The trial of the former Managing Director of the Asset Management Corporation of Nigeria, Mr Ahmed Kuru, before the Lagos State Special Offences Court in Ikeja, was stalled on Monday due to the absence of his lead counsel, Mr Olasupo Shasore (SAN).
Kuru is standing trial alongside four others over allegations of fraud involving N76bn and $31.5m.
The other defendants in the case include former Receiver Manager of Arik Air, Kamilu Omokide; the airline’s Chief Executive Officer, Capt. Roy Ilegbodu; Union Bank; and Super Bravo Ltd.
They are facing five counts bordering on theft, abuse of office, and dishonest conversion of property. Union Bank is also facing a separate charge of making false statements to a public officer.
At the resumed proceedings on Monday, counsel for the Economic and Financial Crimes Commission, Dr Wahab Shittu (SAN), informed the court that the matter had been scheduled for continuation of a witness’s cross-examination.
However, Mr Tunji Ahmed, who held brief for Shasore, presented an application for adjournment dated May 13, 2025, stating that all parties had been duly served.
He explained that Shasore was out of the country for medical treatment.
Shittu confirmed the development, saying the senior lawyer had called to explain his health-related absence.
While wishing him a speedy recovery, Shittu expressed concern over the impact of the delay on the proceedings.
“Inasmuch as I appreciate his predicament and the courtesy of calling us, the court may recall that the second defendant once delayed his arraignment until a bench warrant was issued,” Shittu said. “I’m concerned as to why a junior counsel from the learned silk’s chambers cannot handle the matter in his absence. This case involves significant national and international interests, especially in the aviation sector. While Mr Shasore has every right to attend to his health, this matter also deserves to proceed without delay.”
After hearing the submissions, Justice Mojisola Dada adjourned the matter until May 28 for continuation of trial.
According to the EFCC, in 2011, Union Bank allegedly made false statements to AMCON regarding Arik Air’s performing loans, which led to the improper sale of the airline’s loans and guarantees.
The bank later transferred N71bn o AMCON.
The commission also alleged that in 2022, Kuru, Omokide, and Ilegbodu fraudulently converted N4.9bn to the benefit of NG Eagle Ltd.
Ilegbodu was further accused of stealing N22.5m, allegedly diverted to Magashi Ali Mohammed, funds which reportedly belonged to Arik Air Ltd.
Additionally, the defendants were accused of authorising the dismantling of aircraft 5N-JEA with Serial No. 15058, valued at $31.5 million. The EFCC described the act as arbitrary and detrimental to the economic stability of Nigeria and Arik Air.
The offences, according to the EFCC, contravened Sections 73, 96, 278(1), and 278(6) of the Criminal Law of Lagos State, 2015. (Punch)
