In a significant development in the ongoing trial of the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, a prosecution witness testified that investigators did not trace any direct financial benefit to the defendant concerning the controversial receivership and takeover of Arik Air. The witness, Bawa Usman Kaltungo, an Assistant Director at the Economic and Financial Crimes Commission (EFCC), made the admission during cross-examination by the defence counsel, Professor Taiwo Osipitan.
Kuru and four other individuals are facing charges that include conspiracy, stealing, abuse of office, and making false statements. These charges are related to the alleged diversion and unlawful conversion of Arik Air assets valued at N76 billion and $31.5 million. The other defendants in the case are Kamilu Omokide, the receiver-manager of Arik Air; Roy Ilegbodu, the airline's Chief Executive Officer; Super Bravo Limited; and Mohammed Abbas Jega.
During the cross-examination, the EFCC official initially claimed that Kuru had benefited through shares allegedly linked to the transactions under investigation. However, when pressed by Professor Osipitan regarding whether he personally traced any financial proceeds or direct benefit to the former AMCON chief, Kaltungo conceded: “I did not trace it.” When asked further if he had concrete evidence showing that Kuru personally received money from the transactions, the witness replied: “What I know is that he benefited through shares.” The defence counsel then requested the witness to identify the specific benefit allegedly traced to Kuru, but Kaltungo admitted that he had no direct evidence linking the defendant to any personal financial gain.
This admission came as the defence intensified efforts to challenge the prosecution's investigation and evidence in the alleged N76 billion fraud case arising from Arik Air's receivership. In earlier proceedings, the EFCC witness had testified that the commission relied on documents and statements obtained from former officials of Arik Air, AMCON, and other parties during the investigation. Kaltungo had also alleged that some aircraft belonging to Arik Air were disposed of without proper remittance of proceeds to the airline.
Under cross-examination, the witness admitted that investigators did not obtain direct authority concerning the seizure or grounding of some aircraft linked to the airline. He further acknowledged that some of the documents relied upon by the EFCC were supplied by third parties and were not independently verified by investigators. The witness also conceded that certain individuals linked to the documents either denied knowledge of them or were not confronted with the documents during the investigation.
On the issue of how the EFCC concluded that N49 billion recovered from the sale of Arik Air assets by AMCON was used to establish NG Eagle, Kaltungo told the court that the airline's Chief Financial Officer provided the information, which he said was later corroborated by the commission's findings. Responding to questions about the alleged illegal conferment of benefits by Arik Air CEO Roy Ilegbodu, the EFCC witness admitted that one of the alleged beneficiaries, identified as Mogaji, was never questioned because he was outside the country at the time. According to the witness, Mogaji later sent an email to the EFCC confirming receipt of the benefit, adding that this finding was contained in the commission's report. However, when asked to identify the relevant section of the report, the witness searched through the document but could not point it out.
The defence subsequently presented two internal memos showing that Arik Air had approved travel and related expenses for Mogaji, who was then serving on the airline's Advisory Committee headed by Dr. Dumeren. Justice Mojisola Dada adjourned the matter to June 25, 2026, for continuation of cross-examination.
