AMCON ex-director denies signing Arik Air loan deal

A former Executive Director of the Asset Management Corporation of Nigeria (AMCON), Abbas Jega, yesterday told an Ikeja Special Offences Court that he was not among the signatories to the Loan Purchase Agreement between Union Bank of Nigeria and Arik Air.

Jega, the third prosecution witness, stated this while testifying before Justice Mojisola Dada in the ongoing trial of Mallam Ahmed Kuru, a former Managing Director of AMCON, and four others over an alleged N76 billion and $31.5 million fraud.

Kuru, alongside Capt. Roy Ilegbodu, Managing Director of Arik Air; Kamilu Omokide, Receiver Manager of Arik Air; Union Bank of Nigeria Plc; and Super Bravo Limited, are standing trial on a six-count charge bordering on conspiracy, stealing, and abuse of office involving N75 billion and $31.5 million.

Jega, under cross-examination by Olalekan Ojo (SAN), counsel to the fourth defendant, questioned the authenticity of the signatures on the agreement.

He noted that the two individuals said to have signed the document were professionals of the highest standard.

“Therefore, I disagree that they signed the agreement the way it is shown to me,” he said.

Jega also pointed out irregularities in the pagination, noting that the document began on page 8.

“I doubt if my colleagues could have signed this agreement,” he added.

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Ojo, at this stage, cautioned the witness and urged him to confirm that each page of the agreement was duly certified by AMCON.

Jega told the court that his extra-judicial statement dated June 19, 2023, was based on questions posed by operatives of the Economic and Financial Crimes Commission (EFCC) and his knowledge of the matter.

Regarding a meeting held in London on February 4, 2011, with foreign lenders, Jega explained that it was convened at the instance of Union Bank, and AMCON was merely invited.

Asked if the purpose of the London meeting was to inform foreign lenders that AMCON had taken over the guarantee of Arik Air’s loan by the defence, Jega responded that Union Bank representatives did not disclose that information at the meeting.

Ojo asked again if AMCON representatives disclosed at the meeting that they had taken over the loan. Jega replied: “We did not.”

Questioned on whether he ever returned to the EFCC to make an additional statement, he said: “My Lord, there was no need to do that in respect of the Arik Air loan.”

The witness insisted that what was purchased by AMCON was the guarantee and the indemnity.

On the loan agreement with Union Bank, Jega confirmed that AMCON acquired loans from Union Bank, valued at approximately N239.534 billion.

He also affirmed that AMCON and Union Bank had exchanged official correspondence regarding the loan transaction, but noted that Arik Air was not a party to the loan purchase agreement.

When shown Exhibit P11 by Ojo, the witness told the court that the loan agreements were duly executed and each page of the agreement was satisfied by AMCON.

The London meeting held on February 1, 2011, according to Jega, was convened by Union Bank to address foreign lenders.

He said he was not appointed secretary and hence did not take the minutes.

He also could not confirm whether AMCON’s takeover of the loans was formally announced during the meeting.

Asked whether AMCON sent any letters disputing the loans with Union Bank, Jega replied in the negative and added that EFCC operatives never showed him any such document during their interactions.

Jega referenced Exhibit P12, which indicated Arik began borrowing from Union Bank in 2007 and defaulted by 2009.

He said that Union Bank used its funds to service foreign loans when Arik defaulted.

However, he said there was no documentation presented at the London meeting to indicate the loans were performing at the time.

The witness admitted that not all aspects of the transaction were covered in his EFCC statement, noting that his responses were limited to the questions asked.

Jega said two relationship managers, whom he mentioned in his testimony, were also present at the London meeting.

Justice Dada adjourned the case to October 15 and 17, 2025, for continuation of the trial.