The fourth prosecution witness in the ongoing trial of former Managing Director of Assets Management Corporation of Nigeria (AMCON) Ahmed Kuru, on Monday, revealed before an Ikeja Special Offences Court, Lagos, ‘fresh insight’ into how the structure and equity of NG Eagle Airlines was set up.
The prosecution witness, Bawa Usman Kaltungo, in his testimony testified that this arrangement entails the Receiver/Manager’s nominee having a shareholding arrangement of NG Eagle of “one unit within a billion-share structure,” as part of the findings that emerged during the Economic and Financial Crimes Commission’s investigation.
The development surfaced as the EFCC Investigative Officer, Kaltungo, continued his examination-in-chief while being led by prosecution counsel, Dr. Wahab Shittu (SAN).
Kaltungo told the court that the financial trail uncovered by investigators showed how funds allegedly belonging to Arik Air Limited were unaccounted for while NG Eagle was being established.
The witness also stated in the course of his testimony, sought to mislead the Court to believe that the first Defendant sold NG Eagle shares solely and unilaterally as a Receiver holding majority shares in NG Eagle, when infact, he was just a nominee with a single unit of share, as AMCON, the corporation that appointed him, holds majority shares in NG Eagle.
Even though, his testimonies were made with the support of a few documents admitted in evidence, Kaltungo still was not able to establish a nexus of any act of omission on the part of the accused persons to establish fraud or crime in the management of Arik’s loan.
Kuru is standing trial alongside Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank Plc, and Super Bravo Limited before Justice Mojisola Dada.
According to the witness, the statement of Arik’s former Chief Financial Officer, Mr. Jonathan Sani, detailed how the defendants allegedly moved N4.5 billion from Arik to fund NG Eagle, an airline he said was controlled by the defendants.
He further testified that Omokide and Ilegbodu allegedly worked with Kuru to funnel a total of N4.9 billion from Arik’s coffers to manage and fund operations of the new airline.
Kaltungo added that beyond the cash transfers, Arik staff were also moved to NG Eagle even though the new airline was set up while Kuru was still AMCON MD, and Omokide served as AMCON’s Receiver Manager. He said salary payments and operational expenses for the newly formed NG Eagle were borne by Arik Air Limited.
During proceedings, the court admitted a Certified True Copy (CTC) of an Exparte order, which the prosecution termed as the only document authorizing the appointment of the RM over Arik and marked the same as P17, along with other exhibits—P18, P25, P26, P44, and P45—including. photographs and videos in a flash drive containing footage of alleged vandalised aircraft were played in court, but the Prosecution again failed to establish a nexus as to whether those aircraft indeed belonged to Arik.
Meanwhile, counsel for the second and third defendants applied for the release of their clients’ passports for renewal and medical purposes.
Justice Dada granted the requests on the condition that the documents be returned to the court registry no later than January 2, 2026.
The matter was thereafter adjourned to February 25 and 26, 2026, for continuation of the trial and Examination-in-Chief of PW4
