AMCON Fraud: How Kuru Unilaterally Approved Arik Air Receivership, Witness Tells Court
A prosecution witness in the ongoing trial of Ahmed Kuru, the former Managing Director and Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), testified on Monday that Kuru bypassed the agency’s board to unilaterally approve the receivership of Arik Air.
Bawa Usman Kaltungo, testifying as the fourth prosecution witness (PW4), made the revelation before Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos.
Kuru is standing trial alongside Kamilu Alaba Omokide, Roy Ilegbodu, Union Bank of Nigeria Plc, and Super Bravo Limited. The Economic and Financial Crimes Commission (EFCC) is prosecuting the defendants on a six-count charge bordering on conspiracy, stealing, and abuse of office involving an alleged N76 billion and $31.5 million fraud.
At the resumed trial on Monday, Kaltungo told the court that Kuru took the critical decision regarding Arik Air’s receivership without obtaining the requisite prior approval from the AMCON Board of Directors.
The defense has maintained its position of innocence as the trial continues. The court adjourned proceedings for further cross-examination of the witness and continuation of the trial.
Ebidowei Preye is a Nigeria-based security correspondent for Klick News, covering insurgency, national security, oil bunkering, pipeline vandalism, and other security-related developments across the country.
