Justice Mojisola Dada of the Particular Offences Courtroom sitting in Ikeja, Lagos, on Monday adjourned additional listening to within the trial of Mallam Ahmed Kuru, former Managing Director of the Asset Administration Company of Nigeria (AMCON), and 4 others over an alleged ₦76 billion and $31.5 million fraud until July 1, 2025.
Kuru is standing trial alongside Capt. Roy Ilegbodu, Managing Director of Arik Air; Kamilu Omokide, Receiver Supervisor of Arik Air; UNION BANK NIGERIA PLC; and SUPER BRAVO LIMITED on a six-count cost bordering on conspiracy, stealing, and abuse of workplace involving ₦76 billion and $31.5 million.
At Monday’s sitting, the third prosecution witness, PW3, Muhammed Abbas Jega, a former Govt Director of Credit at AMCON, advised the court docket that Arik’s debt to AMCON was labeled as a non-performing mortgage, as outlined by regulatory companies.
Jega, who had beforehand testified below cross-examination that the Arik mortgage acquired below AMCON’s first part of Eligible {Bank} Asset (EBA) buy was performing, recanted his earlier assertion.
Throughout additional cross-examination, he knowledgeable the court docket that AMCON, below his management as Govt Director, bought a complete of ₦85 billion in Arik debt from UNION BANK and {Bank} PHB.
He added that AMCON additionally prolonged an extra ₦11 billion mortgage to Arik as working capital.
In line with him, regardless of the funds injected by AMCON, together with the Bank of Industry (BOI) intervention funds assured by AMCON, Arik failed to satisfy its obligations to AMCON till he exited the company.
“Although I served as Govt Director, Credit, AMCON, and carried out all my actions with the Board’s approval, I by no means sighted the Mortgage Buy Settlement, which chronicled the quantity and credit score particulars relating to the embattled Arik mortgage, particularly from Union {Bank}. As on the time I left AMCON in 2015, the Arik mortgage was non-performing,” Jega said.
Jega additional claimed that “Union {Bank} deceived AMCON,” including that it was after the “so-called London assembly between the obligor and the Govt Administration of AMCON that it grew to become clear that there have been points with the acquisition.”
Nevertheless, he couldn’t present a transparent clarification for his failure to escalate the matter to AMCON’s Board and the Central Bank of Nigeria.
Jega additionally admitted that other than the ensures, each ARIK AIR LIMITED and its promoter had different excellent loans with AMCON.
Underneath additional cross-examination, he conceded that other than UNION BANK, not one of the different defendants within the felony trial participated within the acquisition or restructuring of the Arik mortgage.
The matter was adjourned until July 1, 2025, for continuation of trial.
