A prosecution witness for the Economic and Financial Crimes Commission (EFCC) testified on Tuesday that the Asset Management Corporation of Nigeria (AMCON) board authorized the sale of NG Eagle, with the N149 million proceeds deposited directly into the agency’s Central Bank of Nigeria (CBN) account.
The witness, Bawa Usman Kaltungo, made these disclosures during cross-examination by Olasupo Shasore, senior advocate and counsel to Ahmed Kuru, former AMCON managing director and CEO.
Kuru is currently on trial before Justice Mojisola Dada at the Ikeja Special Offences Court in Lagos over alleged irregularities in the management and disposal of the airline.
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Under questioning, Kaltungo confirmed that Kuru secured proper approval from the Amos Adamu-led AMCON board prior to the divestment.
He also acknowledged that the transaction funds were directed into AMCON’s CBN account.
The admissions directly challenged Kaltungo’s earlier investigative finding that AMCON had unlawfully incorporated NG Eagle and Super Bravo Limited.
When asked by defence counsel to justify the claim of illegality, the EFCC investigator admitted relying on intelligence that included a lower court ruling against the sale. However, he conceded he was unaware at the time that the judgment was under appeal, a ruling that was later set aside by the appellate court.
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Kaltungo further accepted that his memory might be flawed, acknowledging that Kuru did not act without board authorization.
The defense used the testimony to question the integrity of the prosecution’s case and the thoroughness of the EFCC’s probe.
The proceedings stem from a petition submitted by human rights lawyer Femi Falana, SAN, representing Arik Air’s shareholders and founders.
Kuru is charged alongside Kamilu Omokide, former Arik Air receiver manager; Captain Roy Ilegbodu, the airline’s CEO; Union Bank Limited; and Super Bravo Limited. Proceedings resume on Wednesday, October 28, 2026.
