Court admits appeal judgment affirming AMCON’s receivership of Arik Air

A Lagos Special Offences Court has admitted a Court of Appeal judgment into evidence, confirming the legality of the Asset Management Corporation of Nigeria’s (AMCON) receivership over Arik Air.

The document was accepted during the ongoing 76 billion naira (approximately £36 billion) fraud trial involving Ahmed Kuru, former AMCON MD and several others.

Read also:EFCC witness admits inability to trace  evidence against former AMCON MD in Arik case

Key evidence and cross-examination

The Certified True Copy (CTC) of the appellate court’s ruling was tendered before Justice Mojisola Dada during the cross-examination of the prosecution’s fourth witness, Bawa Usman Kaltungo, who serves as the Director of the Economic and Financial Crimes Commission’s (EFCC) Lagos Zonal Directorate 2.

The newly admitted judgment effectively overturns an earlier decision that Arik Air founder, Sir Johnson Arumemi-Ikhide, had relied upon to challenge the appointment of AMCON’s Receiver-Manager.

Alongside Kuru, the other defendants standing trial on a six-count charge, encompassing conspiracy, stealing, abuse of office, and the fraudulent handling of Arik Air assets, include:

Kamilu Omokhide (Former receiver-manager of Arik Air), Capt. Roy Ilegbodu (Former Arik Air chief executive officer), Union Bank Plc, and Super Bravo limited.

Read also: Arewa group accuses EFCC of promoting prejudice in ex-AGF Malami trial 

No funds traced to personal accounts

A central component of the EFCC’s prosecution rests on the dismantling of an Arik aircraft (registration 5N-JEA), valued at an estimated $31.5 million.

The prosecution alleges that this teardown was unlawful and detrimental to the airline.

However, under cross-examination by Prof. Taiwo Osipitan, SAN, counsel for Kuru and Ilegbodu, Kaltungo conceded that investigators found no link between the aircraft teardown or the establishment of the airline NG Eagle and the personal finances of the defendants.

When questioned by Prof. Osipitan, Kaltungo stated: “I have said it before that no money was traced to their personal accounts.”

While the witness maintained that the aircraft teardown was illegal, he acknowledged that neither the first nor the third defendant derived any direct financial or pecuniary benefit from the transactions.

The Defence’s position

The defence countered the prosecution’s claims by presenting documents indicating that the aircraft’s owner had authorised the dismantling. Although Kaltungo questioned the authenticity of these documents, the defence maintained the legality of the operation.

Furthermore, the defence introduced a Federal High Court judgment involving Captain Samuel Caulcrick and Cargo Airlines Limited, the contractors hired by the aircraft owners to dismantle the plane, to contradict the prosecution’s assertions of illegality.

Documents relating to AMCON Board resolutions, which authorised and ratified the establishment, transfer, and allotment of shares in NG Eagle, were also admitted into evidence.

Justice Dada adjourned the proceedings until July 7, 2026 to hear an interlocutory application filed by the second defendant.

The trial is scheduled to continue from October 26 -29 October 2026.