Ikeja Court Grants Bail to Former AMCON MD and Arik Airline Executives Over N76 Billion Fraud

An Ikeja Special Offences Court has granted N20 million bail to former Managing Director of the Assets Management Corporation of Nigeria (AMCON), Ahmed Kuru, and four other defendants who are standing trial for their alleged involvement in a massive N76 billion and $31.5 million fraud linked to Arik Airline.

The defendants, including Kamilu Omokide, the former Receiver Manager of Arik Airline Ltd., Captain Roy Ilegbodu, CEO of Arik Airline, Union Bank, and Super Bravo Ltd., are facing charges related to the fraud.

Bail Conditions for Defendants

Justice Mojisola Dada issued the bail after hearing arguments from the respective lawyers representing the defendants. Each defendant was granted bail in the sum of N20 million, with one surety required for each of them.

The court’s decision comes amid ongoing proceedings in the high-profile case, which involves serious allegations of financial mismanagement and fraudulent activities within Arik Airline, one of Nigeria’s major airlines.