Emmanuel Thomas l Tuesday, July 01, 2025
IKEJA, Lagos – The trial of Ahmed Kuti, a former Managing Director of Asset Management Corporation of Nigeria, AMCON and four others, for alleged fraud to the tune of N76 billion and $31.5 million continued at the Special Offences Court in Ikeja, Lagos on Tuesday.
Ahmed Kuru is on trial along with Captain. Roy Ilegbodu, Managing Director of Arik Air; Kamilu Omokide, Receiver Manager, Arik Air, Union Bank of Nigeria PLC and Super Bravo Limited.
However, Lead Counsel to the EFCC, Dr. Wahab Shittu however played to the gallery when he made ThisDay reportage of court proceeding a day before his major preoccupation in court.
He was furious about the headlines in usage of “recant” and made futile efforts to identify the reporter after mentioning the byline in his efforts to disparage reportage of the proceedings.
However, her Lordship, Justice Mojisola Dada advised him to focus on the matter at hand and not be distracted.
Justice Dada adjourned the matter after today’s proceeding, which started with a drama by the lead Counsel to the Economic and Financial Crimes Commission (EFCC) Dr. Wahab Shittu who made efforts to gag the rights of journalists to exercise their constitutional rights of reporting by having the judge make an Order to restrain further reporting of proceedings in court forgetting that he had made earlier comments describing the trial as “…A public trial that the whole world was waiting for…”
He went further to vehemently mention the name of a journalist from one of the highly respected and globally read newspapers in the country. The Honourable Judge advised Dr. Shittu to concentrate on his case and not be distracted by media publication. She reminded the EFCC lead Counsel that the Court reserves the right to make decisions on matters before it.
After that initial drama, Lead Counsel representing Union Bank, Mr. Olalekan Ojo SAN commenced his cross-examination of Mr. Abbas Jega, a former Executive Director of Credits at AMCON who is a witness to the EFCC.
Jega confirmed before the Court that the statement he made to the EFCC on June 19, 2023, regarding the ongoing matter was based on his mental recollection and familiarity with Arik and Union Bank loan transaction while he served as Executive Director.
When asked if he had familiarised himself with all relevant documents in respect to the case, Jega, who looked a bit confused, took a deep breath and declared that he had left AMCON about 10 years ago, and so, may not be able to have access to all relevant documents.
But Mr. Ojo SAN presented him with a series of exhibits regarding the Loan Purchase Agreement (LPA) between Union Bank and AMCON. At that point, Jega agreed that Union Bank gave AMCON a lump sum of N71 billion, saying that there was no breakdown. He said it was based on the collateral, which Union Bank provided, that the loan was priced at N50 billion at the time.
Jega also admitted after sighting another exhibit – a 2008 ECA Loan Agreement. Providing another mental recollection of the London meeting, he remembered a 135million USD facility granted by Union Bank in 2007 for the purchase of three Boeing planes for Arik Air Limited. The cross-examination of Mr. Jega today showed inconsistencies with both his statement to the EFCC and his earlier testimonies.
Justice Mojisola Dada has adjourned the case till October 15, and 17, 2025.
