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A prosecution witness in the ongoing fraud trial involving former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru on Tuesday told the court that investigators were unable to trace any direct financial benefit to him over the controversial takeover and receivership of Arik Air.
NAIJAONPOINT , Assistant Director with the Economic and Financial Crimes Commission (EFCC), Bawa Usman Kaltungo, made the disclosure while being cross-examined by defence counsel, Prof. Taiwo Osipitan.
Kuru is standing trial alongside four others over allegations bordering on conspiracy, abuse of office, stealing, and false declarations linked to the alleged diversion and unlawful conversion of Arik Air assets said to be worth about N76 billion and $31.5 million.
The other defendants include Arik Air receiver-manager, Kamilu Omokide; the airline’s Chief Executive Officer, Roy Ilegbodu; Super Bravo Limited; and Mohammed Abbas Jega.
During proceedings on Tuesday, Kaltungo initially suggested that Kuru benefited from shares allegedly tied to transactions being investigated.
However, under further questioning by Prof. Osipitan on whether any actual proceeds or personal gains were directly traced to the former AMCON boss, the EFCC official admitted: “I did not trace it.”
When asked again whether there was any concrete evidence showing Kuru personally received funds from the transactions, NAIJAONPOINT maintained that his understanding was that the defendant “benefited through shares.”
The defence counsel then demanded clarification on the exact benefit allegedly linked to Kuru, prompting NAIJAONPOINT to concede that he had no direct evidence connecting the former AMCON chief to personal financial gains.
The testimony formed part of the defence’s effort to challenge the credibility of the EFCC’s investigation in the alleged N76 billion fraud case surrounding the receivership of Arik Air.
At an earlier hearing, the EFCC witness had informed the court that the commission relied heavily on documents and statements obtained from former AMCON officials, Arik Air personnel, and other parties during the investigation.
Kaltungo had also alleged that some Arik Air aircraft were disposed of without the proceeds being properly remitted to the airline.
However, during Tuesday’s cross-examination, NAIJAONPOINT acknowledged that investigators did not secure direct authorisation documents relating to the seizure or grounding of some aircraft associated with the airline.
He further admitted that some of the documents used by the EFCC were provided by third parties and were not independently verified by investigators.
According to him, some individuals connected to those documents either denied knowledge of them or were never confronted with the materials during the investigation process.
Explaining how the commission concluded that N49 billion realised from the sale of Arik Air assets by AMCON was used in establishing NG Eagle, Kaltungo told the court that the information came from Arik Air’s Chief Financial Officer and was allegedly supported by findings from the EFCC investigation.
On allegations that Arik Air CEO, Ilegbodu, unlawfully granted benefits to certain individuals, NAIJAONPOINT admitted that one of the beneficiaries identified as Mogaji was never interrogated because he was outside the country at the time.
He said Mogaji later sent an email to the EFCC acknowledging receipt of the benefit and that the detail was reflected in the commission’s report.
But when asked to identify the exact section of the report containing the claim, NAIJAONPOINT reportedly searched through the document without locating it.
The defence team subsequently presented two internal memos before the court showing that Arik Air had approved travel and related expenses for Mogaji, who reportedly served on the airline’s Advisory Committee chaired by Dr. Dumeren.
The court thereafter adjourned the matter until June 25, 2026, for continuation of cross-examination.