EFCC witness: No financial gains linked to former AMCON boss Kuru and Ilegbodu in the Arik trial.

By Henry Ojelu

LAGOS — The Economic and Financial Crimes Commission (EFCC) informed a Lagos Special Offences Court on Thursday that its investigation into the alleged unlawful teardown of an Arik Air aircraft did not uncover evidence that Ahmed Kuru, former Managing Director of the Asset Management Corporation of Nigeria (AMCON), and Capt. Roy Ilegbodu, former Arik Air Chief Executive Officer, personally benefited from the transaction.

The disclosure was made during the ongoing trial of Kuru, former Arik Air Receiver‑Manager Kamilu Omokhide, Ilegbodu, Union Bank Plc and Super Bravo Limited before Justice Mojisola Dada in Ikeja.

The defendants face six counts that include alleged conspiracy, theft, abuse of office and fraudulent handling of Arik Air assets.

During cross‑examination by Prof. Taiwo Osipitan, SAN, counsel for Kuru and Ilegbodu, EFCC’s fourth prosecution witness, Mr. Bawa Usman Kaltungo, Director of the Commission’s Lagos Zonal Directorate 2, confirmed that no proceeds from the teardown of aircraft 5N‑JEA, valued at about $31.5 million, were traced to either Kuru’s or Ilegbodu’s personal accounts.

“I have said it before that no money was traced to their personal accounts,” the witness told the court.

The teardown of the aircraft is a central element of the prosecution’s case, with the EFCC alleging that the operation was carried out unlawfully and harmed Arik Air’s interests.

During the proceedings, the defence presented documents that it claimed showed that the aircraft owner had authorized the teardown.

Kaltungo challenged those documents, arguing that the purported authorization letter was not printed on the company’s official letterhead.

The defence also submitted a Certified True Copy of a Court of Appeal judgment that upheld the legality of AMCON’s appointment of a Receiver‑Manager for Arik Air.

That appellate decision overturned an earlier ruling that Arik Air founder Sir Johnson Arumemi‑Ikhide had relied on to contest the receivership arrangement.

According to the defence, the judgment validated both the appointment of the Receiver‑Manager and the powers exercised in that role.

Additional documents admitted into evidence included a Federal High Court judgment involving Captain Samuel Caulcrick and Cargo Airlines Limited, who were reportedly hired by the aircraft owners to conduct the teardown.

The defence argued that this judgment weakened the prosecution’s claim that the dismantling was unlawful.

The proceedings also addressed allegations related to the creation of NG Eagle.

The court admitted documents concerning AMCON Board resolutions that authorized, ratified, transferred, and allotted shares in the airline.

During cross‑examination, Kaltungo also admitted that the first and third defendants did not receive any monetary benefit from transactions linked to NG Eagle.

Justice Dada adjourned the case to July 7 2026 for hearing of an interlocutory application filed by the second defendant and scheduled the trial to continue on October 26, 27, 28, 29 2026.