EFCC Witness Under Pressure as Forensic Audit Claim Collapses in N76bn Arik Air Fraud Trial
By Ranti Thomas
Proceedings resumed at the Special Offences Court sitting in Ikeja, Lagos, in the ongoing criminal trial involving alleged fraud linked to Arik Air in receivership, with fresh revelations challenging the foundation of the Economic and Financial Crimes Commission’s (EFCC) case.
The matter, before Justice Mojisola Dada, involves former Managing Director/CEO of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, alongside Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank Plc, and Super Bravo Limited, over an alleged N76 billion and $31.5 million fraud tied to the airline’s financial restructuring.
During the resumed hearing on April 28, EFCC investigator Mr Bawa Usman Kaltungo completed his testimony as the fourth prosecution witness, but his evidence came under intense scrutiny during cross-examination by defence counsel.
Lead defence lawyer, Prof. Taiwo Osipitan (SAN), systematically questioned the credibility and depth of the investigation, suggesting that key findings presented to the court were not backed by professional financial analysis or verified documentation.
One of the major points raised in court was the absence of a forensic audit into Arik Air’s indebtedness. Under cross-examination, Kaltungo admitted that the EFCC did not engage any forensic accountant to independently verify the financial status of the airline or the alleged debt profile.
He further acknowledged that he did not possess any formal accounting background, insisting that such qualification was not required for his role as lead investigator. This admission became a central issue as the defence questioned the reliability of his conclusions.
The witness also faced challenges over his interpretation of the role of the Receiver Manager appointed over Arik Air. He had suggested that the Receiver Manager acted outside his mandate, but defence counsel countered this by referencing a court order validating the appointment.
When pressed further, Kaltungo conceded that he was aware of the investigation’s limits and maintained that his role was strictly that of an investigator, not a financial expert or legal interpreter.
Another key moment in the proceedings came when he confirmed that there was no documentary evidence linking the first and third defendants to the alleged sale of Arik’s loan from Union Bank to AMCON, nor any connection in the share liquidation process through Zenith Bank.
The defence described these admissions as significant, arguing that the prosecution’s case lacked a clear evidential bridge between the accused parties and the alleged transactions.
Kaltungo also attempted to rely on a legal opinion from the Office of the Solicitor General to support his findings. However, under cross-examination, it was revealed that the document was obtained after the defendants had already been charged and the trial had commenced, raising questions about its relevance to the investigation.
The development has added a new layer of complexity to the long-running case, which originated from a petition filed by senior advocate Mr Femi Falana on behalf of Arik Air’s promoter, triggering the EFCC’s probe into the airline’s financial restructuring.
As the trial continues, the court has adjourned proceedings to May 18 and 19, 2026, for further hearing, with both prosecution and defence expected to deepen their arguments on the integrity of the investigation and the validity of the charges.