A prosecution witness in the ongoing criminal trial involving the Economic and Financial Crimes Commission (EFCC) and former AMCON Managing Director, Mr Ahmed Kuru, has admitted that Arik Air Limited had a non-performing loan of over N71 billion prior to its acquisition by the Asset Management Corporation of Nigeria (AMCON).
Mr Mohammed Abbas Jega, a former Executive Director of Credits at AMCON, made the revelation on Tuesday during cross-examination at the Special Offences Court in Ikeja, Lagos, presided over by Justice Mojisola Dada.
Jega, who previously testified that the loan was performing at the time of purchase, reversed his position after being shown three letters he signed between 2012 and 2014, as well as a certified true copy of the Loan Purchase Agreement between AMCON and Union Bank Plc.
Under questioning by Mr Olalekan Ojo (SAN), counsel to Union Bank, Jega confirmed that Arik Air was not servicing its obligations to foreign lenders and acknowledged his awareness of the loan’s non-performing status during his tenure at AMCON, which ended in 2015.
The court witnessed tense exchanges as Jega challenged the authenticity of a document already admitted into evidence, alleging his signature had been affixed without consent. However, further scrutiny revealed the document originated from the EFCC and was duly certified.
Justice Dada dismissed a motion by Dr Wahaab Shittu (SAN), counsel to the EFCC, seeking to halt further cross-examination, clarifying that Jega had only appeared three times and must be examined by all defence counsel.
Earlier in the day, Jega claimed health issues upon entering the witness box and repeatedly responded to questions with “My Lord, I cannot remember.”
Mr Tayo Oyetibo (SAN), counsel to Super Bravo Ltd, also cross-examined Jega, who admitted that he did not advise Arik Air to formally escalate its concerns regarding the transaction, despite directives from the Central Bank of Nigeria.
The trial, which also involves Kamilu Omokide, Captain Roy Ilegbodu, Union Bank Ltd, and Super Bravo Ltd, has been adjourned to Nov. 28 and Dec. 8, 2025, for continuation.
