Bawa Usman Kaltungo, Director of the EFCC’s Lagos Zonal Directorate 2, made the allegation while testifying as the fourth prosecution witness in the ongoing trial of former Asset Management Corporation of Nigeria (AMCON) Managing Director Ahmed Kuru and four other defendants at the Special Offences Court in Ikeja, Lagos.

Kaltungo told the court, presided over by Justice Mojisola Dada, that he led the EFCC team that investigated a petition concerning Arik Air’s receivership. He said his investigation found problems with the basis for appointing a receiver-manager to take control of the airline.

The witness also told the court that he had informed AMCON’s management that Arik Air was not indebted to Union Bank and that the receivership arrangement was defective.

His testimony forms part of a wider dispute over the airline’s loan obligations, its takeover by AMCON and the handling of its assets.

A key development during the proceedings was the court’s decision to admit AMCON board resolutions tendered by Kuru’s counsel, Uyi Giwa-Osagie. The documents were presented to challenge Kaltungo’s assertion that the former AMCON chief had approved the appointment of the receiver-manager without the board’s involvement.

The prosecution objected to the documents, arguing that they were not relevant to the issues before the court. The defence countered that the resolutions were necessary to establish how the decision was made and to assess Kuru’s individual role in the process.

In her ruling, Justice Dada admitted the documents, noting that they originated from AMCON’s board and had been duly certified in line with Section 104 of the Evidence Act.

The decision allows the defence to rely on the resolutions in challenging the prosecution witness’s account. However, admitting the documents does not amount to a final determination of whether the receivership was lawful or whether any defendant committed an offence.

The EFCC case arose from a petition submitted by human rights lawyer Femi Falana, SAN, on behalf of Arik Air’s promoters and shareholders over the airline’s receivership and related transactions.

Those standing trial alongside Kuru are Kamilu Alaba Omokide, a former receiver-manager of Arik Air; Captain Roy Ilegbodu, the airline’s chief executive; Union Bank of Nigeria Plc; and Super Bravo Limited.

The defendants face a six-count charge involving allegations of conspiracy, stealing and abuse of office. They pleaded not guilty when they were arraigned in January 2025.

Among the allegations in the charge sheet is that Union Bank made false statements to AMCON concerning Arik Air’s performing loans and bank guarantees, leading to the transfer of what the prosecution describes as a bogus debt figure of ₦71 billion.

Another count alleges that Kuru, Omokide and Ilegbodu fraudulently converted ₦4.9 billion belonging to Arik Air for the benefit of NG Eagle Limited in 2022.

These claims remain allegations to be tested in court, and the defendants’ pleas of not guilty mean that the prosecution must establish its case through the judicial process.

The proceedings also raise questions about the responsibilities of a receiver-manager and the exercise of AMCON’s powers when taking control of distressed businesses. Under the Companies and Allied Matters Act 2020, a receiver-manager has statutory responsibilities relating to the company under receivership.

The outcome of the case could have implications for how the disputed transactions and decisions surrounding Arik Air’s receivership are assessed. For now, the court continues to hear evidence from the prosecution and defence as it examines the allegations against the defendants.

Reporting by TalkNaijaMedia