In a recent development from the Special Offences Court in Ikeja, Lagos, Ahmed Kuru, the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), has been granted permission to travel to London for urgent medical treatment. The ruling, delivered by Justice Mojisola Dada, included an order to release Mr. Kuru’s international passport, despite concerns raised by the prosecuting body, the Economic and Financial Crimes Commission (EFCC).
Mr. Kuru, along with four others, including Union Bank of Nigeria Plc, is facing a six-count charge related to conspiracy, stealing, and abuse of office. According to the EFCC, the allegations stem from a 2011 transaction in which the defendants misrepresented Arik Air’s loans as non-performing, leading AMCON to acquire the debts for a staggering N71 billion. The anti-graft agency later discovered that these obligations were, in fact, secured by foreign guarantees and were not in default, suggesting a potential fraudulent scheme.
The charges against the defendants are extensive and serious. In another count, the EFCC accused Mr. Kuru, Kamilu Omokide, and Roy Ilegbodu of fraudulently diverting N4.9 billion of Arik’s funds to a separate entity, NG Eagle Limited, in 2022. Additionally, the CEO of Arik is accused of diverting N22.5 million for a personal benefit, while the defendants are collectively alleged to have authorized the destruction of an aircraft valued at $31.5 million—an act the EFCC claims was harmful to Nigeria’s economic stability.
Despite these serious allegations, the court's recent decision hinged on a key legal argument. The EFCC’s lawyer, Wahab Shittu, while not opposing Mr. Kuru’s travel application, raised significant concerns about intelligence suggesting that two other defendants were attempting to dispose of assets, including aircraft reportedly located in France. He warned that the travel application could serve as a cover for such activities and urged the court to issue restraining orders to protect the subject assets.
However, the defense lawyers were quick to counter these claims. Mr. Kuru's lawyer argued that the EFCC's concerns did not relate to her client, who was traveling to the UK, not France. The lawyer for Union Bank, Olalekan Ojo, dismissed the EFCC's concerns as "speculative and unsupported by evidence," asserting that his client was a responsible institution. Ultimately, Justice Dada sided with the defense, ruling that the EFCC had failed to present any documentary evidence to support its claims of asset disposal.
