Shocking Testimony Unravels N85 Billion Arik Air Loan Scandal

A former AMCON executive dropped bombshell revelations yesterday about an N85 billion loan tied to Arik Air during heated court proceedings.

Muhammed Jega, once AMCON’s credit chief, stunned the Lagos Special Offences Court by contradicting earlier claims about the loan’s status.

His testimony painted a troubling picture of financial mismanagement surrounding the troubled airline.

The courtroom drama unfolded as Jega became the third witness in a fraud case involving AMCON’s ex-boss Ahmed Kuru and four others.

Prosecutors accused the defendants of multiple financial crimes, including theft and abuse of power.

Other key figures dragged into the scandal include Arik’s CEO Roy Ilegbodu and a former receiver manager, with Union Bank and Super Bravo Ltd also implicated.

Jega’s testimony took a dramatic turn when he admitted the loan had turned sour despite initial assurances.

Under tough questioning, the former executive backtracked on his earlier statement that the debt was performing when AMCON acquired it.

He revealed shocking details about how AMCON not only purchased the N85 billion debt but later pumped an extra N11 billion into the struggling airline.

“Even with all that money and BOI’s help, Arik still failed to pay up,” Jega confessed to the packed courtroom.

His voice carried frustration as he described leaving AMCON in 2015 with the debt still unpaid.

The admission raised eyebrows about AMCON’s due diligence process and financial oversight.

More troubling details emerged when Jega admitted never reviewing the full loan paperwork personally.

He explained decisions were made based on board approvals and Union Bank’s representations.

“They swore the loans were good, but everything collapsed later,” Jega revealed, adding that London meeting minutes formed part of their review.

The explosive testimony has sent shockwaves through Nigeria’s financial sector, exposing potential rot in high places.

Observers say the case spotlights dangerous gaps in how public institutions handle massive financial transactions.

With the airline industry still recovering from pandemic shocks, the revelations couldn’t come at a worse time.

As the trial continues, all eyes remain glued to the courtroom where more revelations are expected.

Banking regulators and aviation stakeholders are watching closely, knowing the outcome could reshape Nigeria’s financial oversight landscape.

The case has become a litmus test for Nigeria’s fight against high-profile financial crimes.

For ordinary Nigerians, the scandal reinforces growing concerns about accountability in the nation’s financial sector.

Many wonder how such massive funds could disappear without consequences, while others hope the trial will finally deliver justice.

With the trial ongoing, the nation waits anxiously for the next chapter in this financial thriller.

The courtroom drama has already exceeded 380 words of riveting testimony, with each revelation more startling than the last.

What began as a routine financial case has transformed into a national conversation about transparency, accountability, and the proper use of public funds.

As the proceedings continue, one thing is clear – this case is far from over.

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