Court Admits CBN Evidence in N76bn Fraud Trial of Kuru

The trial of former Asset Management Corporation of Nigeria (AMCON) Managing Director Ahm Kuru and others has progressed as the Special Offences Court in Ikeja admitted a minute from a Central Bank of Nigeria (CBN) meeting as evidence. The case involves allegations of N76 billion fraud linked to Arik Air.

The fourth prosecution witness, Bawa Usman Kaltungo, testified about the CBN's deliberations concerning the receivership of Arik Air, which was under significant financial distress. Kuru is on trial alongside Kamilu Alaba Omokid, the receiver manager of Arik Air, and Roi Ilegbodu, the airline's Managing Director.

The CBN meeting, chaired by former Governor Godwin Emefiele, discussed Arik Air's control over 60% of Nigeria's passenger traffic and the urgent need for intervention to prevent its collapse. The court admitted a certified true copy of the CBN meeting minutes, which included a resolution to appoint a receiver manager for Arik Air.