An Economic and Financial Crimes Commission (EFCC) witness has told a Lagos court that the sale of NG Eagle was approved by the Board of the Asset Management Corporation of Nigeria (AMCON), with the proceeds of about ₦149 million paid into the corporation’s account with the Central Bank of Nigeria (CBN).
The testimony emerged on Tuesday, October 27, 2026, during the ongoing trial of former AMCON Managing Director and Chief Executive Officer, Ahmed Kuru, and four other defendants before the Special Offences Court in Ikeja, Lagos, presided over by Justice Mojisola Dada.
The fourth prosecution witness, Bawa Usman Kaltungo, made the admissions while being cross-examined by Kuru’s counsel, Olasupo Shasore, SAN, on the circumstances surrounding the establishment and sale of NG Eagle.
Kaltungo acknowledged that Kuru, the second defendant, obtained approval from AMCON’s Board, then chaired by Dr Amos Adamu, before the airline was sold. He also confirmed that the proceeds of the transaction were paid into AMCON’s account with the CBN, rather than into Kuru’s personal account.
The testimony followed questions from Shasore concerning statements in the witness’s investigation report alleging that AMCON had illegally established NG Eagle and Super Bravo Limited, a holding company.
Seeking clarification on the basis for the allegation, Shasore asked the witness to explain why the establishment of the two entities had been characterised as illegal.
In response, Kaltungo said the EFCC’s investigation relied on intelligence, including a Federal High Court judgment reportedly nullifying the sale of NG Eagle.
However, under further questioning, the witness admitted that he was unaware during the investigation that the judgment had been appealed. The defence maintained that the judgment was subsequently vacated and set aside by an appellate court.
The exchange prompted further questions about the basis of the EFCC’s findings and the information available to the investigating officer when the report was prepared.
Kaltungo subsequently acknowledged that his recollection could be imperfect and conceded that Kuru’s decisions were subject to approvals from AMCON’s Board. He also reiterated that the proceeds from the sale were paid into the corporation’s CBN account.
The testimony forms part of the broader criminal proceedings involving the former AMCON chief and other defendants over transactions and decisions connected to the corporation’s management of distressed assets and the affairs of Arik Air.
The EFCC instituted the case following a petition by senior advocate Femi Falana, SAN, on behalf of the promoters and shareholders of Arik Air. The defendants include Kuru; Kamilu Omokide, a former receiver-manager of Arik Air Limited; Captain Roy Ilegbodu, the airline’s chief executive officer; Union Bank Limited; and Super Bravo Limited.
The trial is scheduled to continue on Wednesday, October 28, 2026.
