The Economic and Financial Crimes Commission (EFCC) has raised concerns over what it described as persistent and misleading media coverage of the ongoing fraud trial involving former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and four others.
The accused are standing trial over allegations of fraud and theft amounting to N76 billion and $31.5 million. Other defendants in the case include Kamilu Omokide, former Receiver Manager of Arik Air Limited; Roy Ilegbodu, CEO of Arik Air; Union Bank; and Super Bravo Limited.
They face a five-count charge bordering on fraud, abuse of office, dishonest acquisition of property, and theft, while Union Bank is facing an additional count for allegedly making false statements to a public officer.When the case came up on Tuesday before Justice Mojisola Dada, EFCC’s lead counsel, Dr. Wahab Shittu (SAN), expressed dismay over a particular online report which, according to him, misrepresented the court proceedings.
Shittu told the court that the report falsely portrayed tension between the court and AMCON, and distorted the testimony of witnesses.“
The publication is worrisome, my lord, and there have been several instances of reporting what the witness never actually said,” he said. “These reports paint a picture of hostility between AMCON, Union Bank, Arik and the court, which is not true.”
He added that the trial is being followed closely by foreign observers and appealed for accurate reporting to preserve the integrity of the court process.
During the resumed cross-examination of the third prosecution witness, Muhammed Jega, a former Executive Director of Credits at AMCON, Jega confirmed he was not a signatory to the Loan Purchase Agreement between Union Bank and Arik Air.
Under questioning from Union Bank’s counsel, Olalekan Ojo (SAN), Jega raised doubts over the authenticity of the signatures on the agreement, highlighting irregularities such as pagination errors, noting the document curiously began from page eight. “I doubt if my colleagues could have signed this agreement. Therefore, I disagree that they signed the agreement the way it is shown to me,” Jega stated.
Ojo, however, insisted the document bore AMCON’s certification on each page.Jega further clarified that his extra-judicial statement dated June 19, 2023, was based on his understanding of the case and questions posed by the EFCC. He also revealed that during a February 4, 2011 meeting in London with foreign lenders, AMCON was only an invitee, and no mention was made by Union Bank about AMCON taking over Arik’s loan.
When asked whether AMCON disclosed a takeover during the meeting, Jega replied: “No.”
He also confirmed he did not return to the EFCC for any additional statement regarding the matter.“
My Lord, there was no need to do that in respect of the Arik Air loan. What was purchased by AMCON was the guarantee and the indemnity,” Jega said.
Justice Mojisola Dada subsequently adjourned the matter until October 15, 2025, for continuation of trial.
