Court Admits Fresh Evidence in N76bn, $31.5m Fraud Trial Against Ex-AMCON Boss

A Federal High Court in Lagos has admitted fresh evidence in the ongoing trial of a former Managing Director of the Asset Management Corporation of Nigeria (AMCON) and other defendants accused of defrauding the corporation of N76 billion and $31.5 million.

The presiding judge ruled that the prosecution's additional documentary evidence was admissible, dealing a significant blow to the defence team which had vigorously opposed the introduction of the new materials. The decision paves the way for the Economic and Financial Crimes Commission (EFCC) to present further proof of the alleged financial malfeasance.

The defendants, who held senior positions at AMCON, are facing multiple counts of fraud, abuse of office, and money laundering related to the acquisition of non-performing loans and the management of distressed assets during their tenure at the corporation.

AMCON was established by the Federal Government to resolve the non-performing loan crisis in the banking sector by acquiring toxic assets from financial institutions. The corporation has recovered billions of naira from debtors but has also faced scrutiny over the conduct of some of its officials.

Prosecutors allege that the former AMCON executives conspired to divert funds meant for asset recovery into private accounts, using complex webs of shell companies and fraudulent transactions to conceal their tracks. The fresh evidence reportedly includes bank records, email correspondence, and witness statements that strengthen the prosecution's case.

Legal experts say the admission of additional evidence suggests that investigators have continued to gather intelligence since the case was initially filed, potentially uncovering new dimensions to the alleged fraud scheme.

The defendants have pleaded not guilty to all charges, with their legal teams arguing that the transactions in question were legitimate business dealings conducted in the ordinary course of AMCON's operations. They have also questioned the timing of the fresh evidence, suggesting it represents a fishing expedition by prosecutors.

The case has attracted significant public attention given the enormous sums involved and the high-profile nature of the accused, who were entrusted with managing some of Nigeria's most distressed financial assets.

The trial has been adjourned to allow the prosecution to present the newly admitted evidence and call additional witnesses. If convicted, the defendants could face lengthy prison sentences under Nigeria's anti-corruption laws.