Henry Ojelu
LAGOS — A Lagos Special Offences Court on Thursday admitted in evidence a Court of Appeal judgment affirming the legality of the Asset Management Corporation of Nigeria, AMCON’s receivership over Arik Air, in the ongoing N76 billion fraud trial involving former AMCON Managing Director, Ahmed Kuru, and others.
The Certified True Copy, CTC, of the appellate court judgment was tendered during the cross-examination of the Economic and Financial Crimes Commission’s, EFCC’s, fourth prosecution witness, Mr. Bawa Usman Kaltungo, before Justice Mojisola Dada.
The judgment set aside an earlier decision that had been relied upon by Arik Air founder, Sir Johnson Arumemi-Ikhide, to challenge the legality of AMCON’s appointment of a Receiver-Manager for the airline.
The development came as Kaltungo, Director of EFCC’s Lagos Zonal Directorate 2, admitted under cross-examination that investigators did not trace any proceeds from the controversial teardown of an Arik aircraft valued at about $31.5 million to the personal accounts of Kuru or former Arik Air Chief Executive Officer, Capt. Roy Ilegbodu.
Kuru, former Receiver-Manager of Arik Air, Mr. Kamilu Omokhide, Ilegbodu, Union Bank Plc and Super Bravo Limited are standing trial on a six-count charge bordering on alleged conspiracy, stealing, abuse of office and fraudulent handling of Arik Air assets.
Under questioning by Prof. Taiwo Osipitan, SAN, counsel to Kuru and Ilegbodu, the witness told the court: “I have said it before that no money was traced to their personal accounts.”
The aircraft teardown forms a major aspect of the prosecution’s case. The EFCC alleges that the dismantling of aircraft 5N-JEA, valued at approximately $31.5 million, was unlawful and prejudicial to the interests of Arik Air.
However, the defence challenged that assertion and tendered documents it said showed that the aircraft owner had authorised the teardown. Though Kaltungo questioned the authenticity of the documents, the defence maintained that the exercise was lawfully carried out.
The defence also relied on a Federal High Court judgment involving Captain Samuel Caulcrick and Cargo Airlines Limited, who were reportedly contracted by the aircraft owners to undertake the dismantling exercise.
According to the defence, the judgment contradicted the prosecution’s claim that the teardown was unlawful.
Proceedings further 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.
During cross-examination, Kaltungo also admitted that the first and third defendants did not derive any pecuniary benefit from transactions relating to NG Eagle.
While maintaining that the aircraft teardown was illegal, the witness agreed that no direct financial benefit from the transaction was traced to the defendants.
Justice Dada subsequently adjourned the matter till July 7, 2026, for hearing of an interlocutory application filed by the second defendant and fixed October 26, 27, 28 and 29, 2026, for continuation of trial.
