A former Executive Director, Credits at Asset Management Corporation of Nigeria (AMCON) Mr. Muhammed Abbas Jega, has told a Lagos Special Offences Court that his extra-judicial statement dated June 19, 2023, was based on questions posed to him by operatives of the Economic and Financial Crimes Commission (EFCC) and his knowledge of the matter.

Justice Mojisola Dada admitted the Mega statement he made to the EFCC as evidence in an ongoing trial of the former AMCON Managing Director, Ahmed Kuru and four others standing trial over alleged N76 billion and $31.5 million fraud, respectively.

The other defendants are former Receiver Manager of Arik Air Limited., Kamilu Omokide, Chief Executive Officer of the airline, Roy Ilegbodu, Union Bank and Super Bravo Limited.

They are standing trial on a six-count charge bordering on conspiracy, stealing and abuse of office involving N75 billion and $31.5 million.

However, at the resumed hearing, the third prosecution witness (PW3), Jega, was cross-examined by Mr Olalekan Ojo (SAN), counsel to the 4th defendant, who asked him about the London meeting held on February 4, 2011, with foreign lenders.

Jega explained that it was convened at the instance of Union Bank and AMCON, and he was merely invited.

When asked whether the purpose of the London meeting was to inform foreign lenders that AMCON had taken over the guarantee of Arik Air’s loan, Jega responded that Union Bank representatives did not disclose that information at the meeting.

Asked further if AMCON representatives disclosed at the meeting that they had taken over the loan, Jega replied, “We did not.”

When questioned about whether he had ever returned to the EFCC to make an additional statement, he replied, “My Lord, there was no need to do that in respect of the Arik Air loan,” insisting that what was purchased by AMCON was the guarantee and the indemnity.

“The London meeting was not mentioned in my statement to the EFCC. What I told the court is what I know. The AMCON representatives were two at the meeting. The meeting was held at the instance of the Union Bank, and so many things were said. The minutes was taken by the Union bank and I have seen the copy.

“I said I did not produce or show any document or letter to the EFCC on recovery loan. These are public documents. The EFCC did not show me any letter during my interaction with them.”

Ojo also questioned the authenticity of the signatures on the agreement.

Jega responded that he was not among the signatories to the Loan Purchase Agreement between Union Bank of Nigeria and Arik Air.

He noted that the two individuals allegedly involved in signing the document were professionals of the highest standard. “Therefore, I disagree that they signed the agreement the way it’s shown to me,” he said.

Jega also pointed out irregularities in the pagination, noting that the document began with page 8. “I doubt if my colleagues could have signed this agreement,” he added.

Ojo (SAN) cautioned the witness and urged him to confirm that each page of the agreement was duly certified by AMCON.

Jega further told the court that his extra-judicial statement dated June 19, 2023, was based on questions posed by operatives of the Economic and Financial Crimes Commission (EFCC) and his knowledge of the matter

After listening to him, Justice Dada, with the agreement of counsel representing the parties in the suit, adjourned further cross-examination to October 15 and 17, 2025.

Earlier in the proceeding, the prosecution counsel, Dr Wahab Shittu (SAN), criticised what he described as persistently misleading media coverage of proceedings in the ongoing trial involving the Asset Management Corporation of Nigeria (AMCON) and Arik Air.

Shittu raised particular concern about a report published online stating that the article was misleading and misrepresented the court’s proceedings and created the false impression of conflict between the Court and AMCON.

“The publication is worrisome,” Shittu said. “There have been several instances of wrong reporting, including today, claims were made that the witness said things he never actually said.

“These reports paint a picture of hostility between AMCON, Union Bank, Arik and the court, which is not true.

Foreigners are observed closely monitoring this case, and I urge Your Lordship to ensure the integrity of court proceedings is preserved through accurate reporting.”

Shittu maintained that the case is not a battle between AMCON and Arik Air, and should not be portrayed as such.