AMCON DID NOT REPORT UNION BANK TO EFCC OVER ARIK LOAN DEAL - EFCC WITNESS

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By Aishat Momoh. O.

Fresh details emerged on Wednesday at the Lagos State Special Offences Court, Ikeja, in the ongoing trial involving alleged ₦76 billion and $31.5 million fraud charges against former Asset Management Corporation of Nigeria (AMCON) Managing Director, Ahmed Kuru, ex-Receiver Manager of Arik Air, Kamilu Omokide, Arik CEO Roy Ilegbodu, Union Bank, and Super Bravo Limited.

A key prosecution witness and former AMCON Executive Director of Credits, Muhammed Jega, told the court during cross-examination that AMCON never sent any official complaint to security agencies regarding Union Bank’s alleged misrepresentation of the Arik loan purchase.

He made this disclosure before Justice Mojisola Dada, stating that although the bank claimed Arik had repaid the facility, AMCON later discovered the loan was issued without collateral.

“Up to the time I left AMCON, the loans taken by Arik Air were still unpaid,” Jega said, adding that Union Bank had presented the facility as performing at a London meeting. However, AMCON later found discrepancies after purchasing the loan.

Jega, under further questioning by defence counsel, confirmed that the facility became non-performing by the time he left the corporation in 2015, contrary to his earlier testimony at the June 30 hearing, where he had said the loan was performing at acquisition.

He explained that AMCON purchased about ₦85 billion of Arik’s debt from Union Bank and Bank PHB and later injected another ₦11 billion as working capital, but Arik failed to meet repayment obligations.

The witness also admitted that Arik Air did not submit a written protest against AMCON’s involvement but made oral complaints. He said no official report of Union Bank’s alleged non-disclosure was filed with the AMCON Board, though he raised concerns verbally.

“It was only after AMCON bought the loan that we began to realise there were underlying issues with the documentation,” Jega revealed.

During cross-examination by defence lawyers Olalekan Ojo (SAN), Tayo Oyetibo (SAN), Taiwo Osipitan (SAN), and Olasupo Sasore (SAN), Jega confirmed he never saw the full loan purchase agreement between Union Bank and AMCON. He also disclosed that Arik’s chairman once approached him for a consultancy role, which he declined.

Justice Mojisola Dada adjourned the case to November 28, 2025, for continuation of cross-examination and further hearing.