An Economic and Financial Crimes Commission (EFCC) Director on Tuesday admitted that the previous managing director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, obtained board approval earlier than the sale of NG Eagle, and that proceeds of about N149 million from the transaction had been paid into AMCON’s account with the Central Bank of Nigeria (CBN).
The witness, Bawa Kaltungo, made the admission whereas being cross-examined by Kuru’s lawyer, Olasupo Shasore (SAN), on the ongoing trial of the previous AMCON chief and 4 others earlier than the Special Offences Court in Ikeja, Lagos.
The Economic and Financial Crimes Commission (EFCC) had arraigned the previous AMCON boss and others earlier than the courtroom on a five-count cost of theft, abuse of workplace and stealing by dishonestly taking the property of one other.
Other defendants within the case embody the previous 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 depend of creating false statements to public officers.
The defendants, nonetheless, pleaded not responsible to the cost.
Kaltungo, who’s the Director of the EFCC’s Lagos Zonal Directorate 2, additionally acknowledged that Kuru didn’t make selections with out the requisite approvals of AMCON’s board, which Dr Amos Adamu then chaired.
The testimony got here as Shasore questioned the premise for the investigator’s assertion that AMCON’s institution of NG Eagle and Super Bravo Limited was unlawful.
The defence counsel challenged Kaltungo to clarify why he described the 2 entities as illegally established, given his greater than 22 years of expertise 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 requested.
In response, Kaltungo stated the investigation relied on intelligence, together with a Federal High Court judgment that the EFCC understood had nullified the sale of NG Eagle.
However, underneath additional cross-examination, the witness admitted he was unaware throughout the investigation that the judgment had been appealed. The judgment was subsequently vacated and put aside on enchantment.
The admission raised questions on what info the investigator had when he reached his conclusions concerning the transaction.
Kaltungo subsequently acknowledged that his reminiscence may fail him and admitted that Kuru didn’t make selections with out the mandatory board approvals.
He additionally confirmed that the proceeds from the sale, roughly N149 million, had been paid into AMCON’s CBN account, to not Kuru personally.
The defence relied on the testimony to problem the premise of the allegations in opposition to the previous AMCON managing director, significantly the claims surrounding the approval course of and the dealing with of the sale proceeds.
Justice Mojisola Dada adjourned the case till Wednesday, 28 October 2026, for additional listening to.
The EFCC charged Kuru and 4 others following a petition by human rights lawyer Femi Falana (SAN) on behalf of Arik Air’s promoters and shareholders.
The defendants embody Kamilu Omokide, a former receiver-manager of Arik Air; Captain Roy Ilegbodu, the airline’s chief govt officer; Union Bank Limited; and Super Bravo Limited.
The allegations are the topic of ongoing proceedings, and the courtroom has but to find out the defendants’ culpability.
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