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Abbas Jega, a former Executive Director of the Asset Management Corporation of Nigeria (AMCON), has told the Ikeja Special Offences Court that he was not a signatory to the Loan Purchase Agreement between Union Bank of Nigeria and Arik Air.
He gave this testimony before Justice Mojisola Dada, while appearing as the third prosecution witness in the ongoing fraud trial involving a former AMCON Managing Director, Mallam Ahmed Kuru, and four others.
The defendants, including Capt. Roy Ilegbodu (Managing Director of Arik Air), Kamilu Omokide (Receiver Manager of Arik Air), Union Bank of Nigeria Plc, and Super Bravo Limited, are facing a six-count charge bordering on conspiracy, stealing, and abuse of office involving a total of N76 billion and $31.5 million.
While being cross-examined by defence counsel Olalekan Ojo (SAN), Jega questioned the validity of the signatures on the agreement, expressing doubts that the professionals whose names appeared on the document had actually signed it. He highlighted inconsistencies in the document’s pagination, pointing out that it oddly began on page 8.
“I doubt my colleagues could have signed this agreement as presented,” Jega said, adding that his extra-judicial statement to the Economic and Financial Crimes Commission (EFCC) on June 19, 2023, was based only on questions asked and his knowledge of the issue.
Jega confirmed that AMCON acquired loans worth approximately N239.534 billion from Union Bank but clarified that Arik Air was not a party to the loan purchase agreement. He also acknowledged that AMCON and Union Bank exchanged official communications over the transaction.
When presented with Exhibit P11, Jega confirmed that the loan agreements were properly executed and certified by AMCON, although he personally did not sign the documents.
The witness also gave details about a meeting held in London on February 4, 2011, with foreign lenders. He said the meeting was organised by Union Bank and that AMCON was only invited. Asked if the meeting was held to inform lenders that AMCON had taken over Arik Air’s loan guarantees, Jega said Union Bank gave no such information, and AMCON representatives also did not disclose it. “We did not,” he stated.
Jega further told the court he had no reason to return to the EFCC to give additional statements on the Arik Air loan matter. He denied any knowledge of AMCON disputing the loan agreement or sending letters to that effect, and said the EFCC never presented such documents to him.
He referenced Exhibit P12, which showed Arik Air began borrowing from Union Bank in 2007 and defaulted by 2009. According to him, Union Bank had to use its own funds to service the foreign loans, though no document was presented at the London meeting to prove the loans were still performing.
Jega added that not all elements of the transaction were included in his EFCC statement and noted that two relationship managers he mentioned in his testimony also attended the London meeting.
Justice Dada adjourned the case to October 15 and 17, 2025, for the continuation of the trial.