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₦76bn Fraud Trial: Arik Loan Was Doomed from the Start, Witness Tells Court
Abbas Jega, a former Executive Director of Credits at the Asset Management Corporation of Nigeria (AMCON), has admitted that the Arik Air debt acquired under his watch was classified as a non-performing loan in line with regulatory standards.....KINDLY READ THE FULL STORY HERE▶
Jega testified on Monday before the Special Offences Court in Ikeja, Lagos, presided over by Justice Mojisola Dada.
In his earlier testimony on June 4, Jega had stated that Arik Air’s loan—acquired by AMCON during the first phase of the Eligible Bank Assets (EBA) purchase—was classified as performing, emphasizing that the “guarantee was performing.”
However, during Monday’s proceedings, he retracted that statement, admitting that the loan was, in fact, non-performing at the time it was onboarded.
On January 20, former AMCON Managing Director Ahmed Kuru (second defendant) was arraigned alongside Roy Ilegbodu, Arik Air’s Managing Director (third defendant); Kamilu Omokide, the airline’s receiver manager (first defendant); Union Bank Plc (fourth defendant); and Super Bravo Limited (fifth defendant), in a case brought by the Economic and Financial Crimes Commission (EFCC).
The EFCC alleges the defendants defrauded Arik Air—currently under receivership—of N76 billion and $31.5 million.
The federal government took over Arik Air in February 2017 through AMCON due to the airline’s ballooning debt, estimated at over N300 billion. The move led to the immediate dissolution of its management and the appointment of a receiver manager.
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