The Economic and Financial Crimes Commission (EFCC) is set to arraign Ahmed Kuru, former Managing Director of the Asset Management Corporation of Nigeria (AMCON); Captain Roy Ilegbodu, Managing Director of Arik Air; and Kamilu Omokide, receiver manager of Arik Air. They will be joined by Union Bank PLC and Super Bravo Limited as defendants.
The arraignment is scheduled to take place today before Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos. The six-count charge includes allegations of theft, abuse of office, and fraudulent conversion of Arik Air’s assets.
Details of the Case
The charges stem from a petition filed by Arik Air’s founder, Johnson Arumemi, and its shareholders, represented by Senior Advocate of Nigeria, Femi Falana.
Union Bank is accused of providing false information to a public officer, allegedly facilitating the improper sale of Arik Air’s loans and guarantees. This act purportedly led to the fraudulent transfer of N71 billion to AMCON. The EFCC charges the bank under Section 96 of the Criminal Law of Lagos State 2015.
Fraudulent Conversion and Abuse of Office
In a separate charge, Kuru, Omokide, and Ilegbodu are accused of fraudulently converting N4.9 billion to the use of NG Eagle Limited in 2022. This is classified as theft under Section 278(1)(a) of the Criminal Law of Lagos State 2011.
Additionally, Ilegbodu is alleged to have misappropriated N22.5 million in May 2024, converting the funds for the benefit of Magashi Ali Mohammed, an Arik Air property.
Kuru and Omokide face further accusations of abuse of office, including the incorporation of NG Eagle Limited in 2019 to gain undue advantage. This act, the EFCC argues, violated Section 73 of the Criminal Law of Lagos State 2015.
Destruction of Aircraft and Asset Mismanagement
One of the more severe charges involves the alleged destruction of a Boeing 737-800 aircraft (5N-JEA), valued at $31.5 million, in February 2022. The EFCC claims this act was prejudicial to Nigeria’s economic stability and Arik Air.
In the final count, Kuru, Omokide, and Super Bravo Limited are accused of dishonestly converting three Boeing aircraft, valued in millions of dollars, for the use of Super Bravo Limited in November 2023.
The defendants are expected to plead to the charges in court, as the EFCC seeks to hold them accountable for their alleged roles in mismanaging Arik Air’s assets and compromising Nigeria’s economic interests.
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