The criminal trial of former AMCON Managing Director (MD), Ahmed Kuru, and four others resumed on April 28, 2025, at the Special Offences Court in Ikeja, Lagos, with the EFCC’s fourth witness facing tough cross-examination over gaps in the investigation.
Justice Mojisola Dada heard testimony from EFCC witness, and an Assistant Director, Bawa Usman Kaltungo, in the case involving Kuru, Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank Plc, and Super Bravo Limited.
The defendants are charged with conspiracy, stealing, and abuse of office over alleged fraud totalling N76 billion and $31.5 million linked to Arik Air, which is in receivership.
Under cross-examination by one of the counsel for the defence, Prof. Taiwo Osipitan, SAN, Kaltungo admitted the EFCC did not commission a forensic audit to verify Arik Air’s indebtedness.
He also confirmed he has no accounting background, stating “there was no need for specialised expertise” because his role as Lead Investigator was sufficient.
Prof. Osipitan argued that much of Kaltungo’s evidence was based on assumptions rather than documented due process.
The witness further conceded there was no documented link between the first and third defendants in the sale of Arik’s loan from Union Bank to AMCON, or in the sale of Arik’s Zenith Bank shares used to offset the loan.
In his evidence-in-chief, led by the prosecutor, Wahab Shittu, SAN, Kaltungo told the court that Union Bank acted as a guarantor, not the original lender, in a foreign loan facility for Arik Air.
He alleged the bank illegally converted the performing loan into a non-performing loan and sold it to AMCON for about N51 billion, despite Arik having repaid roughly 38% of the debt.
Kaltungo claimed Union Bank retained the N51 billion proceeds instead of applying them to the foreign lenders, creating a financial imbalance.
He also testified that three Arik aircraft were sold for $105.7 million, but only N9.2 billion of the over N32 billion realised was applied to loan obligations, leaving more than N28 billion unaccounted for.
Kaltungo had earlier claimed that Mr Oluseye Opasanya, SAN, the AMCON-appointed Receiver Manager, acted outside his engagement framework.
However, under cross-examination, he admitted the appointment was backed by a lawful court order, adding, “I was just an investigator.”
The witness sought to tender a legal opinion from the Solicitor General’s office to support his findings.
Cross-examination revealed the opinion was obtained after the defendants were charged, and the trial had started, which the defence described as an afterthought.
The case was filed by the EFCC following a petition by Mr Femi Falana, SAN, on behalf of Arik Air’s promoter.
Justice Dada adjourned the matter to May 18 and 19, 2026, for continuation of the hearing.
#ArikAir #AMCON #EFCC #AhmedKuru #UnionBank #NigeriaNews #FraudTrial #LagosCourt #AviationNigeria #JusticeMojisolaDada #CorporateCrime #Receivership #FinancialCrime
All rights reserved. The content on this website, including text and other digital materials, may not be reproduced, published, broadcast, rewritten, or redistributed in part, without the express written consent of The News Accelerator Network.
For advertising inquiries, news coverage, or press releases, please get in touch with us at
📧 thenewsacceleratornetwork@gmail.com
📞 08051017159
Kindly follow us on: https://www.facebook.com/thenewsaccelerator
You can also subscribe to our YouTube channels here:ucvelrc3winkz7tdmhmzarmqhttps://www.youtube.com/channel/sub_confirmation=1
Post a Comment