The Lagos State Special Offences Court in Ikeja on Monday adjourned the fraud trial of the former Managing Director of the Asset Management Corporation of Nigeria, Ahmed Kuru, and four other defendants to March 19, 2025.
The defendants are accused of defrauding Arik Air of N76bn and $31.5m.
Justice Mojisola Dada set the adjournment date after hearing testimony from the first prosecution witness, Peter Omokaro, a former employee of Union Bank Plc.
The other defendants in the case include Kamilu Omokide, a former receiver manager of Arik Air Ltd; Captain Roy Ilegbodu, the airline’s CEO; Union Bank Ltd; and Super Bravo Ltd.
They are facing six charges related to theft, abuse of office, and stealing by dishonestly taking the property of another, which were brought against them by the Economic and Financial Crimes Commission.
All defendants pleaded not guilty to the charges and were granted bail in the sum of N20m each, with one surety of like sum.
The trial was adjourned to March 17, 2025, for further proceedings.
At Monday’s hearing, the EFCC prosecution counsel, Wahab Shittu (SAN), called Omokaro as the first witness.
Omokaro testified that he worked at Union Bank from 1980 to 2015, eventually becoming the assistant general manager of treasury before his departure.
He explained that Union Bank had only guaranteed facilities secured by Arik Air from two foreign banks, HSBC and US EXIM Bank, to facilitate the purchase of aircraft from Airbus and Boeing, but did not disburse any cash for the acquisition.
He further explained that in August 2009, after the Central Bank of Nigeria intervened in Union Bank’s operations, AMCON became involved.
Omokaro testified that Union Bank sold its guarantee to AMCON in early 2011, which later resulted in a meeting between Union Bank, AMCON, HSBC, and US EXIM Bank in London, without the involvement of Arik Air.
Omokaro emphasised that Union Bank had not granted a loan to Arik Air.
Instead, Union Bank converted the guarantee into cash, which it used to collect money from AMCON.
“At no point did Union Bank disburse cash for the acquisition of the aircraft,” he said.
After Omokaro’s testimony, the prosecution sought to tender five documents related to the transaction, which were admitted into evidence by the court.
During cross-examination by Professor Taiwo Osipitan (SAN), counsel to the first and third defendants, Omokaro confirmed that the first and third defendants were not part of the London meeting.
He also clarified that while Union Bank had a marketing relationship with Arik Air, he had no direct knowledge of the workings of the airline.
In response to questions from Olasupo Shasore (SAN), counsel to Kuru, Omokaro reiterated that the transaction took place in 2010 before Kuru became the MD of AMCON, and that the third defendant was not in his position at the time.
Counsel for Union Bank, Olalekan Ojo (SAN), questioned Omokaro about his previous legal dispute with the bank.
Omokaro confirmed that he sued Union Bank in 2011 after his appointment was terminated.
Ojo also tendered a statement from Omokaro during the investigation into the fraud case as part of the evidence.
The judge then adjourned the case to March 19, 2025, for the continuation of the trial.
