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AMCON witness explains no EFCC report on Union Bank’s Arik loan
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A key prosecution witness in the ongoing trial involving former officials of the Asset Management Corporation of Nigeria (AMCON), Union Bank Plc, and others has explained why Union Bank was not reported to anti-graft agencies over its role in a controversial loan deal with Arik Air.
The witness, Mr. Muhammed Jega, a former Executive Director of Credits at AMCON, told the Lagos State Special Offences Court in Ikeja that although Union Bank misrepresented facts during a loan transaction involving Arik Air, AMCON did not escalate the matter to the Economic and Financial Crimes Commission (EFCC). Instead, the issue was reported to the Central Bank of Nigeria (CBN), the financial sector’s regulatory authority.
Jega made these statements under cross-examination before Justice Mojisola Dada.
He is testifying in the trial of former AMCON Managing Director Ahmed Kuru, former Receiver Manager of Arik Air Kamilu Omokide, Arik Air CEO Roy Ilegbodu, Union Bank Plc, and Super Bravo Limited.
They are facing a five-count charge brought by the EFCC, including allegations of theft, abuse of office, and fraudulent acquisition of property. Union Bank also faces an additional charge of making false statements to a public officer.
Jega stated that Union Bank’s actions were never formally reported to security agencies, as AMCON chose to inform the CBN for regulatory intervention and appropriate sanctions.
During his cross-examination by defence counsel, Olalekan Ojo (SAN), he confirmed there was no official complaint letter to any anti-corruption agency over the bank’s alleged misrepresentation.
The witness revealed that as of his exit from AMCON in 2015, the loan facility provided by Union Bank to Arik Air for aircraft acquisition had become non-performing.
He also disclosed that he had no knowledge of any specific directive issued by the CBN regarding the transaction before his departure.
He added that although Union Bank initially claimed Arik had repaid the loan, it was later discovered that the bank issued the facility without adequate collateral.
According to Jega, due diligence was conducted only after AMCON had already purchased the Arik loans from Union Bank.
“The loans were meant for the purchase of various aircraft, but Union Bank did not adhere to standard banking procedures during the sale of Arik’s loans to AMCON,” he testified.
Under questioning by another defence counsel, Tayo Oyetibo (SAN), Jega confirmed that Arik Air never submitted a formal protest over the transaction but had raised verbal concerns about AMCON’s involvement.
He admitted that he did not document these complaints or escalate them to the AMCON Board, although he verbally informed board members of his reservations.
He further noted that Arik Air had requested a loan restructuring, which he forwarded to AMCON management due to a “business need.”
In an earlier session on June 30, Jega told the court that the Arik loan was performing when AMCON acquired it. However, under renewed cross-examination by Prof. Taiwo Osipitan (SAN), he later clarified that by 2015, the loan had fallen into the non-performing category, according to regulatory standards.
He stated that AMCON had purchased a total of N85 billion worth of Arik Air’s debt from Union Bank and Bank PHB and later provided an additional N11 billion as working capital.
Despite these efforts, Arik failed to meet its repayment obligations.
While acknowledging that he was involved in approving the loan transactions, Jega said he never personally reviewed the full loan purchase agreement, particularly the section involving Union Bank.
He also noted that Union Bank had presented the loans as performing and supported their claim with minutes from a meeting held in London between Arik and AMCON officials.
However, he pointed out that the minutes were authored solely by Union Bank.
“It was only after AMCON had acquired the loan that the problems with the documentation became apparent,” Jega said.
He further testified that Arik Air and its promoters had several other outstanding obligations to AMCON beyond the loans currently under litigation.
During questioning by Mr. Olasupo Sasore (SAN), counsel to former AMCON MD Ahmed Kuru, Jega disclosed that Arik’s chairman had once offered him a consultancy position with the airline, which he declined based on professional advice.
“I maintained a strictly professional relationship with all AMCON clients,” he said.
Justice Mojisola Dada adjourned the matter to November 28, 2025, for the continuation of cross-examination and further hearing.
News
UK rejects 1.34m Nigerian visa applications in 21 years
… As Nigeria records 33% refusal rate, accounts for 44% of Africa’s denials
By Francesca Hangeior
The United Kingdom has rejected more than 1.34 million visa applications from Nigerians over the past 21 years, according to official figures from the UK Home Office.
The data, drawn from the UK’s Entry Clearance Visa Outcomes database, show that 1,344,595 applications by Nigerians were refused between 2005 and the first quarter of 2026, placing Nigeria second only to India among countries with the highest number of UK visa denials.
Despite the high rejection rate, Nigeria remained one of the UK’s biggest sources of successful applicants. During the period, 2,723,558 visas were issued to Nigerians, making the country the third-largest recipient of UK visas after China and India.
Overall, Nigerians submitted more than 4.09 million visa applications, with decisions taken on about 4.07 million. The figures translate to an average refusal rate of 33.1 per cent—more than double the global average of 14.8 per cent. Nigeria also accounted for 44.4 per cent of all visa refusals involving African applicants.
Visitor visas accounted for the bulk of refusals, with 1,127,088 refusals—almost 84 per cent of the total. Study visas recorded 130,712 refusals, while 41,410 work visa and 12,217 family visa applications were also denied.
The highest rejection rates were recorded in the mid-2000s.
In 2006, UK authorities refused 117,968 Nigerian applications, a refusal rate of 49.6 per cent, while 111,058 applications were rejected in 2005.
Approval rates improved steadily over the years, peaking in 2023, when the UK granted a record 281,658 visas to Nigerians and the refusal rate fell to 21 per cent, the lowest in the review period.
However, the trend reversed after Britain tightened immigration rules in 2024 by raising salary thresholds for Skilled Worker visas and restricting dependents of international students and care workers.
Following the changes, Nigerian work visa applications fell sharply, while refusal rates climbed to 33.5 per cent in 2024, eased marginally to 33.1 per cent in 2025, and rose again to 35.4 per cent in the first quarter of 2026.
Among African countries, Ghana recorded the second-highest number of UK visa refusals, at 374,108, followed by Algeria, Egypt, Zimbabwe, Morocco, Kenya, Uganda, South Africa, and Sudan.
The UK Home Office also noted that Nigerian nationals remain among the largest groups seeking asylum after entering Britain on valid visas, a development it said has contributed to increased scrutiny of applications from Nigeria.
Former Nigerian Ambassador to Singapore, Ogbole Amedu-Ode, attributed the sustained surge in applications to Nigeria’s economic challenges and the “Japa” migration wave.
He said expanding economic opportunities at home would reduce the pressure on Nigerians seeking to relocate abroad, adding that the large number of visa approvals also reflected the UK’s continued attractiveness as a destination for Nigerians.
News
FCCPC threatens sanction against petrol price profiteers
By Francesca Hangeior
The Federal Competition and Consumer Protection Commission (FCCPC) is set to wield the big stick against oil marketers.
It follows their reluctance to reduce petrol pump prices in line with the falling global crude oil price.
The planned action, the commission said, became necessary after it observed that despite downward reviews of petrol ex-depot prices by domestic refiners, marketers, depot owners and retail outlet operators had only made negligible reductions at the pumps, which were not commensurate with the sharp fall in global crude oil prices.
Following a ceasefire agreement between the United States (U.S.) and Iran two weeks ago and the reopening of the Strait of Hormuz, crude oil prices have declined steadily, with Brent crude trading at $71.99 per barrel and West Texas Intermediate (WTI) at $69.23 per barrel yesterday.
The decline represents a sharp drop from the peak recorded during the conflict, returning prices to pre-war levels.
The earlier spike in global crude prices prompted local refiners and marketers to raise pump prices across the country, with petrol rising from about N800 per litre to between N1,350 and N1,500, while diesel sold for as much as N2,000 per litre as hostilities intensified in the Gulf.
Despite the subsequent decline in crude prices, petrol still sells for an average of N1,200 per litre, although some local refiners have reduced ex-depot prices to between N1,025 and N1,075 per litre.
Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr. Tunji Bello, explained that although the commission does not regulate or approve petroleum prices in a deregulated downstream market, it has a statutory responsibility under the Federal Competition and Consumer Protection Act 2018 to promote competitive markets, prevent anti-competitive conduct and protect consumers from unfair, deceptive and exploitative business practices.
According to a statement by the FCCPC Director of Corporate Affairs, Ondaje Ijagwu, Bello said: “We are concerned that while dealers often respond swiftly by hiking pump prices whenever crude prices rise, it is curious that it is taking so long for consumers to benefit significantly when crude prices fall. Competitive markets must work fairly in both directions.
“Though recognising that domestic prices are influenced by a range of commercial and market factors, including refining costs, foreign exchange movements, logistics, financing and distribution expenses, the commission expects competitive market dynamics to facilitate the timely transmission of resulting cost efficiencies to consumers.
“Market liberalisation does not diminish businesses’ obligations to compete fairly or consumers’ right to fair treatment.
“Where credible evidence indicates conduct that undermines competition, exploits consumers or otherwise contravenes the Federal Competition and Consumer Protection Act, the commission will investigate and take appropriate enforcement action.”
However, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, said marketers were already complying with the reductions, explaining that pump prices had been lowered in line with refiners’ ex-depot price cuts.
“You have to know that these price reductions come in batches. As they reduce their prices, we also reduce ours.
“When Dangote Refinery reduced its ex-depot price by N50 per litre, we reflected the same N50 reduction at our filling stations.
“Any amount reduced from the ex-depot price is the same amount we reduce from our pump price,” he said.he
Maigandi challenged the FCCPC to conduct a survey of IPMAN filling stations to verify the level of compliance among its members.
“Compliance is compulsory because if you don’t comply, nobody will patronise you.
“No one will buy a product at a higher price when the same product is available cheaper elsewhere.
“Our marketers are complying. In fact, we welcome the reductions because lower prices translate into higher sales volumes,” he added.
Some operators in the downstream oil sector, however, faulted the FCCPC’s planned action, describing it as a case of double standards.
Asked to comment on the commission’s position, they argued that it was unfair to threaten marketers with sanctions in a deregulated market where pricing decisions are driven by commercial considerations.
Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, supported the FCCPC’s intervention, provided there was evidence of anti-competitive conduct.
“If there are obvious cases of exploitation or where players with significant market power abuse their position, the FCCPC can intervene because the commission has broad powers to address anti-competitive practices and abuse of market dominance.
“But it must first establish that such conduct exists before taking action. The downstream sector has many players, and there is already a framework that allows competition,” he said.
Yusuf, however, noted that despite its statutory powers, the FCCPC would find it difficult to compel marketers to reduce prices because pricing remains a commercial decision.
“If you bought stock at a particular price, your selling price is determined largely by the replacement cost. Even if you bought the product cheaper, you have to consider how much it will cost to replenish your stock. That is normal business practice, and it would be difficult to compel businesses to act otherwise,” he said.
He added that businesses generally respond faster to rising costs than falling costs because of replacement cost considerations.
“The argument by many marketers is that they still have old stock purchased at higher prices.”
“Until they exhaust that stock, they cannot significantly reduce pump prices. Once they begin buying new stock at lower prices, consumers should see further reductions,” Yusuf explained.
Bello encouraged consumers to continue reporting suspected anti-competitive conduct, misleading pricing practices and other forms of unfair market behaviour through the commission’s established complaint channels.
News
New NAJUC Chairman, Olakunle Olasanmi raises bar for court reporting ahead of 2027 Elections
By Francesca Hangeior, Abuja
The newly elected Chairman of the National Association of Judiciary Correspondent (NAJUC), Abuja chapter, Mr Olakunle Olubunmi Olasanmi has stressed on the need for members of the association to be accurate in their reporting of court proceedings, especially as the 2027 election approaches.
The chairman who observed that court reporting is a very sensitive area of journalism noted that members by being factual and accurate in their reports would go a long way in curtailing fake and false news, as well as deliberate misrepresentation of court’s decisions and pronouncements by some politicians and mischief makers.
Meanwhile, Olasanmi assured that NAJUC will work closely with stakeholders in the judiciary and security agencies to ensure conveyers of fake news and unaccredited journalists covering the courts are phased out.
Speaking over the weekend, shortly after the inauguration of the eight-member Executive Committee, the chairman also assured members that the new leadership will do its best to ensure it leaves behind a remarkable footprint by the time they would be handing over to the next administration.
“As part of plans to hit the ground running, we are going to pay all those who have had reasons to celebrate one thing or the other, like marriages, child birth, burial etc, who are being owed their entitlement in the next one month.
“I and my EXCO will look at our financial books and see the possibilities of settling all outstandings.
“Henceforth, we will take the issue of payment of monthly dues by members very seriously. As a matter of fact, subject to ratification by the NAJUC Congress, we are going to increase the monthly dues from N500 to N1000 and already, the newly elected EXCO has fashioned out ways to ensure every member pays”, he assured.
As part of efforts to ensure that the new administration excel, Olasanmi, acting on the powers conferred on him as chairman announced the setting up of a three- man Standing Committee, comprising of Mr Joseph Kadiri, Mr Sunday Benjamin Ejike and a member of the EXCO, Mr Garry Ochigbo.
He disclosed that the Committee shall be called upon to assist the EXCO in one way or the other whenever necessary.
“In the next few weeks, when Congress is called, we shall take another look at the recommendation made by the Constitution Review Committee and the amendment sought to be made to our Constitution.
“No doubt, there is need for our law book to be amended but that can only be done at our Congress, where everyone will have the opportunity to contribute one way or the other to the amendment”, he added.
Meanwhile, the chairman thanked all NAJUC members and those who stood by him, supported and believed in him, even, before the election and promised not to let them down.
“I also want to thank the out-gone EXCO for a job well done, they did their best and by the grace of God, we shall pick it from where they stopped. Also, I want to say a BIG thank you to every member of this noble association, the National Association of Judiciary Correspondent, NAJUC, for giving me your mandate.
“Before I end this address, I want to thank Mr Kayode Lawal, the immediate past Chairman of this association, for his advise, counsel and all before the election. I want to also, thank the NAJUC Electoral Committee, headed by Elder Andrew Orolua for a job well done in conducting a rancour free election and not forgetting Mr Joseph Kadiri, who has been and is still my very staunch supporter, thank you very much.
“Lastly, on behalf of the newly elected EXCO headed by my humble self, I am assuring you that as you have elected us today, we all have resolved to work for you to the very best of our abilities and in the course of performing our responsibilities, we will step on toes, pls forgive us ahead”, he pleaded.
Earlier, the immediate past chairman, Mr Kayode Lawal, expressed his gratitude to all members for making his tenure not only remarkable but peaceful and hitch free.
Recalling that the administration first came on board in 2020, shortly after the COVID-19, when everything was down in the country, but, through the unwavering support of members they were able to succeed and made some achievements.
“Upon our assumption of leadership, we made great efforts to implement some of the promises we made during electioneering process.
“Looking back today in the area of unity of members, we fare very well and we thank you all for that.
“In the area of training, we did not default. In the area of welfare, you are all in a better position to assess us.
“Nevertheless, let me say that we held our National Conference six times despite challenges. With the sustained collaboration with the NJI, we had the training six times during the six years period.
“We may not have achieved everything we promised giving the prevailing circumstances on ground, we are happy that we did not let you down”, Mr Lawal said.
He however, appealed that the same cooperation, even greater, be extended to the new leadership, noting that it takes a good followership to have a good leadership.
He also prayed the Lord to be with you the new leadership and give them the necessary strength, wisdom, tolerance and knowledge to steer the ship of NAJUC to the Promised Land.
Also speaking, chairman of the NAJUC 2026 Election Committee, Elder Andrew Orolua, congratulated the new leadership and thanked them for their cooperation throughout the election process, as well as ensuring that their campaigns were sane and met the basic requirements.
“And to other contestants who made the contest worth its name, tomorrow is another day”, he advised.
Elder Orolua, however called on all members to take the issue of payment of dues very seriously, as the association cannot make any meaningful impact when a large number of members are defaulting in their obligations.
Members of the new exco are; Chairman, Olakunle Olubunmi Olasanmi; Vice Chairman, Emmanuella Ekele; General Secretary, Alexander Enumah; Assistant Secretary, Godfrey Eshiemoghe; Treasurer, Wandoo Sombo; Financial Secretary; Austin Okezie; Welfare Officer, Oluwafemi Kuku; and Provost, Garry Ochigbo.
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