The ongoing trial of former Managing Director/Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru, and four others recorded a major development on Tuesday, October 27, 2026, at the resumption of the trial presided over by Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos.
The Prosecution Witness 4 (PW4), Mr. Bawa Usman Kaltungo, finally admitted under cross-examination that the ex-AMCON MD (the 2nd Defendant) duly obtained the approval of the Board of AMCON then chaired by Dr. Amos Adamu before selling the stalled-approval process of NG Eagle.
The EFCC witness (PW4), who was cross-examined in today’s session by Mr. Olasupo Shasore, SAN, Counsel to Ahmed Kuru, also admitted that the proceeds from the sale of NG Eagle, totalling about N149million, were paid into the AMCON account, domiciled with the Central Bank of Nigeria (CBN), once more reconfirming that the 2nd Defendant, Ahmed Kuru did not personally benefit from the sale.
Kaltungo made this sharp U-turn when Mr. Olasupo Shasore, SAN, demanded further explanation after the EFCC officer claimed that the process of setting up NG Eagle and Super Bravo Limited was illegal.
Wondering why an EFCC officer of over 22 years’ experience would make such a sweeping claim, Shasore asked, “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.”
Justice Mojisola Dada of the Special Offences Court, Ikeja, Lagos
In response, Kaltungo claimed they relied on intelligence, which, among other things, includes a Judgment of the Federal High Court purportedly nullifying the sale of NG Eagle. He, however, admitted under cross-examination that, at the time of the investigation, he was not aware that the High Court judgment they (EFCC) relied on was under appeal before an Appellate Court, which was eventually vacated and set aside on appeal.
Apparently realising that Mr. Shasore SAN was about to expose a biased investigation report, Kaltungo quickly admitted that his memory can fail him, as he is only human. Thereafter, he humbly admitted under cross-examination that indeed, Ahmed Kuru did not take decisions without due approvals from the Board of AMCON, just as every kobo from the sale was paid into the AMCON account with the CBN.
It would be recalled that the EFCC had dragged the former MD of AMCON, and others to Court following a petition by Mr Femi Falana SAN on behalf of the promoters/Shareholders of Arik Air involving the ex-AMCON MD/CEO, Ahmed Kuru, Kamilu Omokide, a former Receiver Manager of Arik Air Ltd; Captain Roy Ilegbodu, the airline’s CEO, Union Bank Ltd; and Super Bravo Ltd. Trials continue tomorrow, 28th October 2026.
