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 day’s proceeding started with a drama by the lead Counsel to the Economic and Financial Crimes Commission (EFCC), Dr. Wahab Shittu, sought an order restraining journalists from further reporting of proceedings in court forgetting that he had made earlier comments describing the trial as “…a public trial that the whole world was waiting for…”
The Judge, however, advised Dr. Shittu to concentrate on his case and not be distracted by media publication, reminding him that the Court reserves the right to make decisions on matters before it.
After that initial drama, Abbas Jega, a former Executive Director of Credits at AMCON, and a witness to the EFCC, confirmed under cross-examination by Olalekan Ojo, a Senior Advocate of Nigeria and Lead Counsel to Union Bank that his statement to the crime watchdog on June 19, 2023, regarding the ongoing matter was based on his mental recollection and familiarity with the Arik and Union Bank loan transaction, while he served as Executive Director.
When asked if he had familiarised himself with all relevant documents in respect to the case, Jega took a deep breath and declared that he had left AMCON about 10 years ago, and so, may not be able to access to all relevant documents.
But Ojo presented him with a series of exhibits regarding the Loan Purchase Agreement (LPA) between Union Bank and AMCON, at wjocj point, Jega agreed that Union Bank gave AMCON a lump sum of N71bn, with any breakdown.
It was based on the collateral Union Bank provided, he admitted after sighting another exhibit – a 2008 ECA Loan Agreement, that the loan was priced at N50bn at the time.
Providing another mental recollection of the London meeting, he recalled a US$135m facility granted by Union Bank in 2007 for the purchase of three Boeing planes for Arik Air Limited.
