Legal Battle Over Arik Air's N85bn Debt: Ex-AMCON Director Denies Signing Loan Agreements

01-07-2025


The ongoing trial involving the Asset Management Corporation of Nigeria (AMCON) and Arik Air has taken a dramatic turn as Muhammed Abbas Jega, a former Executive Director of Credits at AMCON, contradicted his earlier testimony regarding the performance of Arik Air's loan. Initially, Jega had stated that the loan was performing, but during cross-examination, he admitted that the loan had been non-performing since its inception, shedding light on the complexities of the case.

Jega's revelation came during the trial of former AMCON MD/CEO Ahmed Kuru and others, who are facing charges related to the alleged mismanagement of N76 billion and $31.5 million. The case, which has drawn significant attention, highlights the challenges faced by AMCON in managing non-performing loans acquired from Nigerian banks under the Eligible Bank Asset (EBA) programme.

Further complicating the matter, Jega disclosed that despite AMCON's injection of N85 billion to purchase Arik's debt from Union Bank and Bank PHB, and an additional N11 billion extended as working capital, Arik Air failed to meet its financial obligations. This admission raises questions about the due diligence processes at AMCON and the viability of the airline's financial restructuring efforts.

The trial also took an unexpected turn when Jega questioned the authenticity of the Loan Purchase Agreement presented in court, pointing out discrepancies in signatures and document structure. This development adds another layer of intrigue to the case, as it challenges the integrity of the documents underpinning the financial transactions between AMCON and Arik Air. The court's decision on these matters could have far-reaching implications for corporate governance and financial accountability in Nigeria's banking and aviation sectors.

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Bohemians FC Unveils New Jersey in Partnership with Oasis, Supporting Charities

{'$date': '2025-07-01T20:26:47.096Z'}


Bohemians FC, the fan-owned not-for-profit club, has launched a new jersey in partnership with the legendary band Oasis, ahead of their much-anticipated comeback tour. The jersey, designed to pay homage to Oasis and celebrate Dublin's cultural heritage, features the band's logo in traditional blue tones, 90s styling, and sublimated chevron patterns. Manufactured by O'Neill's Sportswear Ireland and designed in collaboration with Oasis, the jersey is a testament to the club's innovative approach to football merchandising.

The partnership extends beyond fashion, with all profits from the shirt sales being split between Bohemian FC and two charities. Fifty percent of the profits will support the club's football and community activities, while the remaining fifty percent will be equally divided between Music Generation Ireland and Irish Community Care Manchester. This initiative underscores Bohemians FC's commitment to leveraging football for social good, providing access to music for disadvantaged children in Ireland and supporting the Irish community in Manchester.

Reactions to the jersey have been mixed among fans and the broader football community. While some have praised the design and the charitable cause it supports, others have critiqued the club's focus on merchandise over on-pitch success. Despite the divided opinions, the jersey has garnered significant attention, highlighting Bohemians FC's unique position at the intersection of football, music, and philanthropy.

Daniel Lambert, Chief Operating Officer of Bohemian FC, expressed his delight at the collaboration, thanking Noel and Liam Gallagher for their support. Lambert emphasized the significance of the partnership, not only for the club but for the thousands of people across Ireland and Manchester who will benefit from the charitable contributions. As Bohemians FC continues to innovate both on and off the pitch, this latest venture with Oasis represents another chapter in the club's storied history of community engagement and cultural celebration.