For the third day in one week, the ongoing criminal trial of the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Mr Ahmed Kuru (the 2nd Defendant), and four others continued at the Lagos State High Court (Special Offences) sitting in Ikeja, Lagos, with the continuation of cross-examination of Prosecution Witness 4 (PW4), Mr. Bawa Usman Kaltungo, by Mr. Olasupo Shasore (SAN), Counsel to Ahmed Kuru.
The trial took a dramatic turn when the EFCC star witness was asked under cross-examination by the second defendant’s counsel, if, questioned and obtained relevant information from the Chairman/Promoter of Arik Air Limited, Sir Johnson Arumemi-Ikhide during his investigation. The Witness maintained that he has discretion over persons for invitation and interrogation.
The Witness became further rattled when Counsel to the second defendant asked if he was aware the Chairman/Promoter of Arik Air Limited, Sir Johnson Arumemi-Ikhide has had series of engagements with both the Management of AMCON and the Receiver Manager, where he acknowledged his indebtedness and even wrote to the AMCON’s Managing Director as far back as January 25, 2016, in a letter titled, “Proposal For Resolution Of Arik Air Limited’s Facilities Acquired By AMCON,” Kaltungo replied with a frustrating remark “If Sir Johnson Arumemi-Ikhide said he had taken a loan that is their business.”
The EFCC Witness PW4 almost turned the proceeding into a comic session when, under cross-examination, he claimed that the second defendant transferred the sum of N4.9 billion towards the setting up of NG Eagle, without producing a document from the Proof of Evidence submitted by the prosecution.
Counsel to the 2nd Defendant, however, asked him, “do you have evidence that the second defendant transferred N4.9 billion towards the setup of NG Eagle? Kaltungo responded, “Yes, the Chief Finance Officer of Arik, Jonathan Sani, said so, and he gave us the breakdown.”
At this time, Counsel to the 2nd Defendant asked the Witness, “Please show us in the document you submitted in Exhibit P23.” For minutes, the Court waited for Mr. Kaltungo as he frantically searched endlessly to no avail.
The Counsel to the 2nd Defendant further interrogated the spurious claims made by the Witness in the EFCC investigation report to the fact that the 2nd Defendant allegedly expended and transferred the sum of N4.9bn towards setting up NG Eagle. The Witness was taken aback when Counsel showed him a series of documents including a certified true copy (CTC) of the Extract of the 78th Board Meeting of AMCON approving the setting up of NG Eagle, alongside the budgeted expense for same. The Witness, however, in his response urged the court to disregard the Extract tendered in evidence as documentary proof, even though it showed the decision to set up NG Eagle was not the sole decision of the 2nd Defendant, but that of the AMCON Board.
The Witness, PW4, who was rattled by this line of questioning, claimed that Union Bank deceived AMCON into buying the loan because, as far as his investigation was concerned, Arik Air had no indebtedness, and there was nowhere in their investigation that Union Bank gave any loan to Arik.
In his further response, the Witness unilaterally declared before the open court that AMCON’s intervention in Arik was ‘illegal and fraudulent’ because AMCON, in his own view, does not have the power to take over Arik’s debt. He further maintained that Arik’s loan with Union Bank was a performing loan.
Although Mr. Olasupo Shasore (SAN) tried to remain civil while cross-examining Mr. Bawa Usman Kaltungo, the EFCC star witness continued to evade questions and responded confrontationally to the amazement of the Court.
Justice Mojisola Dada subsequently adjourned the matter to December 3 10, 2026, for continuation of the trial.