AMCON Trial: Witness Admits Board Approved NG Eagle Sale

By Ranti Thomas

An EFCC prosecution witness has acknowledged in court that Ahmed Kuru, the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), obtained board approval for the sale of NG Eagle, while the proceeds from the transaction were paid into the corporation’s account with the Central Bank of Nigeria.

The admission was made on Tuesday, October 27, 2026, during the ongoing trial of Kuru and four other defendants before Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos.

Bawa Usman Kaltungo, the fourth prosecution witness, made the statements while answering questions from Olasupo Shasore, a Senior Advocate of Nigeria and counsel to Kuru, who is the second defendant in the case.

The cross-examination focused on the EFCC’s investigation into the establishment and sale of NG Eagle, as well as Super Bravo Limited, another company mentioned in the case.

Shasore challenged the witness to explain the basis of the claim in his investigation report that AMCON had illegally established the two companies.

Kaltungo told the court that the investigation relied on intelligence, including a Federal High Court judgment which he said had nullified the sale of NG Eagle.

However, the witness admitted that he did not know, at the time of the investigation, that the judgment was under appeal.

He further acknowledged that the judgment was later vacated and set aside by an appellate court. The admission became a key point in the defence’s questioning of the evidence used in the EFCC investigation.

During the proceedings, Kaltungo also conceded that his memory could fail him, noting that he was human and could make mistakes.

The witness subsequently acknowledged that Kuru did not take decisions without the necessary approvals from AMCON’s board, which was chaired by Dr Amos Adamu at the time of the transaction.

Another important issue raised during the cross-examination was the destination of the money generated from the sale of NG Eagle.

Kaltungo admitted that the proceeds, estimated at about N149 million, were paid into AMCON’s account domiciled with the Central Bank of Nigeria.

The defence has relied on this payment to support its position that Kuru did not personally benefit from the transaction. The testimony established the destination of the proceeds as described by the witness, although the court is yet to deliver its final decision on the case.

The proceedings form part of the trial of Kuru and four other defendants over allegations relating to AMCON, NG Eagle and Arik Air.

The other defendants are 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 case followed a petition by Femi Falana, SAN, on behalf of the promoters and shareholders of Arik Air, according to the information provided about the proceedings.

The prosecution’s allegations include claims relating to the establishment of NG Eagle and Super Bravo Limited. The defence, however, has questioned the basis of the allegations and drawn attention to the approvals obtained during the process.

Tuesday’s cross-examination brought the issue of board approval and the payment of the sale proceeds into sharper focus, with the witness making admissions on both matters.

The case remains ongoing, and the evidence given by the witness will be considered alongside other evidence presented by the prosecution and the defence.

The trial was scheduled to continue on Wednesday, October 28, 2026, as the court proceeds with the hearing.

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