• 02 Jul, 2025
• Faith Kegh
• No comment

Former AMCON Executive Denies Involvement in Arik Air Loan Deal.

Abbas Jega, a former Executive Director at the Asset Management Corporation of Nigeria (AMCON), told an Ikeja Special Offences Court that he was not a signatory to the Loan Purchase Agreement between Un

ion Bank of Nigeria and Arik Air.

Jega appeared as the third prosecution witness in the ongoing trial of former AMCON Managing Director, Mallam Ahmed Kuru, along with Capt. Roy Ilegbodu (Managing Director of Arik Air), Kamilu Omokide (Receiver Manager of Arik Air), Union Bank of Nigeria Plc, and Super Bravo Limited. The defendants face a six-count charge involving conspiracy, stealing, and abuse of office tied to N76 billion and \$31.5 million.

During cross-examination by Olalekan Ojo (SAN), counsel to the fourth defendant, Jega questioned the legitimacy of signatures on the agreement and noted inconsistencies such as the document beginning on page 8. He expressed doubt that his former colleagues would have signed the document as presented.

Jega explained that his earlier statement to the Economic and Financial Crimes Commission (EFCC), dated June 19, 2023, was based on the questions he was asked and his knowledge at the time.

Regarding a meeting held in London on February 4, 2011, with foreign lenders, Jega said AMCON was invited by Union Bank and was not the organizer. He clarified that AMCON representatives did not disclose at the meeting that the agency had taken over Arik Air’s loan guarantee.

He also said there was no need to return to the EFCC for further statements on the matter.

Jega maintained that AMCON had only purchased the guarantee and indemnity tied to the loan. He confirmed that AMCON acquired loans from Union Bank worth about N239.5 billion, but emphasized that Arik Air was not a direct party to the loan purchase agreement.

When shown Exhibit P11, Jega acknowledged that the loan agreements were properly executed and certified by AMCON. However, he said there was no documentation at the London meeting proving the loans were performing at that time.

Referencing Exhibit P12, Jega noted that Arik Air began borrowing from Union Bank in 2007 and defaulted by 2009, after which Union Bank used its own funds to service the foreign loans.

He added that his EFCC statement did not cover every aspect of the transaction, only the parts he was specifically questioned about. He also mentioned that two relationship managers present at the London meeting could corroborate his account.

Justice Mojisola Dada adjourned the trial to October 15 and 17, 2025, for further proceedings.

Faith Kegh

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