N76bn fraud case: EFCC did not conduct forensic audit on Arik’s debt, witness tells court

29th April 2026

The fourth prosecution witness in the ongoing trial over the alleged N76 billion and $31.5 million fraud linked to Arik Air has told a Lagos court that no forensic audit was carried out to determine the airline's indebtedness.

Bawa Kaltungo, an investigator with the Economic and Financial Crimes Commission (EFCC), gave the testimony on Tuesday at the special offences court sitting before Justice Mojisola Dada in Ikeja.

The case involves Ahmed Kuru, former managing director of the Asset Management Corporation of Nigeria (AMCON), who is being tried alongside Kamilu Alaba Omokide, a
former receiver manager of Arik Air; Captain Roy Ilegbodu, the airline's chief executive officer; Union Bank Plc; and Super Bravo Limited.

Under cross-examination by Taiwo Osipitan, counsel to the first and third defendants, Kaltungo admitted that the commission did not engage the services of a forensic accountant to establish the status of Arik's indebtedness.

He also disclosed that he does not have an accounting background but insisted there was "no need" for either a forensic audit or specialised expertise, as his role as lead investigator was sufficient.

The witness further admitted that he did not come across any document establishing a link between the first and third defendants in the sale of Arik Air's loan from Union Bank to AMCON.

He also confirmed that there was no evidence connecting the defendants in the sale of Arik's shares in Zenith Bank towards the liquidation of the airline’s debt.

During proceedings, Kaltungo questioned the role of Oluseye Opasanya, a senior advocate of Nigeria (SAN), who was appointed as receiver manager of Arik Air, suggesting he acted outside his mandate.

However, under further questioning, the witness acknowledged he did not verify whether the appointment was backed by a valid court order, stating that he was "just an investigator".

The matter has been adjourned till May 18 and 19, 2026, for further hearing.