NG Eagle sold with board approval, proceeds paid into AMCON’s CBN account – EFCC’s witness
By Onyewuchi Ojinnaka
The ongoing trial of former Managing Director/Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru and four others before Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos continued on Tuesday with a startling admission by the 4th Prosecution Witness (PW4) Mr Bawa Usman Kaltungo.
Kaltungo admitted that former AMCON M.D.(2nd defendant in this suit) duly
obtained the approval of the Board of AMCON before selling the stalled approved process of NG Eagle, saying that the person who chaired the board then was Dr Amos Adamu.
The trial of the defendants continued with the cross examination of PW4 led by the 2nd defendant’s counsel Mr Olasupo Shasore (SAN) leading other lawyers.
Dr Wahab Shittu (SAN) also leading other lawyers, announced appearance for the prosecution.
During the cross examination of the witness by Mr Shasore, the witness admitted in one of the questions 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).
“The N149 million was paid to AMCON and not to the private pocket of the 2nd defendant” the witness said.
Shasore then put it to the witness that the testimony he just gave, once more reconfirmed that the 2nd Defendant, Ahmed Kuru did not personally benefit from the sale.
The witness was also asked if he listed a any crony in his investigation report. He said “I did not mention any”
The EFCC witness (PW4), who was cross-examined in Tuesday’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), thus reconfirming that the 2nd Defendant, Ahmed Kuru did not personally benefit from the sale.
This sharp U-turn by Kaltungo was made when Mr Shasore demanded further explanation after the EFCC Lagos acting zonal director 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.”
In response, Kaltungo claimed they relied on intelligence, which, among other things, includes a Judgement 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 judgement which they (EFCC) relied on was under appeal before an Appellate Court, and 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.
Recall 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.
The trial of the defendants continues tomorrow, 28th October 2026.
