An Economic and Financial Crimes Commission investigator testified that NG Eagle’s 149 million naira proceeds reached an account at the Central Bank of Nigeria (CBN), challenging an earlier finding, BusinessDay reported.
Bawa Usman Kaltungo gave the testimony under questioning from senior advocate Olasupo Shasore, counsel for former managing director and CEO Ahmed Kuru of the Asset Management Corporation of Nigeria (AMCON). Kaltungo said the AMCON board, then led by Amos Adamu, approved the divestment.
His testimony sat uneasily with an earlier EFCC assessment that treated AMCON’s formation of NG Eagle and Super Bravo Limited as unlawful. Kaltungo said investigators relied in part on information about a trial-court decision against the sale. He testified that he did not know an appeal was pending; BusinessDay reported that an appellate court later overturned the decision.
The defense argued that Kaltungo’s answers raised questions about the EFCC investigation and the prosecution’s case. Kuru is on trial over alleged irregularities in Arik Air’s management and disposal. The court had previously admitted AMCON board resolutions in the receivership case, as covered in an earlier EconoTimes report on the trial.
BusinessDay reported that proceedings are scheduled to resume Wednesday, Oct. 28.
