The fourth prosecution witness in the trial of former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, has given fresh insight into how the structure and equity of NG Eagle Airlines was set up.
Testifying before Justice Mojisola Dada of the Ikeja Special Offences Court, EFCC investigative officer Bawa Usman Kaltungo said the investigation revealed that the Receiver/Manager’s nominee held “one unit within a billion-share structure” in NG Eagle. He explained that this shareholding was part of findings made during the Economic and Financial Crimes Commission’s probe into the establishment of the airline.
Kaltungo, led in evidence by prosecution counsel Dr Wahab Shittu (SAN), told the court that financial tracing conducted by the EFCC indicated that funds allegedly belonging to Arik Air Limited were not accounted for during the formation of NG Eagle.
He also testified that the first defendant, Kuru, did not sell NG Eagle shares solely or unilaterally as a Receiver, noting that he held only a single unit of share as a nominee, while AMCON— the appointing authority— held the majority of shares in NG Eagle.
Despite tendering several documents admitted in evidence, Kaltungo was unable to establish a direct link tying the defendants to any fraudulent act or criminal omission in the management of Arik Air’s loan obligations.
Kuru is standing trial alongside Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank Plc and Super Bravo Limited.
According to Kaltungo, a statement made by Arik’s former Chief Financial Officer, Mr Jonathan Sani, alleged that the defendants moved N4.5 billion from Arik to finance NG Eagle. He further claimed that Omokide and Ilegbodu worked with Kuru to divert a total of N4.9 billion from Arik Air’s accounts to fund the new airline’s operations.
The witness added that Arik staff were deployed to NG Eagle, and salary and operational payments for the new airline were borne by Arik Air Limited while NG Eagle was being set up.
During proceedings, the court admitted a Certified True Copy of an ex parte order authorising the appointment of a Receiver Manager over Arik, marked as Exhibit P17. Other exhibits admitted included P18, P25, P26, P44 and P45, alongside photographs and video footage contained in a flash drive. The prosecution, however, was unable to establish whether the aircraft shown in the videos belonged to Arik.
In a separate application, counsel for the second and third defendants sought the release of their clients’ passports for renewal and medical purposes.
Justice Dada granted the request on the condition that the documents be returned to the court registry by 2 January 2026.
The matter was adjourned to 25 and 26 February 2026 for continuation of trial and further examination-in-chief of the fourth prosecution witness.
