Justice Mojisola Dada of the Ikeja Special Offences Court has granted bail to the former Managing Director of the Assets Management Corporation of Nigeria (AMCON), Ahmed Kuru, and four other defendants, in a case involving alleged fraud of ₦76 billion and $31.5 million related to Arik Airline.

The defendants, including the former Receiver Manager of Arik Airline, Kamilu Omokide; Chief Executive Officer of the airline, Captain Roy Ilegbodu; Union Bank; and Super Bravo Ltd, were granted bail on Monday.

Bail Conditions

Justice Dada set the bail at ₦20 million for each defendant, requiring one surety each. The decision came after hearing arguments from the defense counsel regarding their applications for bail.

The court also emphasized the need for the defendants to comply with the bail conditions to ensure their continued availability during the trial.

Allegations Against the Defendants

The defendants are facing charges of financial misconduct involving the mismanagement of funds and alleged fraudulent activities during the receivership of Arik Airline. The case revolves around the diversion of ₦76 billion and $31.5 million, funds allegedly siphoned during the operations and management of the airline.

The prosecution alleges that these actions contributed to the financial troubles faced by Arik Airline, which was placed under AMCON’s receivership to stabilize its operations.

Next Steps

With bail granted, the defendants are expected to prepare for their defense as the trial progresses. The court has yet to set a date for the continuation of proceedings, which will delve into the details of the alleged fraud and the roles played by the accused parties.

Broader Implications

This case has drawn significant attention due to the magnitude of the alleged financial mismanagement and its impact on the aviation industry. It highlights ongoing concerns about transparency and accountability in corporate governance, particularly in organizations placed under government receivership.