The Economic and Financial Crimes Commission (EFCC) has raised an alarm in a Lagos court regarding alleged plans by two defendants to secretly sell off key assets connected to the ongoing N75 billion and $31.5 million fraud trial involving former Asset Management Corporation of Nigeria (AMCON) Managing Director, Ahmed Kuru.
During a hearing on Wednesday, July 30, at the Special Offences Court in Ikeja, EFCC counsel Wahab Shittu, SAN, expressed serious concerns that Kamilu Omokide, Receiver Manager of Arik Air, and Capt. Roy Ilegbodu, the airline's CEO, were allegedly plotting to dispose of aircraft assets that are currently under litigation.
The two executives are standing trial alongside Kuru, Union Bank of Nigeria Plc, and Super Bravo Limited on a six-count charge that includes conspiracy, stealing, and abuse of office in what has become one of Nigeria's most significant corporate fraud cases in recent years.
Shittu's warning came while responding to an application filed by Ilegbodu seeking permission to travel abroad for urgent medical treatment. While not opposing the travel request itself, the EFCC counsel cited intelligence reports suggesting potential asset sales that could compromise the integrity of the ongoing trial.
"This case is at a critical stage. We do not want anything that will undermine the court proceedings or tamper with the subject matter of this case," Shittu emphasized to the court.
In response, legal representatives for the defendants denied any involvement in the alleged asset sales. Counsel for Ilegbodu maintained that his client lacks the authority to dispose of any aircraft, while Union Bank's lawyer, Olalekan Ojo, SAN, dismissed the EFCC's claims as speculative, insisting that the bank remained a "responsible corporate entity."
After hearing all submissions, Justice Mojisola Dada granted Ilegbodu's application for medical travel abroad. The court also approved similar travel requests previously filed by the first and third defendants on July 17, 2025.
The case highlights ongoing concerns about corporate governance and asset protection in high-profile financial crime investigations in Nigeria's aviation sector. Industry analysts note that the outcome of this case could have significant implications for regulatory oversight in the sector.
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