A prosecution witness, Abbas Jega, in the ongoing criminal trial of former managing director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, has told the court that Arik Air had a substantial non-performing loan of over N71 billion before the intervention of AMCON.
Jega, a former executive director of the AMCON, also told Justice Mojisola Dada, at the Special Offences Court in Ikeja that he was aware of the non-performing status of the Arik loans and guarantees due to his role as executive director of credits overseeing the transaction.
The witness made the claims while being cross-examined by the defence counsel, Olalekan Ojo (SAN).
The Economic and Financial Crimes Commission (EFCC) had arraigned Kuru, a former Receiver Manager of Arik Airline Ltd., Kamilu Omokide, the airline’s chief executive officer, Captain Roy Ilegbodu, Union Bank Limited, and Super Bravo Ltd. before the court over allegations of defrauding Arik Air of N76 billion and $31.5 million.
They are facing a six-count charge of conspiracy, stealing, and abuse of office.
The defendants, however, pleaded not guilty to the charge.
During the cross-examination, Jega was presented with three letters he personally signed in 2012, 2013, and 2014.
He also referenced a certified true copy of the Loan Purchase Agreement (LPA) between AMCON and Union Bank Plc, which outlined the terms of AMCON’s acquisition of the Arik bad loan from Union Bank Plc.
While he told the court that he left AMCON in 2015, and might not be aware of events that occurred after his departure, he further confirmed that Arik was not meeting its obligations to foreign lenders.
Previously, the witness had testified that the Arik loan, which AMCON had purchased during the first phase of the Eligible Bank Asset (EBA) buyout, was performing. However, in his latest testimony, he contradicted his earlier statements and gave vague responses, much to the court’s frustration.
He also attempted to question the authenticity of a document that had already been admitted in court during his cross-examination by Ojo.
Instead of providing a straightforward answer, he alleged that AMCON had affixed his signature on a document he never signed.
However, after a thorough review of the document and additional questioning by counsel for Union Bank, it was confirmed that the document originated from the prosecution and was certified by the EFCC.
The trial has been adjourned to November 28 and December 8, 2025, for further proceedings.
