UBA faults Ibrahim over N35.5bn Intervention Funds

Ondo PDP: I’ve no time for your suit, Abang tells Jimoh Ibrahim

The United Bank for Africa Plc, UBA has picked holes against claims made by the former Chairman of the defunct Air Nigeria, Mr. Jimoh Ibrahim, who denied collecting N35.5 billion from the financial institution.

The Asset Management Corporation of Nigeria, AMCON had earlier approached the Federal High Court sitting in Lagos and obtained an order over Ibrahim’s indebtedness to it to the tune of N50 billion.

The order was granted by Justice Saliu Saidu, while ruling on an application brought before him by counsel to AMCON, Mr. Yusuf Ali, SAN.

The order afforded the Chairman of the Senate Committee, Senator Hope Uzodinma, an opportunity to query the management of the UBA for writing a letter, granting a clean bill of health to Air Nigeria when indeed, the airline was still indebted to it.

Read also: N50bn debt: Jimoh Ibrahim dares AMCON to touch his properties

A representative of the bank simply identified as Samuel, presented documents before the committee to show that the loan was actually requested for by Air Nigeria and that the bank applied for N41.1 billion being the indebtedness of the airline but that N35.5 billion was approved.

He spoke while addressing the Senate Committee on Aviation on Wednesday, at the ongoing investigation of alleged diversion of N500 billion intervention funds for aviation and power sectors.

Ibrahim’ s former employee,  Nnorom, had also confirmed to the committee that he did due diligence on the loan and secured necessary documentation while in the employment of Air Nigeria before he decided to be servicing the loan with N228m monthly for nine months before the airline collapsed.

Mr. Ibrahim, also told the committee that the allegation of diversion of N35 billion out of the N500 billion said to have been released by the Central Bank of Nigeria (CBN) to the moribund Air Nigeria is untrue.

Ibrahim insisted that Air Nigeria, like others, did not receive any fund.




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