EFCC witness claims Arik Air receivership was fraudulent

Bawa Usman Kaltungo, a director at the Economic and Financial Crimes Commission (EFCC), testified before a Lagos State Special Offences Court that the receivership of Arik Air was based on non-existent debt. Kaltungo, testifying in the trial of former Asset Management Corporation of Nigeria (AMCON) Managing Director Ahmed Kuru and others, stated that investigations revealed the airline owed nothing to Union Bank of Nigeria Plc.

Kaltungo asserted that the foundation for appointing a receiver-manager over the airline was “fraudulent and faulty.” He testified that he had previously informed AMCON’s top management that the appointment was defective.

During the proceedings, the court admitted AMCON board resolutions presented by Kuru’s defense counsel. These documents aim to show that the decision to place Arik Air under receivership was a corporate board action rather than a unilateral decision made by Kuru. The prosecution had objected to the documents, but the court ruled they were admissible as certified corporate records.