The Special Offences Court in Ikeja, Lagos, postponed further proceedings in the fraud trial of former AMCON Managing Director Mallam Ahmed Kuru and four others until July 1, 2025. The case involves allegations of conspiracy, stealing, and abuse of office related to approximately ₦76 billion and $31.5 million.

Kuru faces charges alongside Captain Roy Ilegbodu, Managing Director of Arik Air; Kamilu Omokide, Arik Air’s Receiver Manager; Union Bank Nigeria Plc; and Super Bravo Limited. The six-count stems from the handling of Arik Air’s debts, which AMCON acquired.

During Monday’s resumed hearing, the third prosecution witness, Muhammad Abbas Jega, a former AMCON Executive Director in charge of Credits, testified that the debt owed by Arik Air was classified as non-performing. Jega, who had earlier stated the loan was performing, changed his position after further cross-examination, acknowledging that AMCON purchased an N85 billion debt from Union Bank and Bank PHB and extended an additional N11 billion as working capital to Arik Air.

Jega said despite these interventions and funds from the Bank of Industry guaranteed by AMCON, Arik Air failed to meet its repayment obligations by the time he left AMCON in 2015.

He explained, “Though I served as Executive Director, Credits, AMCON, and acted with the Board’s approval, I never saw the Loan Purchase Agreement outlining details of the Arik loan, especially from Union Bank.”

He added, “As of my departure in 2015, the Arik loan was non-performing.”

Jega also accused Union Bank of misleading AMCON, saying it became evident only after a meeting in London between Arik’s representatives and AMCON’s Executive Management that issues with the loan purchase surfaced. However, he did not clarify why he did not report these concerns to AMCON’s Board or the Central Bank of Nigeria.

Further, Jega confirmed Arik Air and its promoters held other loans with AMCON aside from the one guaranteed by the bank.

Under additional questioning, he stated that apart from Union Bank, the other defendants were not involved in acquiring or restructuring the Arik loan.

The court adjourned the trial to July 1, 2025, for continuation.