At the Lagos State Special Offences Court in Ikeja, new details emerged in the ongoing fraud trial involving ₦76 billion and $31.5 million. The case involves former AMCON Managing Director Ahmed Kuru, ex-Receiver Manager of Arik Air Kamilu Omokide, Arik CEO Roy Ilegbodu, Union Bank Plc, and Super Bravo Limited.
A key witness, Mr. Muhammed Jega, former Executive Director of Credits at AMCON, testified that Union Bank’s loan to Arik Air was already non-performing by the time he left AMCON in 2015. However, despite problems with the loan, AMCON did not file a formal complaint to any security agency about Union Bank’s alleged misrepresentation, though they did send a letter to the EFCC.
Under cross-examination by multiple senior lawyers, Jega made several revelations:
The loan was initially believed to be performing but had fallen into default by 2015.
Union Bank sold the loan to AMCON without proper collateral from Arik.
AMCON conducted due diligence after purchasing the loan.
No written protests were received from Arik Air, only verbal complaints.
He didn’t raise the issues formally with the AMCON board but informed some members verbally.
Jega said AMCON bought ₦85 billion in Arik debt from Union Bank and Bank PHB, and later gave the airline another ₦11 billion in working capital. However, Arik failed to repay.
He also revealed:
He never saw the full loan purchase agreement.
Minutes from a London meeting with Union Bank were authored solely by the bank.
Problems with the loan only surfaced after AMCON’s purchase.
Arik had multiple outstanding debts beyond the ones in question.
Arik’s chairman once offered him a consultancy role, which he declined to avoid conflict of interest.
Justice Mojisola Dada adjourned the trial to November 28, 2025, for continuation of cross-examination.
