Justice Mojisola Dada of the Lagos Special Offences Court has scheduled March 19, 2025, for the continuation of the trial involving Ahmed Kuru, the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), and four others. They face allegations of defrauding Arik Air of ₦76 billion and $31.5 million.
During the proceedings on March 17, 2025, the court heard testimony from Mr. Peter Omokaro, a former Assistant General Manager at Union Bank Plc, who served as the first prosecution witness.
Omokaro detailed the bank’s role in facilitating aircraft purchases for Arik Air through guarantees provided to foreign banks, HSBC and US EXIM Bank. He clarified that Union Bank did not disburse cash for the acquisitions but later sold the guarantees to AMCON.
Omokaro also revealed that a meeting in London between AMCON, Union Bank, HSBC, and US EXIM Bank excluded Arik Air, the primary obligor. He stated that Union Bank attempted to rectify errors in the transaction but emphasized that the first and third defendants were not involved in the London meeting or the original transaction.
The defense counsel cross-examined Omokaro, who confirmed that the third defendant was not AMCON’s Managing Director at the time of the transaction and that he was unfamiliar with the second defendant. The court admitted Omokaro’s statement from the investigation as evidence.
The trial will resume on March 19, 2025, for further proceedings.