Court in Lagos adjourns ₦76bn and $31.5m fraud trial involving ex-AMCON boss Ahmed Kuru and others to June 25 hearing
Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on Tuesday, May 19, 2026, adjourned further hearing in the high-profile alleged ₦76 billion and $31.5 million fraud trial involving former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and several other defendants to June 25, 2026.
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The Economic and Financial Crimes Commission (EFCC) is prosecuting Ahmed Kuru alongside Kamilu Alaba Omokide, Roy Ilegbodu, Union Bank of Nigeria Plc, and Super Bravo Limited on a six-count charge bordering on conspiracy, stealing, and abuse of office.
The allegations centre on transactions involving Arik Air loans, bank guarantees, and alleged misrepresentation of financial figures presented to AMCON.
One of the counts cited claims of a ₦71 billion transfer linked to disputed loan classifications and asset management decisions.
During Tuesday’s proceedings, the fourth prosecution witness, Usman Bawa Kaltungo, testified that AMCON primarily acquires secured non-performing loans from banks, not all categories of debt.
His testimony formed part of ongoing cross-examination by defence counsel.
Disputes also arose over the admissibility of certain documents presented in court.
The prosecution objected to photocopied letters allegedly submitted to the EFCC, arguing they lacked proper certification and could not be relied upon.
Justice Dada ruled that original documents must be produced at the next hearing, while admitting the disputed materials as Exhibit P53, pending further examination.
The court also heard arguments relating to correspondence between AMCON and the EFCC, with defence counsel referencing letters suggesting that decisions under review were made by AMCON’s Board of Directors following official meetings.
When questioned on whether any funds were traced to the personal accounts of the defendants, the witness stated that no such funds had been identified.
The court further noted that AMCON itself was not listed as a defendant in the matter, a point raised during cross-examination as proceedings continue in the complex financial case.
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The trial, described as one of the most closely watched financial crime cases in Lagos, will resume on June 25, 2026, for further hearing.
