Arik Air dispute: AMCON board approved NG Eagle sale — EFCC

…insists N149m was paid into CBN account

Economic and Financial Crimes Commission (EFCC), on Tuesday, revealed before the Lagos State Special Offences Court, Ikeja, that the Ahmed Kuru-led board of the Asset Management Corporation of Nigeria (AMCON) obtained board approval before selling NG Eagle.

The commission made the revelation through its witness, Mr Bawa Usman Kaltungo, while being cross-examined by Mr Olasupo Shasore, SAN, counsel for Ahmed Kuru, the 2nd Defendant in the case, and former AMCON Managing Director (MD).

In his testimony before the court presided over by Justice Mojisola Dada, the 4th prosecution witness maintained that the AMCON Board, then chaired by Dr Amos Adamu, duly approved the sale of the airline.

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The witness equally confirmed that the entire proceeds from the sale, amounting to about N149 million, were paid directly into AMCON’s account domiciled with the Central Bank of Nigeria (CBN).

Kaltungo stated that Kuru did not personally benefit from the transaction after he had earlier claimed in his investigation report that the process of setting up NG Eagle and Super Bravo Limited was illegal.

In confronting the claim, Shasore, SAN, raised the question thus: “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.”

Responding, Kaltungo explained that the EFCC relied on intelligence, including a Federal High Court judgment that purportedly nullified the sale of NG Eagle.

Meanwhile, under further cross-examination, the prosecution witness admitted that at the time of the investigation, he was not aware that the High Court judgment had been appealed, an appeal that was eventually vacated and set aside by the Appellate Court.

Kaltungo informed Justice Dada that his memory could fail him, as he is only human.

It would be recalled that the anti-graft agency had arraigned Ahmed Kuru, Kamilu Omokide, former receiver manager of Arik Air Ltd., Captain Roy Ilegbodu, CEO of the airline, Union Bank Ltd, and Super Bravo Ltd, following a petition by Mr Femi Falana, SAN, on behalf of the promoters/shareholders of Arik Air.

Justice Dada adjourned until October 28, 2026, for continuation of the trial.