Alleged N76bn , $31.5m Fraud: AMCON Ex-Director Denies Signing Arik Air Loan Deal, Alleges Document Irregularities

July 1, 2025

The third prosecution witness, PW3, Abbas Jega, a former Executive Director of the Asset Management Corporation of Nigeria (AMCON), in the ongoing trial of Mallam Ahmed Kuru, a former Managing Director of AMCON, and four others over an alleged N76 billion and $31.5 million fraud, Tuesday, told Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos that he was not among the signatories to the loan purchase agreement between Union Bank of Nigeria and Arik Air.

In a statement by the EFCC on Tuesday, Kuru, alongside Capt. Roy Ilegbodu, Managing Director of Arik Air; Kamilu Omokide, Receiver Manager of Arik Air; Union Bank of Nigeria Plc; and Super Bravo Limited, is standing trial on a six-count charge bordering on conspiracy, stealing, and abuse of office involving N75 billion and $31.5 million.