Former Executive Director at Asset Management Corporation of Nigeria (AMCON), Mr Abbas Muhammed Jega, yesterday, appeared at the Special Offences Court in Ikeja, Lagos, to testify in the ongoing case between the Economic and Financial Crimes Commission (EFCC) and 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.

Jega appeared as the third prosecution witness in the ongoing trial of the former AMCON boss, Mr Ahmed Kuru, and four others, standing trial over alleged financial misappropriation amounting to N76 billion and $31.5m. The matter is presided over by Justice Mojisola Dada.

Providing the court with the details of what he could recollect about the Arik Air/Union Bank business relationship that went bad, Jega recalled that following the directive of the Central Bank regarding the dumping of non-performing loans to AMCON, Union Bank had informed AMCON then that the CBN informed them to collapse the guarantee of Arik into loan because of the huge amount involved in the Union Bank had exceeded the single obligor limit allowable by the apex bank.

Jega also disclosed that the Chairman of Arik, Sir Johnson Arumemi-Ikhide, was avoiding a discussion with us (AMCON), probably because he believed he shouldn’t be talking to AMCON, because he didn’t have an NPL with Union Bank.