EFCC witness admits AMCON board approved NG Eagle sale in N76bn fraud trial

An Economic and Financial Crimes Commission (EFCC) investigator has admitted that former Asset Management Corporation of Nigeria (AMCON) managing director Ahmed Kuru obtained board approval for the sale of NG Eagle, an airline established by the corporation.

Bawa Usman Kaltungo, the fourth prosecution witness, made the admission on Tuesday while being cross-examined by Kuru’s counsel, Olasupo Shasore, at the Special Offences Court in Ikeja, Lagos.

The testimony came during the ongoing trial of Kuru and four others over an alleged N76 billion fraud involving Arik Air and related transactions.

Kaltungo also confirmed that proceeds from the sale of NG Eagle, amounting to about N149 million, were paid into AMCON’s account with the Central Bank of Nigeria (CBN), rather than into Kuru’s personal account.

The admission formed part of the defence’s challenge to the prosecution’s allegations concerning the establishment and sale of NG Eagle and the role played by the former AMCON chief.

During cross-examination, Shasore questioned the basis of the investigator’s earlier claim that AMCON illegally established NG Eagle and Super Bravo Limited.

Kaltungo said the investigation relied on intelligence, including a Federal High Court judgment that had reportedly nullified the sale of NG Eagle.

He admitted that he was unaware during the investigation that the judgment had been appealed and was subsequently set aside by an appellate court.

The witness further acknowledged that Kuru did not make decisions concerning the transaction without the required approvals from AMCON’s board, which was chaired at the time by Dr Amos Adamu.

The testimony is significant to the defence’s argument that the transaction followed institutional approval and that the former managing director did not personally benefit from the sale.

Kuru is standing trial alongside Kamilu Omokide, a former receiver-manager of Arik Air; Captain Roy Ilegbodu, the airline’s chief executive officer; Union Bank of Nigeria Plc; and Super Bravo Limited.

The defendants face charges relating to alleged conspiracy, stealing and abuse of office arising from the management of Arik Air, its financial obligations and transactions involving the airline’s assets.

Among the allegations is that N4.9 billion belonging to Arik Air was fraudulently converted for the use of NG Eagle Limited in 2022. The prosecution has also raised allegations concerning the transfer of Arik Air’s loan exposure to AMCON.

The case followed a petition by human rights lawyer Femi Falana, who represented Arik Air’s promoters and shareholders.

The defendants have pleaded not guilty to the charges. The allegations remain before the court, and the witness’s admissions do not, by themselves, determine the outcome of the trial.

The proceedings are expected to continue on Wednesday, October 28, 2026.