By SCM Staff Writer I Wednesday, October 15, 2025
IKEJA, LAGOS — A key witness in the high-profile criminal trial involving the Economic and Financial Crimes Commission (EFCC) and the former managing director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, dramatically reversed his previous testimony in a Lagos Special Offences Court today.
Mr. Mohammed Abbas Jega, a former Executive Director, Credits, at AMCON, confirmed that Arik Air Ltd was saddled with a non-performing loan (NPL) exceeding N71 billion before the government’s asset recovery agency intervened.
The admission marks a complete U-turn for Mr. Jega, who had previously testified that the Arik loan—purchased by AMCON as part of the first phase of its Eligible Bank Asset (EBA) scheme—was, in fact, performing at the time of the takeover.
Confirmation Under Cross-Examination
During a testy cross-examination by Mr. Olalekan Ojo SAN, counsel for Union Bank Plc, Mr. Jega explicitly confirmed the enormous loan sum.
This confirmation came after he was presented with and asked to identify three letters he had personally signed in his capacity as Executive Director, Credits, between 2012 and 2014, as well as a certified true copy of the Loan Purchase Agreement (LPA) between AMCON and Union Bank Plc.
Jega, who was in charge of the transaction, confirmed he was aware of the non-performing status of Arik’s loans and guarantees.
He also conceded to the court that Arik was not servicing its obligations to foreign lenders.
The witness attempted to temper his confirmation by noting that he left AMCON’s service in 2015 and could not speak to subsequent developments at the corporation.
Drama and Contradictions
The proceedings, presided over by Justice Mojisola Dada, were marked by significant drama and evasiveness from Mr. Jega, who had previously frustrated the court with contradictory statements.
The day’s session started with a curious claim from Jega that he was suffering from a “failing heart.” Throughout his questioning, he repeatedly resorted to the phrase, “My Lord, I cannot remember,” even to simple questions.
In a moment of high tension, Mr. Jega attempted to challenge the authenticity of a document already admitted by the court, going so far as to accuse AMCON of affixing his signature to a document he had never signed.
However, following a thorough perusal and further cross-examination, it was established that the document had originated from the Prosecution and was certified by the EFCC.
An attempt by Mr. Jega’s counsel, Dr. Wahaab Shittu, SAN, to halt further cross-examination, arguing the witness had appeared four times, was corrected by Justice Dada based on court records. The judge affirmed that as a witness in the ongoing matter, Mr. Jega must be cross-examined by all defense counsel.
Subsequently, under cross-examination by Mr. Tayo Oyetibo SAN, counsel for Super Bravo Limited, Mr. Jega confirmed that he did not advise Arik Air to formally document or escalate its concerns about the AMCON-mandated takeover, which the Central Bank of Nigeria (CBN) had directed AMCON to execute.
The trial, which includes the former AMCON MD/CEO Ahmed Kuru, the airline’s CEO Captain Roy Ilegbodu, former receiver manager Kamilu Omokide, Union Bank Ltd, and Super Bravo Ltd as defendants, has been adjourned for continuation to November 28 and December 8, 2025.
