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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
Photos: Karu township roads: Our interventions injecting life into local economy – Tinubu
President Bola Tinubu has said that the ongoing construction of road infrastructure across satellite towns of the Federal Capital Territory (FCT) was to inject life into the local economy.
Tinubu, represented by Vice-President Kashim Shettima made the remarks in Abuja on Monday, while inaugurating the newly rehabilitated and expanded Karu township roads.

The president said that the Karu township roads stand as a clear testament of his administration’s promise to resolve urban congestion and uplift the living standards of FCT residents.
He described the development as a direct product of his Renewed Hope Agenda in action to modernise the infrastructure of our nation’s capital.
“When we took office three years ago, we recognised that true development must reach where the people actually live, work and commute.

“For years, the Karu corridor, serving as a critical gateway between the FCT and neighboring states, suffered from severe traffic congestion that drained the productivity and energy of residents.
“By expanding and rehabilitating these roads, we are not just laying asphalt; we are injecting life back into the local economy.
Tinubu said that the completed road project had dramatically cut down daily travel times, eliminated frustrating gridlocks, and ensured that businesses in this densely populated area could thrive under the right conditions.
He commended FCT Minister Nyesom Wike saying, “the rapid physical transformation across Abuja could not have happened without the dogged, relentless and focused supervision of Wike.

“His aggressive implementation of our urban renewal master plan is visible for everyone to see. I sincerely commend the minister and his team.
“By prioritising high-density, strategic satellite roads like Karu alongside the city center, the FCT Administration is validating our governance philosophy: that the wealth of this territory must yield practical everyday comfort for all socio-economic classes”.
The president also commended the contractor, Abdul-Val Constructions Limited, a local contractor for the quality work and timely delivery, adding that it has demonstrated that Nigerian firms could match international benchmarks for quality, structural integrity, and project management.

In his remarks, Wike noted that the entire landscape in Karu has changed and urged residents to appreciate government efforts to make their lives better.
“It doesn’t matter the political party you belong to. It doesn’t matter the association you belong to, when you see a good thing say, ‘this is a good thing’.
“Whether anybody hates you (Tinubu) or not, he cannot hate this road. Opposition people use this road; those in government use this road; and those who say they are not politicians also use this road,” he said.
He assured every community and every district in the FCT of steady development and dividends of democracy under the Tinubu administration.
Commending the local contractor, Abdul-Val Constructions Limited, the Minister said the company has demonstrated that local contractors have come of age and they could do what other foreign companies could do.
“For this local contractor, I have seen that whether the money is there to pay him or not, he will never abandon the site.
“He will continue to work and say, ‘Mr minister, I believe in this government of Bola Tinubu. I will do everything, and I know at the end of the day, I will be paid.’
“Mr president, it is rare these days to find people who will commit their money and carry out this kind of assignment,” Wike said.
Earlier, Mr Abdulkadir Zulkiflu, Coordinator, Satellite Towns Development Department, said that the road, which was awarded in August 2025, connects Karu Interchange along the Abuja-Keffi Expressway, to Customs Clinic Junction.
Zulkiflu identified the other roads as the DSS Road, NIA Road, EFCC Road, Hospital Road and Old CBN Quarters Road, all within Karu town.
According to him, the successful completion of the project will significantly improve accessibility, ensure a smooth flow of traffic, an effective drainage system, and enhance the security of lives and properties within the area.
“Karu is one of the highly populated satellite towns of the FCT, and its proximity to the city center has made it a preferred abode for so many prominent Nigerians.
“With this road, in less than a 10-minute drive, you are already in the city center.”
News
FG to evacuate 271 from South Africa today
By Francesca Hangeior
The Federal Government will evacuate 271 Nigerians stranded in South Africa, today, The Nation learnt.
According to an update by the spokesperson Ministry of Foreign Affairs, Kimiebi Imomotimi Ebienfa, Air Peace aircraft will depart Nigeria today, Monday, 29th June 2026, at 3:00 pm for the evacuation.
Ebienfa said the plane will depart South Africa at midnight to arrive on Tuesday morning.
The anti-immigration vigilante groups have set a June 30, 2026 deadline demanding undocumented foreign nationals, especially blacks, to leave South Africa.
The threat has sparked widespread fear of xenophobic unrest, leading several African nations to evacuate thousands of their citizens. Though South African authorities have heavily condemned the vigilante threats and deployed the police and military to tighten security nationwide.
Ebienfa in a terse statement said: “Nigeria will resume the evacuation of our Nationals from South Africa today.
“Air Peace aircraft will depart Nigeria today, Monday, 29th June 2026, at 3:00 pm, and is expected to arrive in South Africa at approximately 9:00 pm local time.
“The return flight is scheduled to depart South Africa at 12:00 midnight and is expected to arrive Murtala Mohammed International Airport, Lagos on Tuesday morning. The expected number is 271.”
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.
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