A prosecution witness in the ongoing trial of former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, has admitted before the court that investigators did not trace any direct financial benefit to the former AMCON boss in connection with the controversial receivership and takeover of Arik Air.

The witness, Assistant Director of the Economic and Financial Crimes Commission (EFCC), Bawa Usman Kaltungo, made the admission during cross-examination by defence counsel, Prof Taiwo Osipitan.

Kuru and four others are facing charges bordering on conspiracy, stealing, abuse of office, and making false statements over the alleged diversion and unlawful conversion of Arik Air assets valued at N76 billion and $31.5 million.

Other defendants in the case are Arik Air receiver-manager, Kamilu Omokide; the airline’s Chief Executive Officer, Roy Ilegbodu; Super Bravo Limited; and Mohammed Abbas Jega.

During cross-examination yesterday, the EFCC official initially claimed that Kuru benefited through shares allegedly linked to transactions under investigation.

However, when pressed by Prof Osipitan on whether he personally traced any financial proceeds or direct benefit to the former AMCON chief, Kaltungo admitted: “I did not trace it.”

Asked further whether he had concrete evidence showing that Kuru personally received money from the transactions, the witness replied: “What I know is that he benefited through shares.”

The defence counsel then requested the witness to identify the specific benefit allegedly traced to Kuru, but Kaltungo conceded that he had no direct evidence linking the defendant to any personal financial gain.

The admission came as the defence intensified efforts to challenge the prosecution’s investigation and evidence in the alleged N76 billion fraud case arising from Arik Air’s receivership.

At earlier proceedings, the EFCC witness had testified that the commission relied on documents and statements obtained from former officials of Arik Air, AMCON, and other parties during the investigation.

Kaltungo had also alleged that some aircraft belonging to Arik Air were disposed of without proper remittance of proceeds to the airline.

However, under cross-examination, the witness admitted that investigators did not obtain direct authority concerning the seizure or grounding of some aircraft linked to the airline.

He further acknowledged that some of the documents relied upon by the EFCC were supplied by third parties and were not independently verified by investigators.

The witness also conceded that certain individuals linked to the documents either denied knowledge of them or were not confronted with the documents during the investigation.

On how the EFCC concluded that N49 billion recovered from the sale of Arik Air assets by AMCON was used to establish NG Eagle, Kaltungo told the court that the airline’s Chief Financial Officer provided the information, which he said was later corroborated by the commission’s findings.

Responding to questions on the alleged illegal conferment of benefits by Arik Air CEO Roy Ilegbodu, the EFCC witness admitted that one of the alleged beneficiaries, Mogaji, was never questioned because he was outside the country at the time.

According to him, Mogaji later sent an email to the EFCC confirming receipt of the benefit, adding that the finding was contained in the commission’s report.

However, when asked to identify the relevant section of the report, the witness searched through the document but could not point it out.

The defence subsequently presented two internal memos showing that Arik Air had approved travel and related expenses for Mogaji, who was then serving on the airline’s Advisory Committee headed by Dr Dumeren.

Justice Mojisola Dada adjourned the matter to June 25, 2026, for continuation of cross-examination.