A Prosecution witness in the ongoing trial of former Managing Director/Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and four others, has confirmed that proceeds from the sale of NG Eagle were paid into AMCON’s account domiciled with the Central Bank of Nigeria (CBN).

The Prosecution Witness 4 (PW4), Bawa Usman Kaltungo, made the admission yesterday during cross-examination by Kuru’s counsel, Olasupo Shasore, SAN, before the Special Offences Court sitting in Ikeja, Lagos.

Kaltungo also admitted that Kuru obtained the AMCON board’s approval before the sale of NG Eagle, which proceeds totalled about N149 million.

The development followed Shasore’s request for an explanation of the witness’ claim in the investigation report that AMCON illegally established NG Eagle and Super Bravo Limited.

Shasore questioned the basis for the allegation, given Kaltungo’s over 22 years of experience as an officer of the Economic and Financial Crimes Commission (EFCC).

Responding, Kaltungo said the investigation relied on intelligence, including a Federal High Court judgment purportedly nullifying the sale of NG Eagle.

Under further cross-examination, however, the witness admitted that he was unaware during the investigation that the judgment had been appealed.

He also acknowledged that the judgment was subsequently vacated and set aside by the appellate court, adding that his memory might have failed him.

The trial is scheduled to continue October 28, 2026.