Amanze Chinonye
The ongoing trial of former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and four others took a fresh turn on Tuesday, May 19, 2026, as the Special Offences Court sitting in Ikeja, Lagos, admitted documents indicating that the defendants acted within the scope of AMCON’s statutory mandate and board-approved resolutions.
Justice Mojisola Dada admitted the documents during proceedings as the Economic and Financial Crimes Commission (EFCC) witness underwent cross-examination by counsel to the 1st and 3rd defendants, Prof. Taiwo Osipitan, SAN.
Kuru is standing trial alongside Kamilu Omokide, Receiver-Manager of Arik Air; Capt. Roy Ilegbodu, Managing Director of Arik Air; Union Bank of Nigeria; and Super Bravo Limited, following a petition filed by senior lawyer, Femi Falana, on behalf of Arik Air founder, Sir Johnson Arumemi-Ikide.
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During proceedings, the EFCC witness admitted that AMCON had, in a letter dated November 28, 2024, and addressed to the EFCC Chairman, clarified that the defendants acted on behalf of the corporation and committed no wrongdoing in relation to the management of Arik Air.
The letter, signed by AMCON Managing Director Gbenga Alade and Executive Director, Resolution and Enforcement, Adeshola Lamidi, reportedly stated that the decisions forming the basis of the criminal charges were taken pursuant to resolutions duly approved by AMCON’s Board of Directors.
According to the communication, the corporation argued that the charges were effectively directed against AMCON and its Board, since the actions complained about arose from officers carrying out their statutory duty of recovering debts from Arik Air, described as a chronic debtor.
AMCON warned in the letter that prosecuting its officials for actions taken in the course of debt recovery could undermine the corporation’s authority and discourage staff from carrying out lawful responsibilities under the AMCON Act.
The corporation further explained that the allegations centred on the exercise of its statutory powers and contractual rights as the holder of legal mortgages over certain Arik Air aircraft.
It stated that all actions taken by the Receiver-Manager and AMCON officials were backed by resolutions of the Board of Directors, including board extracts dated July 18, 2019; February 20, 2020; and April 4, 2022, which were attached to the correspondence.
Specific allegations in the criminal charge include the alleged diversion of Arik Air funds to NG Eagle Limited and the transfer of three Boeing aircraft to Super Bravo Limited.
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However, AMCON maintained that NG Eagle was deliberately established in 2019 as a Special Purpose Vehicle as part of efforts to resolve Arik Air’s debt crisis and aviation asset exposure.The corporation stated that the Receiver-Manager had express authorisation to utilise Arik Air funds to obtain an Air Operating Certificate for NG Eagle.
The letter further noted that all funds expended by Arik Air in relation to NG Eagle were recorded in AMCON’s books as credits to Arik Air and applied towards reducing the airline’s indebtedness to the corporation.
AMCON also defended the incorporation of NG Eagle Limited and Super Bravo Limited, citing Section 6 of the AMCON Act, which empowers the corporation to establish subsidiaries or acquire interests in companies in furtherance of its statutory functions.
According to the corporation, the EFCC failed to specify the alleged “undue advantage” said to have been obtained by AMCON officials, questioning whether such benefit was personal or corporate in nature.
The corporation insisted that there was “nothing in the charge indicating any personal benefits to AMCON and its officers.”
AMCON further described the charges as commercial disputes rather than criminal acts, noting that related issues were already the subject of pending civil litigation in Suit No. FHC/L/CS/1175/2021 involving Johnson Ikhide and others against Kamilu Omokide and four others, as well as a Notice of Appeal filed on April 28, 2023.
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Under cross-examination, the EFCC witness, identified as Kaltungo, admitted that the activities carried out by the Receiver-Manager and the management of Arik Air were sanctioned by AMCON’s Board.
He also confirmed that the defendants acted in their capacities as agents, privies, subsidiaries, or representatives of AMCON in relation to the affairs of Arik Air under receivership.
Kaltungo further admitted that Omokide did not personally benefit from the sale of NG Eagle and held only a nominee share in the company, while AMCON remained the majority shareholder.
He equally confirmed before the court that proceeds from the sale of NG Eagle were paid directly to AMCON and not to any of the defendants standing trial.
The defence questioned why the EFCC proceeded with criminal charges despite AMCON’s written clarification that the actions complained about were authorised corporate decisions undertaken in furtherance of its statutory mandate under the AMCON Act, 2010 (as amended).
AMCON’s intervention in Arik Air followed concerns raised by the Federal Ministry of Aviation during the administration of former President Muhammadu Buhari that the airline was on the verge of collapse and might not survive beyond two months without urgent intervention.
At the time, Arik Air reportedly controlled more than 60 per cent of domestic air transportation in Nigeria but was burdened by over N300 billion in debt obligations, weak corporate governance, operational challenges, unpaid salaries, frequent flight cancellations, poor on-time performance, and lapsed insurance obligations.
Justice Dada subsequently adjourned the matter until June 25 and July 7, 2026, for continuation of the cross-examination of the EFCC witness.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
