Court Admits Evidence in N76bn Fraud Case Against Kuru

On February 25, 2026, Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, admitted more evidence against Ahmed Kuru, the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), in a fraud trial involving N76 billion and $31.5 million. Kuru, alongside Kamilu Alaba Omokid and Captain Roi Ilegbodu of Union Bank of Nigeria PLC, faces six counts of conspiracy and abuse of office related to the fraudulent sale of Arik Air.

The prosecution alleges that in 2011, Kuru and his co-defendants made false statements regarding Arik Air's loan performance, leading to a fraudulent conversion of N4.9 billion. The trial continued with witness Usman Bawa Kaltungo providing testimony about the investigation into the transactions involving Arik Air, Union Bank, and AMCON.

The court also examined a legal opinion from the Attorney General's office regarding the investigation's legitimacy, which was admitted as evidence.