In a dramatic twist at the ongoing trial involving the Economic and Financial Crimes Commission (EFCC) and former AMCON Managing Director, Ahmed Kuru, a key prosecution witness, Mr. Mohammed Abbas Jega, has admitted that Arik Air Limited had a non-performing loan exceeding ₦71 billion before the Asset Management Corporation of Nigeria (AMCON) intervened.
Jega, a former Executive Director of Credits at AMCON, made the admission during cross-examination before Justice Mojisola Dada of the Special Offences Court in Lagos. He confirmed that Arik’s massive debt was already classified as non-performing when AMCON took over the loan from Union Bank Plc.
Under questioning by Mr. Olalekan Ojo (SAN), counsel to Union Bank, Jega acknowledged signing several official letters between 2012 and 2014 confirming Arik’s indebtedness, as well as the Loan Purchase Agreement (LPA) outlining AMCON’s acquisition of the bad loan. He also admitted that, during his tenure, Arik Air was not servicing its obligations to its foreign lenders.
This testimony marked a significant departure from Jega’s earlier claims, where he had told the court that the Arik loan was performing at the time AMCON purchased it. His shifting statements reportedly caused tension in court, with the witness giving inconsistent answers and at times appearing evasive.
When confronted with a certified document previously admitted in evidence, Jega initially challenged its authenticity, alleging that AMCON might have affixed his signature fraudulently. However, after further questioning, he conceded that the document originated from the prosecution and was certified by the EFCC.
During the session, Jega also claimed ill health, telling the court that “his heart was failing.” Nevertheless, Justice Dada insisted that, as a witness already before the court, he must be cross-examined by all defence counsels.
Counsel to Super Bravo Limited, Mr. Tayo Oyetibo (SAN), further questioned Jega on his role in handling Arik’s complaints after the loan transfer. Jega admitted that he did not advise the airline to formally document its concerns, despite directives from the Central Bank of Nigeria (CBN) for AMCON to take over the loan.
The prosecution’s lead counsel, Dr. Wahab Shittu (SAN), sought to halt further cross-examination, arguing that Jega had been questioned multiple times. However, Justice Dada clarified that the witness had only appeared three times and must continue testifying.
The court has adjourned the case to November 28 and December 8, 2025, for continuation of the trial.
