An Ikeja Special Offences Court yesterday issued a bench warrant for the arrest of erstwhile Asset Management Corporation of Nigeria (AMCON) Managing Director Ahmed Lawal Kuru for failing to appear for his arraignment in connection with an alleged N76 billion fraud.

Justice Mojisola Dada made the order after Kuru and his lead counsel Olasupo Shasore (SAN) were absent from the court. Kuru, alongside Kamilu Alaba Omokide, Captain Roy Ilegbodu, an old-generation bank and Super Bravo Limited, is facing six counts brought by the Economic and Financial Crimes Commission (EFCC).

The charges include making false statements, fraudulent conversion, abuse of office, stealing, and dishonest conversion of property. The anti-graft agency alleged that in 2011, the bank misled AMCON by providing false information about Arik Air Limited’s performing loans, resulting in the sale and transfer of N71 billion to AMCON.

Kuru and Omokide, as receiver and manager of Arik Air Limited, along with Ilegbodu, the Chief Executive Officer of Arik Air in receivership, are accused of stealing and fraudulently converting N4.9 billion belonging to NG Eagle Limited in 2022.

Additionally, Ilegbodu allegedly embezzled N22.5 million in May 2024, diverting the funds to Magashi Ali Mohammed, a property of Arik Air Limited.

The EFCC also claimed that in July 2019, Kuru and Omokide, while acting as public officers, abused their positions by incorporating NG Eagle Limited (RC Number 1600277) to gain undue advantages for themselves and their associates. This company was allegedly used as a front for illicit activities.