Arik Air: EFCC Witness Admits Kuru Had Board Approval For NG Eagle Sale

An Economic and Financial Crimes Commission (EFCC) Director on Tuesday admitted that the former managing director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, obtained board approval before the sale of NG Eagle, and that proceeds of about N149 million from the transaction were paid into AMCON’s account with the Central Bank of Nigeria (CBN).

The witness, Bawa Kaltungo, made the admission while being cross-examined by Kuru’s lawyer, Olasupo Shasore (SAN), at the ongoing trial of the former AMCON chief and four others before the Special Offences Court in Ikeja, Lagos.

The Economic and Financial Crimes Commission (EFCC) had arraigned the former AMCON boss and others before the court on a five-count charge of theft, abuse of office and stealing by dishonestly taking the property of another.

Other defendants in the case include the former Receiver Manager of Arik Airline Ltd, Kamilu Omokide; the airline’s Chief Executive Officer, Captain Roy Ilegbodu; Union Bank Limited; and Super Bravo Limited.

Read Also: EFCC Witness Says Arik Air Had No Bad Debt, Faults Receivership

Also, Union Bank was charged with one count of making false statements to public officers.

The defendants, however, pleaded not guilty to the charge.

Kaltungo, who is the Director of the EFCC’s Lagos Zonal Directorate 2, also acknowledged that Kuru did not make decisions without the requisite approvals of AMCON’s board, which Dr Amos Adamu then chaired.

The testimony came as Shasore questioned the basis for the investigator’s assertion that AMCON’s establishment of NG Eagle and Super Bravo Limited was illegal.

The defence counsel challenged Kaltungo to explain why he described the two entities as illegally established, given his more than 22 years of experience as an EFCC investigator.

“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 asked.

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

However, under further cross-examination, the witness admitted he was unaware during the investigation that the judgment had been appealed. The judgment was subsequently vacated and set aside on appeal.

The admission raised questions about what information the investigator had when he reached his conclusions about the transaction.

Kaltungo subsequently acknowledged that his memory could fail him and admitted that Kuru did not make decisions without the necessary board approvals.

He also confirmed that the proceeds from the sale, approximately N149 million, were paid into AMCON’s CBN account, not to Kuru personally.

The defence relied on the testimony to challenge the basis of the allegations against the former AMCON managing director, particularly the claims surrounding the approval process and the handling of the sale proceeds.

Justice Mojisola Dada adjourned the case until Wednesday, 28 October 2026, for further hearing.

The EFCC charged Kuru and four others following a petition by human rights lawyer Femi Falana (SAN) on behalf of Arik Air’s promoters and shareholders.

The defendants include Kamilu Omokide, a former receiver-manager of Arik Air; Captain Roy Ilegbodu, the airline’s chief executive officer; Union Bank Limited; and Super Bravo Limited.

The allegations are the subject of ongoing proceedings, and the court has yet to determine the defendants’ culpability.