In a startling revelation, Lloyds Bank has reported that Oasis fans in the UK have collectively lost over £2 million to fraudulent ticket sales. The scams, predominantly occurring on social media platforms, have affected at least 5,000 victims since the tickets for the band's highly anticipated reunion tour went on sale. The bank's analysis, based on fraud reports from its customers, highlights the growing menace of online ticket fraud.

The average loss per victim stands at approximately £436, with one individual reportedly defrauded of £1,700. A significant majority of these scams, about 90%, were facilitated through Meta's social media platforms, primarily Facebook. Liz Ziegler, Lloyds' fraud prevention director, emphasized the need for stronger measures by social media companies to combat these fraudulent listings, which often violate the platforms' own policies.

The announcement of Oasis's reunion tour last year sparked immense excitement among fans, leading to a chaotic ticket sale that saw all dates sell out within the first day. This frenzy created a fertile ground for scammers, who exploited the high demand by posting fake listings offering tickets at reduced prices. The situation has prompted calls for consumers to remain vigilant and purchase tickets only from authorized retailers to avoid falling prey to such scams.

Meanwhile, the UK's competition regulator, the CMA, has initiated an investigation into Ticketmaster, the official ticket vendor for the Oasis tour. The probe aims to assess whether buyers were provided with clear information and if they were pressured into making quick purchases. As the tour dates approach, the spotlight remains on the need for enhanced security measures and consumer awareness to prevent further losses to ticket fraud.

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.