An Economic and Financial Crimes Commission (EFCC) witness on Tuesday acknowledged before the Ikeja Special Offences Court in Lagos that the sale of NG Eagle Airline received full authorisation from the board of the Asset Management Corporation of Nigeria (AMCON), with the proceeds of approximately N149 million deposited directly into AMCON’s Central Bank of Nigeria (CBN) account.
The fourth prosecution witness, Bawa Usman Kaltungo, made these revelations during cross-examination by Oladipo Shasore, senior advocate of Nigeria (SAN) who represents Ahmed Kuru, former AMCON managing director and chief executive officer.
Kuru is being prosecuted alongside four co-defendants before Justice Mojisola Dada over alleged infractions tied to the administration and eventual divestment of the airline.
Under questioning by Shasore, Kaltungo confirmed that Kuru secured approval from the AMCON board, which was chaired by Dr. Amos Adamu at the time prior to executing the NG Eagle transaction. He further verified that the transaction funds were transferred into AMCON’s official account domiciled at the CBN.
The concessions followed a challenge by Shasore regarding Kaltungo’s assertion in the EFCC investigative report that AMCON unlawfully incorporated both NG Eagle and Super Bravo Limited.
Shasore pressed the investigator, who has spent over 22 years with the commission, to clarify the legal basis for that conclusion.
“In your investigation report, you said AMCON illegally set up NG Eagle and another HoldCo called Super Bravo. Please explain to this court how they are illegal,” Shasore demanded.
Kaltungo responded that the commission’s conclusions were drawn from intelligence, including a Federal High Court ruling that reportedly invalidated the sale of NG Eagle.
However, the witness admitted he was unaware during the investigation that the judgment had been appealed, and that higher judicial authorities subsequently set aside and vacated the order.
Kaltungo further conceded that his recollection of events could be flawed, ultimately acknowledging that Kuru did not act unilaterally without the requisite approvals from the AMCON board.
The defence team leveraged these admissions to dispute the prosecution’s narrative of the transaction and highlight shortcomings in the investigative process.
The prosecution stems from a petition submitted by Femi Falana, SAN, acting on behalf of the promoters and shareholders of Arik Air.
Charged alongside Kuru are Kamilu Omokide, former receiver-manager of Arik Air; Captain Roy Ilegbodu, the airline’s chief executive officer; Union Bank Limited; and Super Bravo Limited.
Proceedings are scheduled to resume on Wednesday, October 28, 2026.
Ngozi Ekugo holds an MSc in Management from the University of Hertfordshire. She is also an alumna of University of Lagos, Queen’s College, and an Associate Member of CIPM. Her experience includes a brief exposure in the Human Capital Management division of Goldman Sachs in London. She draws on her cross-sector experience to cover employment trends, career opportunities and international mobility.
