EFCC Witness Testifies AMCON Board Backed NG Eagle Sale in Kuru Trial

An Economic and Financial Crimes Commission witness, Bawa Kaltungo, admitted in a Lagos court that the board of the Asset Management Corporation of Nigeria approved the NG Eagle transaction involving former managing director Ahmed Kuru, who is standing trial over an alleged N76bn fraud involving Arik Air. Punch Newspapers reported that Kaltungo also said about N149m from the transaction was paid into AMCON's account with the Central Bank of Nigeria.

Kaltungo's Admissions Under Cross-Examination

Kaltungo, the fourth prosecution witness, made the admissions during cross-examination by Kuru's counsel, Olasupo Shasore, SAN, before Justice Mojisola Dada of the Special Offences Court in Ikeja. He said Kuru did not take decisions on the transaction without approval from AMCON's board, then chaired by Dr Amos Adamu, according to Punch Newspapers. The testimony challenged his earlier assertion that Kuru acted unilaterally on matters concerning the airline and the transactions involving NG Eagle and Super Bravo Limited.

Shasore asked Kaltungo to explain the basis for the EFCC's claim that the companies were illegally established. Kaltungo said the EFCC relied on intelligence, including a Federal High Court judgment purportedly nullifying the sale of NG Eagle, and admitted he was unaware during the investigation that the judgment had been appealed and set aside by an appellate court. THISDAYLIVE reported that the court admitted AMCON board resolutions challenging the prosecution's claim that Kuru unilaterally approved the receivership.

Kaltungo testified on October 26, 2026, that Arik Air was not indebted to Union Bank of Nigeria and that the basis for appointing a receiver-manager over the airline was faulty. Premium Times Nigeria reported that Kaltungo said Arik Air had paid 38% of its foreign loan and that investigators found over N2 billion in payments after receivership. Union Bank is a defendant in the case, which also names Kuru, former receiver-manager Kamilu Alaba Omokide, Arik Air chief executive Captain Roy Ilegbodu and Super Bravo Limited on a six-count charge of conspiracy, stealing and abuse of office. The defendants pleaded not guilty when arraigned on January 20, 2025.

AMCON's Distressed-Asset Record

AMCON is a Nigerian Federal Government-owned corporation established in 2010 to acquire non-performing loans from banks, recover debts through collateral enforcement and dispose of proprietary assets through competitive bidding, according to akta.pro company records. The same records put the total value of Acquired Eligible Bank Assets since its founding at N1.7 trillion and Arik Air's debt obligations at the time of AMCON's intervention at over N300 billion, with AMCON the highest single creditor owed approximately half of that sum.

Other Legal Disputes This Week

Nidec Corporation filed a damages suit against former executives after receiving an investigation report from its Executive Responsibility Investigation Committee, with compensation amounts to be determined, Stock Titan reported on October 27, 2026. Kahn Swick & Foti, LLC opened an investigation into Future FinTech Group's officers and directors over possible breaches of fiduciary duties, FinancialContent Business Page reported on October 26, 2026. The Guardian reported the same day that Visa and Mastercard face a potential £5 billion UK lawsuit over interchange fees.

When the Trial Resumes

The trial continues on October 28, 2026, before Justice Dada.