Arik Debt: Amid Drama, Cross-Examination Of Jega, Ex-AMCON ED Continues In October

Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos State, on Tuesday adjourned the trial of Ahmed Kuru, a former Managing Director of the Asset Management Corporation of Nigeria (AMCON), and four others over alleged fraud amounting to N76 billion and $31.5 million. She adjourned the case till October 15 and 17, 2025.

Ahmed Kuru is facing trial 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.

Justice Dada adjourned the matter after today’s proceeding, which started with a drama by the lead Counsel to the Economic and Financial Crimes Commission (EFCC) Dr. Wahab Shittu who made efforts to gag the rights of journalists to exercise their constitutional rights of reporting by having the judge make an Order to restrain further reporting of proceedings in court forgetting that he had made earlier comments describing the trial as “…A public trial that the whole world was waiting for…”

He went further to vehemently mention the name of a journalist from one of the highly respected and globally read newspapers in the country.

The Judge advised Dr. Shittu to concentrate on his case and not be distracted by media publications. She reminded the EFCC lead Counsel that the Court reserves the right to make decisions on matters before it.

After the initial drama, Mr. Olalekan Ojo SAN, the Lead Counsel representing Union Bank, commenced his cross-examination of Mr. Abbas Jega, a former Executive Director of Credits at Asset Management Corporation of Nigeria (AMCON), who is a witness to the EFCC.

Jega confirmed before the court that the statement he made to the EFCC on June 19, 2023, regarding the ongoing matter was based on his mental recollection and familiarity with the Arik and Union Bank loan transaction while he served as Executive Director.

When asked if he had familiarised himself with all relevant documents in respect to the case, Jega, who looked a bit confused, took a deep breath and declared that he had left AMCON about 10 years ago, and so, may not be able to have access to all relevant documents.

But Mr. Ojo SAN presented him with a series of exhibits regarding the Loan Purchase Agreement (LPA) between Union Bank and AMCON.

At that point, Jega agreed that Union Bank gave AMCON a lump sum of N71 billion, saying that there was no breakdown.

He said it was based on the collateral, which Union Bank provided, that the loan was priced at N50 billion at the time.

Jega also admitted after sighting another exhibit – a 2008 ECA Loan Agreement. Providing another mental recollection of the London meeting, he remembered a $135 million facility granted by Union Bank in 2007 for the purchase of three Boeing planes for Arik Air Limited.

Wole Shadare