EFCC Presents CBN Minutes As Evidence In N76bn Arik Air Fraud Trial

The Economic and Financial Crimes Commission (EFCC) has tendered crucial Central Bank of Nigeria (CBN) meeting minutes as evidence in the ongoing trial of former Asset Management Corporation of Nigeria (AMCON) Managing Director Ahmed Kuru, who faces allegations of fraud totalling N76 billion in connection with the controversial takeover of Arik Air.

The anti-graft agency presented the documents before the Federal High Court in Lagos on Wednesday, seeking to establish a paper trail linking the former AMCON chief to financial irregularities during the airline's acquisition by the government-backed bad bank.

The minutes, which reportedly detail deliberations at the highest levels of the CBN regarding the intervention in Arik Air, are expected to provide critical context for understanding how the transaction was approved and whether proper due diligence was conducted. The EFCC has accused Kuru of approving the payment of billions of naira to consultants and intermediaries without proper authorization.

Arik Air, once Nigeria's largest commercial carrier, was taken over by AMCON in February 2017 following a period of financial distress. The airline had accumulated massive debts to various creditors, including banks and oil marketers, prompting the government to intervene to prevent its collapse.

However, the takeover has been mired in controversy, with allegations that certain individuals profited handsomely from the restructuring process at the expense of the airline's original shareholders and creditors. The EFCC's investigation has focused on suspicious payments made during the transition period.

Kuru, who served as AMCON MD from 2015 to 2021, has pleaded not guilty to the charges. His defence team has argued that all actions taken during the Arik Air intervention were within his statutory powers and were designed to protect the interests of the corporation and the Nigerian financial system.

The trial has attracted significant attention from the aviation industry and financial sector, as its outcome could have implications for how future government interventions in distressed companies are conducted. Transparency advocates have called for a thorough examination of the entire AMCON process to ensure accountability.

The case has been adjourned until next month for continuation of trial, with the EFCC expected to present additional witnesses and documentary evidence to support its allegations. Kuru remains out on bail pending the conclusion of the proceedings.