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N76bn Fraud: How Ex-AMCON Boss Kuru Approved Arik Air Receivership Alone
The trial of former AMCON MD, Ahmed Kuru, over alleged N76 billion and $31.5 million Arik Air fraud has revealed how he allegedly approved the airline’s receivership alone, without prior Board approval.
Testifying before Justice Mojisola Dada in Ikeja on Monday, EFCC witness Bawa Kaltungo said investigators found that the appointment was made first, and Board approval was sought later.
Kaltungo, the Fourth Prosecution Witness (PW4) and acting Zonal Director of EFCC Lagos Zonal Directorate 2, told Justice Mojisola Dada of the Special Offences Court, Ikeja, that Kuru unilaterally approved the receivership of Arik Air without prior approval from AMCON’s Board.
Kaltungo, former Head of AMCON Desk at EFCC, said investigation showed that the appointment of a receiver-manager was done before the matter was taken to the Board, and that the appointments exceeded what the Board later approved.
According to him, investigators requested documents linking the appointment to a prior Board decision, but they were not produced.
N76bn Arik Air Fraud: How Kuru Approved Takeover Without AMCON Board Approval – EFCC Witness
The witness said the probe was triggered by a petition dated April 27, 2023, written by Femi Falana, SAN, on behalf of Arik Air directors and shareholders, received by EFCC Chairman on May 3, 2023.
Kuru is standing trial alongside Kamilu Alaba Omokide, Roy Ilegbodu, Union Bank Plc and Super Bravo Limited on six counts of conspiracy, stealing and abuse of office.
One count alleges that Union Bank in 2011 made false statements to AMCON about Arik Air’s performing loans, inducing transfer of N71 billion bogus figure to AMCON. Another alleges fraudulent conversion of N4.9 billion property of Arik Air to NG Eagle Limited in 2022.
Under cross-examination by Uyi Giwa-Osagie, Kaltungo maintained that Kuru exercised extensive powers as MD/CEO.
However, in a new twist on Tuesday, October 27, the witness admitted under cross-examination by Olasupo Shasore, SAN, that AMCON Board chaired by Dr. Amos Adamu later approved the NG Eagle transaction and that about N149 million from the deal was paid into AMCON’s account at CBN.
The defence tendered seven documents containing AMCON Board resolutions, including a July 18, 2019 resolution. Justice Dada admitted the documents in evidence after arguments by prosecution counsel Wahab Shittu, SAN, who argued they were too remote, made 2-5 years after the receivership decision.
