In what appears to be a total U-turn in his testimony at the resumed proceedings of the ongoing criminal trial between the Economic and Financial Crimes Commission (EFCC) vs the ex-AMCON MD/CEO, Ahmed Kuru, Kamilu Omokide, a former receiver manager of Arik Air Ltd; Captain Roy Ilegbodu, the airline’s CEO; Union Bank Ltd; and Super Bravo Ltd, Mr Mohammed Abbas Jega on Wednesday, 15 October, 2025, told the Special Offences Court presided by Justice Mojisola Dada that Arik actually had a huge non-performing loan of over N71billion before AMCON intervened.
Jega, a former Executive Director, Credits at Asset Management Corporation of Nigeria (AMCON), further confirmed the humongous loan sum of over N71billion in the name of Arik Air Limited under cross-examination when he was shown three letters, which he personally signed as an Executive Director, Credits in 2012, 2013, and 2014. Jega also cited and identified a certified true copy of the Loan Purchase Agreement (LPA) between AMCON and Union Bank Plc, which contained the terms and modalities for AMCON’s takeover of the Arik bad loan from Union Bank Plc.
The witness under cross-examination by Mr Olalekan Ojo SAN, counsel to Union Bank Plc, confirmed that he knew the non-performing status of the Arik Loans and Guarantees in his capacity as the Executive Director, Credits, in charge of the transaction.
He, however, reminded the court that he left the service of AMCON in 2015 and may not be in the know of happenings after he departed from the Corporation. Jega also confirmed under cross-examination that Arik was not servicing its obligations to the foreign lenders.
Recall that Jega, in his previous evidence, testified that the Arik loan, which AMCON purchased at the first phase of the Eligible Bank Asset (EBA) purchase, was performing. But at the last court appearance, Jega continued to contradict his earlier statements and gave evasive responses, even to the frustration of the court.
Jega also tried to query the authenticity of an already admitted document before the court when it was shown to him under the cross-examination by Mr Olalekan Ojo SAN. Rather than answer a simple question, he boldly accused AMCON of affixing his signature on a document he never signed. But after a careful perusal of the document and further cross-examination by Counsel to Union Bank of Nigeria Plc, it turned out that the document indeed originated from the Prosecution and was certified by the EFCC.
Dr. Wahaab Shittu, SAN, tried attempted to prevail on the court to stop further cross-examination of his witness, having appeared more than four times for cross-examination in the trial, Justice Mojisola Dada corrected the claim based on the court record, stating that Mr. Jega had only appeared three times as a witness in the proceeding. She explained that since Mr Jega had made himself available as a witness to the ongoing matter, he must be cross-examined by all the defence counsel.
The series of dramas started earlier in the day when he was invited to the witness box, and he claimed that his heart was failing. In many of the questions posed to him, he simply responded… “My Lord, I cannot remember.”
After the cross-examination of Olalekan Ojo SAN, the Counsel representing Super Bravo Limited, Mr Tayo Oyetibo SAN, opened his cross-examination of Jega. He questioned Jega’s actions and inactions on Arik’s claims and disposition after the loan was purchased by AMCON from Union Bank. From Jega’s responses to Oyetibo’s questions, the witness confirmed under cross-examination that he did not advice ARIK to escalate in documented evidence Arik’s concerns about the transaction, which the Central Bank of Nigeria (CBN) had directed AMCON to take over
The matter was again adjourned to November 28 and December 8, 2025, for continuation of the trial.
