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N76bn Fraud Trial: AMCON Ex-Director Recants, Says Arik’s N85bn Debt Non-performing

N76bn Fraud Trial: AMCON Ex-Director Recants, Says Arik’s N85bn Debt Non-performing

Wale Igbintade 

A former Executive Director of Asset Management Corporation of Nigeria (AMCON), Muhammed Abbas Jega, has told a Lagos State Special Offences Court that Arik Air’s N85 billion debt, acquired by AMCON, was non-performing at the time of his exit from the corporation in 2015.

Jega, who served as Executive Director, Credits, made the disclosure while testifying as the third prosecution witness (PW3) in the ongoing trial of former AMCON Managing Director, Mallam Ahmed Kuru, and four others, over an alleged N76 billion and $31.5 million fraud.

The defendants — Kuru; Capt. Roy Ilegbodu, Managing Director of Arik Air; Kamilu Omokide, Receiver Manager of Arik; Union Bank of Nigeria Plc; and Super Bravo Limited — are facing a six-count charge bordering on conspiracy, stealing, and abuse of office.

Under further cross-examination, Jega retracted his earlier testimony that Arik’s loan was performing at the time of purchase under the Eligible Bank Assets (EBA) programme. 

He clarified that the loan, originally acquired from Union Bank and Bank PHB, was in fact already non-performing when AMCON took it over.

He revealed that AMCON acquired Arik’s loan portfolio to the tune of N85 billion and subsequently provided an additional N11 billion as working capital to support the airline.

“Despite the significant funds injected by AMCON and the intervention funds from the Bank of Industry, which AMCON also guaranteed. Arik could not meet its repayment obligations up until my departure in 2015,” he said.

Jega added that although he carried out all transactions with the approval of AMCON’s Board, he never saw the Loan Purchase Agreement detailing the full credit structure of the Arik loan, especially those acquired from Union Bank.

He claimed that AMCON was misled in the transaction “It was after the so-called London meeting between the obligor and AMCON’s executive management that it became clear there were underlying issues with the purchase.”

However, Jega admitted he neither raised the red flag to AMCON’s Board nor escalated the issue to the Central Bank of Nigeria.

He further told the court that Arik Air and its promoter had other loan exposures with AMCON apart from the ones guaranteed. 

Under further cross-examination, he acknowledged that aside from Union Bank, none of the other defendants were directly involved in the loan acquisition or restructuring process.

Justice Mojisola Dada adjourned the matter until July 1, 2025, for continuation of trial.

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Wale Igbintade  A former Executive Director of Asset Management Corporation of Nigeria (AMCON), Muhammed Abbas Jega, has told a Lagos State Special Offences Court that Arik Air’s N85 billion debt,

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Court Hears How Banker Rejected $7,000 Bribe to Leak Sensitive IT Data

Court Hears How Banker Rejected $7,000 Bribe to Leak Sensitive IT Data

Wale Igbintade

The first prosecution witness (PW1) for the Economic and Financial Crimes Commission (EFCC), Mr. Ajayi Michael Folaseye, on Monday told a Federal High Court in Lagos how he rejected a $7,000 bribe allegedly offered by a colleague seeking Unauthorised access to the bank’s internal systems.

Ajayi, who works in the Information Technology (IT) department of Premium Trust Bank, testified before Justice Alexander Owoeye in the ongoing trial of Kehinde Odeyemi and Matthew Adeniyi Damilola, both employees of the bank.

They are standing trial alongside three others, Samson Latshin Dakup, Bolaji Omotosho Yinka, and Sunday Badeniyi Okunola on a seven-count charge bordering on conspiracy to steal.

The case is being prosecuted by the Lagos Zonal Directorate 1 of the EFCC.

Led in evidence by EFCC counsel Rotimi Oyedepo, SAN, Ajayi told the court that the first defendant, Kehinde Odeyemi, an internal auditor, approached him during office hours on May 5, 2023, with a suspicious proposal.

“She approached me and suggested we could make money from a ‘side gig. She asked for a generic IP address used within the IT department,” he testified.

Ajayi explained that he informed her there was no generic IP address, only personal IPs assigned to individual users.

Despite his refusal, Odeyemi allegedly offered him $5,000 in cash, promising to deliver the money from the bank’s head office that evening. When he again declined, she increased the offer to $7,000.

“I told her I wasn’t interested,” he said. “She then warned me to keep the conversation secret and threatened to resign if I reported her.”

Ajayi said he immediately attempted to report the incident to his supervisor, Mr. Kenneth Nwaeze.

When Nwaeze was unavailable, he escalated the matter to Mr. Idriss Adegoke and later to the Head of IT, Mr. Mike Koledoye.

According to him, Koledoye convened a meeting the next day, May 6, 2023, with all parties involved.

After hearing their accounts, Koledoye directed that appropriate security measures be taken.

The witness stated that on May 13, he (Ajayi) and two other staff members were invited by the EFCC to make formal statements.

Ajayi explained that the IP address Odeyemi requested was a sensitive access point to the bank’s servers and databases.

“It grants access to customer data and core banking operations. Disclosing it would pose serious cybersecurity risks,” he said.

He added that sharing such information would breach the bank’s data protection policy.

“My department is the backbone of the bank, we warehouse all transaction data. A breach could lead to cyber-attacks or loss of customer trust.”

When asked why he chose to report the incident despite being warned to stay silent, Ajayi responded, “Given past incidents, the bank mandates us to report any suspicious behaviour immediately. It could have been a trap or an integrity test.”

The prosecution sought to tender Ajayi’s written statement to the EFCC as evidence.

Although defence counsel objected, citing illegibility, Justice Owoeye admitted the document, ruling that the issues raised were for cross-examination and not grounds for inadmissibility.

Earlier in the proceedings, counsel to the first defendant, Adeleke Adepoju, applied for an adjournment, citing inadequate access to prosecution materials.

He referenced Section 36(6) of the Constitution and Section 396 of the Administration of Criminal Justice Act, 2015.

Counsel to the second and fifth defendants, Messrs Olusola and A. Oliha respectively, also objected to the trial proceeding, claiming that the proof of evidence served on them was unclear and unreadable.

In response, Oyedepo opposed the applications, stating that the prosecution had served the documents since June 19.

“If the defence had concerns, they should have raised them before today. All parties agreed to this trial date,” he argued.

In a bench ruling, Justice Owoeye dismissed the objections and directed the prosecution to proceed with its first witness.

The matter was adjourned until July 18, 2025, for further hearing.

The EFCC had on May 20, 2025, arraigned the defendants on a seven-count charge of conspiracy to steal.

According to the EFCC, the defendants conspired between April and May 2025 to manipulate Premium Trust Bank’s server and domain credentials in an attempt to gain unauthorized access to its database and steal funds.

The charge reads in part “That you, Kehinde Odeyemi, Samson Latshin Dakup, Bolaji Omotosho Yinka, Sunday Badeniyi Okunola, and Matthew Adeniyi Damilola, along with others now at large—including persons identified as Humble, Wasiu, Isa Ismaila, and Victor Joshua Ilemona (a.k.a. Oracle)—conspired to unlawfully manipulate the server access codes and domain credentials of Premium Trust Bank, with the intent to gain unauthorized access to its database and steal depositors’ funds, thereby committing an offence contrary to Sections 27 and 28(1)(b) of the Cybercrimes (Prohibition, Prevention, Etc.) Act, 2015 (as amended in 2024), and punishable under Section 28(2) of the same Act.”

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Wale Igbintade The first prosecution witness (PW1) for the Economic and Financial Crimes Commission (EFCC), Mr. Ajayi Michael Folaseye, on Monday told a Federal High Court in Lagos how he

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Aig-Imoukhuede Foundation Disburses N50m to 111 Civil Servants Amid Efforts to Boost Excellence in Public Service

Aig-Imoukhuede Foundation Disburses N50m to 111 Civil Servants Amid Efforts to Boost Excellence in Public Service

James Emejo in Abuja

The Aig-Imoukhuede Foundation (AIG) said it has awarded over N50 million to 111 exceptional civil servants who have demonstrated excellence, integrity, and innovation in the public service delivery.
The disbursements were undertaken by the foundation’s offshoot initiative – the Emily Aig-Imoukhuede Endowment Fund.
This came as Executive Vice Chair of the foundation, Ofovwe Aig-Imoukhuede, reaffirmed its commitment to continuing close partnership with the Office of the Head of the Civil Service of the Federation (OHCSF) towards reforming the service.
She also announced AIG Foundation’s role as Diamond Partner at the inaugural International Civil Service Conference (ICSC) in Abuja.
Ofovwe Aig-Imoukhuede said, “This collaboration reflects our belief in the power of a world-class Civil Service to shape Africa’s future. The foundation remains committed to building a public sector that truly delivers for all Africans.”
However, the partnership builds on the foundation’s longstanding collaboration with the OHCSF, reflecting a shared commitment to advancing sector excellence in the country.
Over the years, the foundation has worked closely with the OHCSF to drive meaningful reforms – co-developing initiatives including the Federal Civil Service Strategy and Implementation Plan (FCSSIP25).
The foundation also led digital transformation projects, and invested in capacity-building programmes for civil servants.
Central to these efforts is the foundation’s goal to build a critical mass of about 3,000 highly effective civil servants within the next decade, equipping them with the skills and leadership needed to drive sustainable change across Nigeria’s public sector.
A notable feature of this year’s Civil Service Week is the expansion of the Emily Aig-Imoukhuede Endowment Fund, sponsored by the Foundation.
The Fund recognises and rewards outstanding civil servants who demonstrate excellence, integrity, and innovation.
In addition, this year, two new award categories have been introduced – the Presidential Civil Service Merit Award with a cash prize of N500,000 and the Head of the Civil Service of the Federation EPIC Award with a cash prize of ₦250,000.
Beyond recognition and awards, the foundation played a pivotal role in supporting the digitalisation of the OHCSF, a groundbreaking initiative that has inspired numerous ministries, departments, and agencies to embark on their own digital transformation journeys.
This growing momentum has been further strengthened through the signing of Memorandums of Understanding (MOUs) with several ministries to expand and deepen these digitalisation efforts.
The International Civil Service Conference will provide a valuable platform for leaders across Africa’s public sector to exchange ideas, share innovations, and forge new partnerships.
This event further positions Nigeria as a leader in Civil Service reform and highlights the importance of collaborative efforts in shaping the future of governance in Africa.
Essentially, the AIG Foundation is a public sector-focused philanthropic organisation founded by Aigboje and Ofovwe Aig-Imoukhuede to improve the lives of Africans through transformed public service delivery and increased access to quality primary healthcare.
The foundation accomplishes its mission by supporting the reform initiatives of public sector entities, providing financing, consulting support, and capacity-building programmes and resources for the public sector workforce.
It provides funding and strategic support to drive the work of affiliate organisations such as ABC Health, the Private Sector Health Alliance of Nigeria (PSHAN), the Nigerian Solidarity Support Fund (NSSF), and others.

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James Emejo in Abuja The Aig-Imoukhuede Foundation (AIG) said it has awarded over N50 million to 111 exceptional civil servants who have demonstrated excellence, integrity, and innovation in the public

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Legal Experts Advocate Alternative Dispute Resolution in Tax Litigation

Legal Experts Advocate Alternative Dispute Resolution in Tax Litigation

James Emejo in Abuja

Legal luminaries have recommended the Alternative Dispute Resolution (ADR) in resolving tax related issues rather than resorting to legal actions.
They said going through court processes appeared to be adversarial to the objectives of taxation to citizens.
The experts spoke at the TaxADR Roundtable 2025 with the theme, “Unlocking Revenue and Strengthening Dispute Resolution: A roadmap to Tax ADR in Nigeria”, in Abuja.
Professor of Commercial Law, Veritas University, Bwari, Abuja, Prof. Paul Idornigie, said, “We believe the traditional litigation approach is time-consuming, costly, and adversarial.”
Giving an overview of the ADR landscape in the country, he said one of the benefits of ADR was time saving.
He said, “Where I come from, we say that when you go to court, you rarely come out smiling. In some cases, people become enemies for life. But when you negotiate, mediate, or arbitrate, you come out shaking hands. In other words, the relationship is preserved. So, for me, I say: arbitrate, not litigate.
Idornigie, a former Chairman of the Chartered Institute of Arbitrators (CIArb), Abuja Chapter, said, “One of the benefits of ADR is time. For example, to qualify as a high court judge, you only need 10 years post-call experience—no specific litigation practice required.
“But in ADR, training is essential. You can’t just be anyone. While it’s true anyone can negotiate, not everyone can mediate or arbitrate effectively without training.”
On the other hand, he defined arbitration as a process where a neutral party—appointed by agreement—resolves disputes by issuing an award.
According to him, a unique feature of arbitration is party autonomy – “parties choose how the arbitration proceeds, the number of arbitrators, the rules, and even who gets appointed”.
He said, “In contrast, in court litigation, you can’t choose your judge. But in arbitration, you have control. You can appoint someone you trust—though this doesn’t mean appointing your friends.
“Arbitration demands professionalism and impartiality. Many lawyers wrongly assume that because they’re senior advocates, they are naturally qualified arbitrators. Training is still essential. Arbitration is grounded in fundamental principles.”
Further highlighting the benefits of embracing arbitration, Idornigie said the concept often includes binding processes outside the courts.
According to him, “The national tax policy encourages the use of ADR. So which process under ADR can we use for tax disputes? We propose negotiation—because everyone negotiates. When a taxpayer files a notice of objection and is invited to bring their books, that’s already a negotiation. We’re just trying to formalise it.”
Also addressing the august meeting, Chair, CIArb, Nigeria Branch (UK), Mrs. Olusola Adegbonmire, spoke on mediation as yet another alternative to avoid the courts.
She stressed the need for tax professionals to be formally trained as mediators, noting that this would go a long way in resolving tax disputes effectively.
She emphasise the value proposition for tax authorities to create ADR units composed of professional ADR practitioners—much like legal departments staffed with lawyers, stressing that in the same way, these units should focus on resolving tax disputes through ADR mechanisms.
She said tax authorities like the FIRS can adopt mediation-friendly strategies.
“We’re not necessarily suggesting arbitration at this point, but mediation and negotiation are both powerful tools already in use,” she said.
She said, “When tax officers visit your office, what they often do is start negotiating. It may not be formal mediation, but it’s essentially the same in spirit. I believe it’s time for tax professionals to be formally trained as mediators. This would go a long way in resolving tax disputes effectively.”
However, Founder/Convener of the roundtable, Mr. Lateef Yusuff, said the meeting came on the heels of several landmark developments, including the recent reform of Nigeria’s tax legislation, the enactment of the Arbitration and Mediation Act, and the introduction of the National ADR Policy-signed by the Minister of Justice, Prince Lateef Fagbemi.
He pointed out that these developments provided a strong legal and policy foundation for the integration of ADR into the country’s tax system.
He added that the objective of the roundtable was to begin laying the groundwork for a structured, transparent, and accessible TaxADR framework-one that strengthens revenue administration, fosters trust between taxpayers and the state, and reduces our reliance on costly, adversarial litigation.

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James Emejo in Abuja Legal luminaries have recommended the Alternative Dispute Resolution (ADR) in resolving tax related issues rather than resorting to legal actions.They said going through court processes appeared