www.nairaland.com/attachments/3866586_download4650x400_jpeg9f9194fe5fa7ac6ff9d37873de141f35

There was a mild drama at the investigative public hearing on the alleged mismanagement of the N120bn Aviation Intervention Fund organised by the Senate Committee on Aviation on Wednesday when the Chairman of the defunct Air Nigeria, Mr. Jimoh Ibrahim, denied collecting N35.5bn from the Bank of Industry.

But members of the committee and other stakeholders watched with amazement as the Group General Counsel for United Bank for Africa Plc, Mr. Samuel Adikamkwu, corroborated the position of a former Executive Director of Finance of Air Nigeria,  Mr. John Nnorom, that Ibrahim actually applied and obtained the loan through UBA.

Ibrahim’s former employee, Nnorom, told the committee that he did due diligence on the loan and secured necessary documentation, and decided to be servicing the loan with N228m monthly for nine months before the airline collapsed.


He alleged that the diversion of the fund to other ventures led to the collapse of the airline.

Nnorom stated, “The very moment the N35.5bn intervention fund was paid into the airline’s account through the United Bank for Africa, it disappeared into one of the private accounts of the owner without any amount from the fund injected into the airline, paving the way for its eventual collapse.

“The Aviation Intervention Fund was taken by Air Nigeria. In my capacity as the executive director of finance, I needed documents to pay and I did due diligence and I discovered that Air Nigeria actually took the loan.”

He added, “Jimoh Ibrahim said he did not take a loan. He said he acquired Air Nigeria and paid the money 100 per cent and that he was given a clean bill by UBA. But you cannot finance a loan if it is not bad after some time.

“The question is how that loan entered the account of Air Nigeria again. It is the intervention fund that was transferred back to UBA, which the bank is now servicing even after the airline was no longer in existence. I paid the loan, about N228m, for about nine months.”

But Ibrahim argued that the BoI did not give him any loan, but that it was UBA that actually applied and obtained the loan, which had nothing to do with Air Nigeria, because the money that was used to resuscitate the defunct airline was sourced from his conglomerate.

He said, “Government did not give me any loan and I did not collect any loan from the Bank of Industry or any other agency of government. What has the government to do with me?

“When we bought Air Nigeria, I did not see any intervention fund, no cash was paid to me or credited to Air Nigeria from the fund. When we came in, Air Nigeria had about $250m with two aircraft parked at the terminal that nobody was using.

“Mr. Richard Branson walked out of the airline. It was in a state of coma and the company was winding up before I was called upon. We decided to use our group of companies to grow the national carrier.

“At the group level, we provided a bridging loan facility to make sure that the indebtedness issue was resolved. The intervention fund had been in existence before we took over.”

Ibrahim added, “At the stage of buying the transaction with UBA, they told us very clearly that if the intervention fund re-occurred, they would be able to access it. As far as we were concerned, we provided the bridge loan facility. If UBA accessed the intervention fund, that’s their own.

“Air Nigeria did not apply to the Central Bank of Nigeria directly to collect the intervention fund. The debt in existence before we bought the airline was what the intervention fund was used for. We had presented documents before the Senate last year that we had no business whatsoever with the intervention fund.”

However, the UBA representative, Samuel, presented documents to the committee to show that the loan was actually requested for by Air Nigeria and that the bank applied for N41.1bn, being the indebtedness of the airline, but N35.5bn was approved.

He said, “In 2010, Air Nigeria made an application to us to apply for N41.1bn from the BoI because that was what they were owing us; but in the end, we ended up getting N35.5bn, which we used in refinancing part of what was outstanding at that time.

“No one can buy a company with assets and liabilities and now claim that he had paid the loan. The letter was issued for a purpose to enable him assess loans from local and external sources. Air Nigeria remains indebted to UBA. There was no time when Air Nigeria was not indebted to UBA.”

The Chairman of the committee, Senator Hope Uzodinma, queried the management of UBA for writing a letter giving a clean bill of health to Air Nigeria when indeed the airline was still indebted to it.

“By July 9, 2010, UBA wrote a letter to the NICON Group of Companies that Air Nigeria was no longer owing, and by September 16, 2010, the same Air Nigeria was applying to BoI to finance a loan. Which loan again?” Uzodinma queried.

http://www.punchng.com/jimoh-ibrahim-uba-disagree-n120bn-aviation-fund/

They want us to forget all this and move forward and face the economy. What is left to go forward with ?

Nigeria is actually a very strong country. Billions of dollars siphoned from the economy and we are still standing.

A Professor in a University as at January 2015 is on CONUASS 7 (N4,580,349 – N6,020,163.00) per annum.

Let us take the highest boundary 6,020,163.00.

Fayose a useless OND drop out collected approximately 1,200,000,000.00 and put it in his personal account.

So a Nigerian Professor will earn that money in 199 years. If Government decide to continue to pay him even after death.


Rather than concentrate on high price of Tomato and 145 fuel price alone, while they steal to build refinery and tomato paste factory.

We should support the Government to recover or prosecute anybody who stole our YAM.

I am not a FLAT head that will ask stupeed questions like ; Are they the only thief ?.

In One Voice We Screaaaaaaamm !!!

[size=20pt]Boooda Jimoh

WHERE IS OUR 120 Billion Naira ?

[/size]

Jimoh! Jimoh!! I hail thee

So who is the Adam that Chopped the apple ?

kasala don burst. na for all shady deals to be exposed. uba and jimoh Ibrahim na thief.

989900:
Era of banks denying their premium customers . . . UBA is no saint here.

OTOH, Jimoh, you took that money and zapped with it to Ghana to float a new bank (Energy Bank of Ghana), the same new bank you ran into multiple debts via multiple bad loans took by the same you . . . sometimes you end up getting too smart for your own good.

This should be easy now...where is the executed offer letter?

cc: lalasticlala, dominique, Mynd44

Why won't he deny? When the ones who went to Explain to EFCC for past several Months are yet to come back... #we have to lie like lai Mohammed

OK

Reveal more

DaBullIT:
So who is the Adam that Chopped the apple ?

I Dont Know Whats With This Denying Upandan Bruhaha.. The Truth Will Either Set You Free Or Buhari Gets To You(jail). Its Pretty Simple.

See Gobe!!! If this is the case then who eat the forbidden fruits UBA over to you people

I Guess Money Now Has Legs, Naija Politics Ehnn, Bunch Of Overgrown Thieves

Ok. Our money always in Billion but in numbers.

Like someone above rightly said, Nigeria is a very strong Country. Even the United States of America and other World powers can never undergo this kind of kleptocracy within successive administrations for 16years and not either collapse or COLLAPSE.
God help Nigeria.

Fake rich men

Fayose and Zenith; Jimoh and UBA?



All because one of the parties involved is scared of Buhari, or scared to lose Government patronage. It is well with the Chicken Republic.


Meanwhile, I'd like to know whether Buhari has paid his FIRST BANK Loan.

Bsc:
Why won't he deny? When the ones who went to Explain to EFCC for past several Months are yet to back... #we have to lie like lai Mohammed

What's this one saying?

******checks d name, copy it, went to google, saw his tribe******

SMH ..... Its in their blood

Buh dz money is jst tOo much for sum1 to spend now

"Nnorom stated, “The very moment the N35.5bn intervention fund was paid into the airline’s account through the United Bank for Africa, it disappeared into one of the private accounts of the owner without any amount from the fund injected into the airline, paving the way for its eventual collapse"............Hmm

Was it not this man that came out to say no body can ...........

dammytosh:
They want us to forget all this and move forward and face the economy.

Nigeria is actually a very strong country.


Billions of dollars siphoned from the economy and we are still standing.


Rather than concentrate on high price of Tomato and 145 fuel price alone, while they steal to build refinery and tomato paste factory.

We should support the Government to recover or prosecute anybody who stole our YAM.

Infact, the only thing this country needs from me and like minded fellows is prayer. I mean steadfast prayers.

richidinho:
E

E for eggroll

hmmmmmmmm..... u can't be smart this time around......

Kilo kan mi?? Who Dem use de billions help Wey I go de kill my self for them?? ROT away my friend...

Bank just dey deny customers. Customers too dey deny bank. It's getting serious in Nigeria oo.

Olukokosir:



E for eggroll

See ur mouth
U too like food

Indeed, Nigerians are fantastically 'kwarapt'

They better be weary of that guy ooo, he will go to his village to put their matter to Ayelala.