EFCC witness admits AMCON board approved NG Eagle sale

₦149m proceeds paid into AMCON account with CBN, court told By Henry Ojelu LAGOS — A witness of the Economic and Financial Crimes Commission, EFCC, on Tuesday admitted that the sale of NG Eagle airline was approved by the board of the Asset Management Corporation of Nigeria, AMCON, and that the proceeds of about ₦149 million were paid into the corporation’s account with the Central Bank of Nigeria, CBN.

The witness, Bawa Usman Kaltungo, made the admissions while being cross-examined by Olasupo Shasore, SAN, counsel to former AMCON Managing Director and Chief Executive Officer, Ahmed Kuru, at the Special Offences Court sitting in Ikeja, Lagos. Kuru is standing trial alongside four others before Justice Mojisola Dada over allegations arising from the management and sale of the airline.

Under cross-examination, Kaltungo, the prosecution witness four, acknowledged that Kuru obtained the approval of the AMCON board, then chaired by Dr Amos Adamu, before the sale of NG Eagle. He also confirmed that the proceeds of the transaction were paid into AMCON’s account with the CBN. The admissions came after Shasore challenged the witness over his claim in the EFCC investigation report that AMCON illegally established NG Eagle and Super Bravo Limited.

Shasore asked the witness to explain the basis for describing the establishment of the two entities as illegal, despite his more than 22 years of experience as an EFCC officer. “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 reportedly nullifying the sale of NG Eagle. However, he admitted that he was unaware, during the investigation, that the judgment had been appealed. The judgment was subsequently vacated and set aside by the appellate court. The witness also acknowledged that his memory could fail him, before conceding that Kuru did not make decisions without the requisite approvals of the AMCON board.

The defence relied on the testimony to challenge the prosecution’s account of the transaction and its handling of the investigation. The EFCC had instituted the case following a petition by Femi Falana, SAN, on behalf of the promoters and shareholders of Arik Air. Those standing trial alongside Kuru 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 trial is expected to continue on Wednesday, October 28, 2026.