The trial of the former Managing Director (MD) of the Asset Management Corporation of Nigeria (AMCON), Mallam Ahmed Kuru, and four others over alleged N76 billion and $31.5 million fraud continued on Tuesday, with a prosecution witness denying involvement in the loan agreement between Union Bank and Arik Air.
Abbas Jega, a former Executive Director of AMCON and the third prosecution witness (PW3), told Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, that he was neither a party to nor a signatory on the Loan Purchase Agreement in question.
Kuru is standing trial alongside Captain Roy Ilegbodu, Managing Director of Arik Air; Kamilu Omokide, Arik’s Receiver Manager; Union Bank of Nigeria Plc; and Super Bravo Limited on a six-count charge bordering on conspiracy, stealing, and abuse of office.
The charges are based on the alleged illegal transfer and mismanagement of funds amounting to N76 billion and $31.5 million.
Under cross-examination by Olalekan Ojo (SAN), counsel for the fourth defendant, Union Bank, Jega questioned the authenticity of the agreement tendered in court, pointing out inconsistencies in signatures and the document’s structure.
“The two individuals said to have signed the document are seasoned professionals of the highest standard. I disagree that they signed the agreement the way it’s shown to me,” he said.
Jega further drew the court’s attention to pagination discrepancies, noting that the document curiously started at page 8.
“I doubt my colleagues would have signed this document,” Jega stated firmly, suggesting that the pages presented in court may have been tampered with or incomplete.
Attempting to counter Jega’s scepticism, Ojo (SAN) urged him to acknowledge that the document had been duly certified by AMCON.
However, the witness remained adamant, stressing that the content and structure raised significant doubts about its legitimacy.
Jega also clarified the context in which he made his earlier extra-judicial statement to the Economic and Financial Crimes Commission (EFCC) on 19 June 2023.
According to him, his statement was based on questions posed by EFCC investigators and his knowledge of the transaction.
The prosecution had alleged that AMCON irregularly took over Arik Air’s loan from Union Bank without due process and facilitated the misappropriation of funds through suspicious transfers and the involvement of Super Bravo Limited.
As the trial progressed, the court delved into events surrounding a London meeting held on 4 February 2011, with foreign lenders involved in Arik Air’s financial dealings.
When asked about the purpose of the meeting, Jega stated that AMCON was only present as an invitee and did not drive the agenda.
Asked whether Union Bank used the meeting to inform the foreign lenders that AMCON had assumed liability for Arik’s loan, Jega replied that no such information was disclosed by Union Bank during the discussions.
Similarly, when asked whether AMCON made any declaration about taking over the loan during the meeting, Jega again responded, “We did not.”
The defence also queried whether Jega ever needed to return to the EFCC to make a supplementary statement.
The former AMCON director responded that there was no such need, reiterating that AMCON only took over a “guarantee and indemnity,” not a direct loan agreement.
“My Lord, there was no need to do that in respect of the Arik Air loan,” he said, distancing himself further from the crux of the alleged fraudulent arrangement.
Justice Dada adjourned the matter until 15 and 17 October 2025 for the continuation of the trial.
ALSO READ TOP STORIES FROM NIGERIAN TRIBUNE