The Ikeja Special Offences Court in Lagos has postponed the arraignment of Ahmed Kuru, the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), who faces serious fraud charges amounting to N76 billion and $31.5 million. The new date for his court appearance is set for January 20, 2025.

Kuru is accused alongside Roy Ilegbodu, Managing Director of Arik Air; Kamilu Omokide, the receiver manager of Arik Air; Union Bank Nigeria Plc; and Super Bravo Limited. The charges stem from a petition filed by prominent lawyer Femi Falana, who represents Johnson Arumemi, the founder of Arik Air, and the airline’s shareholders.

The Economic and Financial Crimes Commission (EFCC) has accused Union Bank of providing false information to AMCON regarding Arik Air’s loans and bank guarantees, resulting in the transfer of N71 billion to AMCON. In addition, Kuru, Omokide, and Ilegbodu are accused of stealing and fraudulently diverting N4.9 billion for the benefit of NG Eagle Limited in 2022.

The EFCC further claims that Kuru and Omokide created NG Eagle Limited to secure personal benefits and that they, along with Ilegbodu, authorized the destruction of a $31.5 million aircraft in February 2022.

Initially, Kuru was absent from the court session on December 3, leading to a bench warrant for his arrest. However, his lawyer, Olasupo Shasore, assured the court that Kuru would be present for the January 2025 arraignment. Following this assurance, the prosecution agreed to revoke the arrest warrant. Judge Mojisola Dada then adjourned the case to the new date, setting aside the bench warrant.

The court’s decision means that the fraud case against Kuru and the other accused will continue into 2025, with the hearing now scheduled for January 20.