Bawa Kaltungo testifies that former AMCON Managing Director Ahmed Kuru obtained board approval for the NG Eagle transaction.
An Economic and Financial Crimes Commission witness, Bawa Kaltungo, admitted before a Lagos court that the board of the Asset Management Corporation of Nigeria approved the NG Eagle transaction involving former Managing Director Ahmed Kuru. Kuru is currently standing trial over an alleged N76bn fraud involving Arik Air, facing charges alongside other executives.
The crucial admission occurred during cross-examination by defence counsel Olasupo Shasore at the Special Offences Court sitting in Ikeja, Lagos, before Justice Mojisola Dada. Kaltungo acknowledged that Kuru did not take unilateral decisions concerning the airline and the related transactions involving NG Eagle and Super Bravo Limited.
During the court proceedings, the prosecution witness also revealed that about N149m realised from the transaction was paid directly into the account of AMCON held with the Central Bank of Nigeria, according to information published by punchng.
AMCON Board Resolutions and Investigation Flaws
Justice Dada admitted AMCON board resolutions tendered by Uyi Giwa-Osagie, counsel to Kuru, to challenge the witness claims. The prosecution objected to the documents based on relevance, but the judge ruled they emanated from AMCON as a corporate body and were duly certified under Section 104 of the Evidence Act.
Kaltungo, who heads the Lagos Zonal Directorate 2 of the EFCC, faced intense questioning regarding the legality of NG Eagle and Super Bravo Limited. He admitted relying on intelligence that included a Federal High Court judgment, yet conceded he was unaware the ruling had been appealed and set aside.
Arik Air Receivership and Alleged Bad Debt
In earlier testimony on Monday, Kaltungo stated that the foundation for appointing a receiver-manager over Arik Air was faulty and fraudulent. He maintained that the airline was not indebted to Union Bank of Nigeria Plc and that the purported bad debt underpinning the receivership simply did not exist.
The extensive six-count charge filed against the defendants includes conspiracy, stealing, and abuse of office. The case stems from a formal petition submitted by human rights lawyer Femi Falana on behalf of the original promoters and shareholders of Arik Air.
Defendants Facing Trial in Lagos Court
The high-profile trial involves several key defendants who entered not guilty pleas when they were formally arraigned before the court. The legal proceedings continue to uncover complex financial dealings within the aviation sector under the oversight of regulatory bodies.
Alongside Ahmed Kuru, the defendants include Kamilu Alaba Omokide as a former receiver-manager, Captain Roy Ilegbodu as the chief executive officer of Arik Air, Union Bank of Nigeria Plc, and Super Bravo Limited. The trial before Justice Mojisola Dada continues on Wednesday, October 28, 2026.
Frequently Asked Questions
Who is Bawa Kaltungo in the EFCC trial?
Bawa Kaltungo is the fourth prosecution witness and head of the Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission, testifying in the trial involving Ahmed Kuru and Arik Air.
What did the EFCC witness admit regarding the NG Eagle sale?
Kaltungo admitted during cross-examination at the Ikeja Special Offences Court that the board of the Asset Management Corporation of Nigeria approved the NG Eagle transaction involving Ahmed Kuru.
What are the charges against the defendants in the Arik Air case?
The defendants face a six-count charge bordering on conspiracy, stealing, and abuse of office, following a petition filed by human rights lawyer Femi Falana on behalf of Arik Air shareholders.
When is the next court date for the Arik Air trial?
The trial involving Ahmed Kuru, Union Bank of Nigeria Plc, and other co-defendants before Justice Mojisola Dada continues on Wednesday, October 28, 2026.
