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By Lukman Olabiyi
A prosecution witness in the ongoing trial of former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru; former Receiver-Manager of Arik Air, Kamilu Alaba Omokide; former Chief Executive Officer of Arik Air under receivership, Capt. Roy Ilegbodu; Union Bank of Nigeria Plc; and Super Bravo Limited over an alleged N76 billion fraud, has revealed that none of the defendants personally benefited from the transaction under investigation.
The witness, Bawa Usman Kaltungo, a director with the Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC), made the disclosure on Thursday while testifying before Justice Mojisola Dada of the Special Offences Court sitting in Ikeja.
Kaltungo testified that the dismantling of an Arik Air aircraft valued at $31.5 million was unlawful, although investigators found no evidence that proceeds from the exercise were paid into the personal accounts of the principal defendants.
The defendants are facing a six-count charge bordering on alleged conspiracy, stealing, abuse of office and fraudulent handling of Arik Air assets.
Under cross-examination by Prof. Taiwo Osipitan (SAN), counsel to Kuru and Ilegbodu, the EFCC’s fourth prosecution witness acknowledged that no proceeds from the teardown of aircraft 5N-JEA, valued at about $31.5 million, were traced to the personal accounts of either Kuru or Ilegbodu.
“I have said it before that no money was traced to their personal accounts,” the witness told the court.
The aircraft teardown forms a major plank of the prosecution’s case, with the EFCC alleging that the exercise was carried out unlawfully and was detrimental to the interests of Arik Air.
However, during the proceedings, the defence tendered documents which it said showed that the aircraft owner had authorised the teardown.
Kaltungo disputed the documents, arguing that the purported authorisation letter was not written on the company’s official letterhead.
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The defence also tendered a Certified True Copy of a Court of Appeal judgment affirming the legality of AMCON’s appointment of a Receiver-Manager for Arik Air.
The appellate court judgment set aside an earlier decision relied upon by Arik Air founder, Sir Johnson Arumemi-Ikhide, to challenge the receivership arrangement.
According to the defence, the judgment validated both the appointment of the Receiver-Manager and the powers exercised in that capacity.
Further documents admitted in evidence included a Federal High Court judgment involving Capt. Samuel Caulcrick and Cargo Airlines Limited, who were reportedly engaged by the aircraft owners to carry out the teardown.
The defence argued that the judgment undermined the prosecution’s contention that the dismantling of the aircraft was unlawful.
Proceedings also touched on allegations surrounding the establishment of NG Eagle.
The court admitted documents relating to AMCON Board resolutions authorising and ratifying the establishment, transfer and allotment of shares in the airline.
Under cross-examination, Kaltungo also admitted that the first and third defendants did not derive any pecuniary benefit from transactions connected to NG Eagle.
Justice Dada adjourned the matter until July 7, 2026, for the hearing of an interlocutory application filed by the second defendant and fixed October 26, 27, 28 and 29, 2026, for the continuation of trial.
