The trial of former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, resumed on Monday at the Special Offences Court in Ikeja, Lagos, with fresh testimony on the ownership structure of NG Eagle Airlines—an airline the EFCC alleges was funded with resources from Arik Air Limited.
Testifying before Justice Mojisola Dada, EFCC investigator Bawa Usman Kaltungo told the court that findings showed the Receiver Manager’s nominee held “one unit within a billion-share structure” in NG Eagle, contrary to suggestions that the first defendant had majority control.
He said AMCON, not its appointed Receiver Manager, retained the substantial equity in the airline.
Led in evidence by prosecution counsel, Dr Wahab Shittu (SAN), Kaltungo said investigators traced financial transactions indicating that funds belonging to Arik Air were unaccounted for during the creation of NG Eagle.
He claimed that statements from Arik’s former Chief Financial Officer, Jonathan Sani, alleged that the defendants moved N4.5bn from Arik’s accounts to fund the new airline, which he said was under their control.
The witness also alleged that Kuru, alongside co-defendants Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank Plc and Super Bravo Limited, facilitated the transfer of a further N4.9bn from Arik to NG Eagle.
He said Arik staff were deployed to the new airline, with Arik footing salary and operational costs while Kuru was AMCON MD and Omokide served as Receiver Manager.
Despite the documents tendered in court, Kaltungo was unable to directly link the defendants to fraudulent actions or omissions in the management of Arik’s loans.
His claim that the first defendant unilaterally sold NG Eagle shares was contradicted by documents showing he only held a nominee share on AMCON’s behalf.
During the session, the court admitted a Certified True Copy of an ex parte order authorising the appointment of the Receiver Manager over Arik, marked as Exhibit P17. Other admitted exhibits included P18, P25, P26, P44 and P45.
The court also reviewed video and photographic evidence from a flash drive allegedly showing vandalised aircraft, though the prosecution could not establish that the aircraft belonged to Arik.
In a separate motion, counsel for the second and third defendants requested the release of their passports for renewal and medical travel.
Justice Dada granted the application, directing that the documents be returned to the court registry on or before January 2, 2026.
The matter was adjourned to February 25 and 26, 2026, for continuation of trial and further examination-in-chief of the fourth prosecution witness.
