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Jimoh Ibrahim Denies Receiving Aviation Intervention Fund

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Jimoh Ibrahim honored the invitation of the Senate Committee on Aviation on Wednesday.

The Senate Committee is investigating a massive diversion of N500 billion which was a bailout to the aviation sector from the central Bank.

One of the alleged beneficiaries of the bailout which was provided through banks was Jimoh Ibrahim.

In startling circumstances, the businessman has denied receiving any loan from the bailout fund.

Ibrahim was at that time the CEO of the now defunct Air Nigeria and the bank claims he received a facility of N35.5 bn from UBA

 

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At the hearing, the Group General Counsel for United Bank for Africa Plc, Mr. Samuel Adikamkwu said that the company applied and obtained the loan through UBA.

A former Director of finance at Air Nigeria, John Nnorom, told the committee that company serviced the loan with N228m monthly for nine months before the airline went belly up.

Nnorom said, “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.”

On his part, Jimoh Ibrahim said he although he obtained a loan, it was in no way related to Air Nigeria and that he did not access the Intervention fund.

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.”

The UBA representative, Samuel, 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 Senate has cleared Jimoh Ibrahim of any wrongdoing and it appears the blame lies squarely in UBA’s court.

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Nigerians React As Army Says Videos Of Lekki Shooting Are Photoshopped, Fake

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Nigerians React As Army Says Videos Of Lekki Shooting Are Photoshopped, Fake
Nigerians React To Defence Spokesperson's Statement That Videos Of Lekki Shooting Were Photoshopped

John Eneche

Nigerians have reacted to the video of Nigeria’s defence spokesman, John Eneche, saying that the videos of the Lekki Tollgate shooting were photoshopped. In the video, he said it was analysed and the analyst concluded that they were all doctored.

His statement has generated reactions from Nigerians. Taking to Twitter, many Nigerian users on the micro-blogging platform have dismissed his statement as false because it is impossible to photoshop a live video on Instagram.

Read AlsoEnd SARS: Gen. John Enenche Reacts To Lekki Toll Gate Shootings

Information Nigeria recalls DJ Switch was hailed by Nigerians for her bravery as she waited at the scene of the incident to give everyone a live footage via her Instagram page.

A user identified as Tolani tweeted:

“Dear generation old Nigeria… you cannot photoshop Instagram live. Your ‘analyst’ has 419’d you sir.”

See tweets below:

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Hoodlums Looting At Bode Thomas Street In Lagos (VIDEO)

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Hoodlums Looting At Bode Thomas Street In Lagos (VIDEO)

In a video making rounds on Twitter, hoodlums were captured looting at Bode Thomas street in Lagos.

EndSARS: Police, Hoodlums Clash In Benin-City

The video revealed that some hoodlums are currently looting some properties on the street.

Following the unrest that has swiped through the streets of Lagos, hoodlums have taken over the street to cause mayhem in several parts of the state.

Watch the video below;

What started as a peaceful protest has led to the death of many lives and the propaganda of private and public properties.

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Place your bet in Nigeria only on 1xBet on the most popular matches and win

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The current Champions League season has already brought a lot of sensations, but there was no
intrigue in the first semi-final. PSG confidently took on RB Leipzig 3-0 and reached the
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Before the game began, it was already clear from the RB Leipzig players’ emotions that they
were not confident in their victory. The PSG players’ mood demonstrated the contrary. At the
very beginning of the game, the Parisians began to attack the opponent’s goal, with Neymar
keeping wasting his chances. PSG fans were pleased with Kylian Mbappe joining the game,
which significantly sharpened the team’s attack. However, the hero of the game was not the
Frenchman, but Angel Di Maria, who scored a goal and gave two assists. Only on 1xBet, you
should bet in Nigeria to get plenty of benefits from the best bookmaker on the market.

  1. RB Leipzig demonstrated no satisfactory game, which may have been affected by the following
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  3. Poor leaders’ game. Sabitzer looked lost on the field, Poulsen wasn’t visible either. The
    fans could only see Upamecano’s efforts, but the defender alone couldn’t withstand one
    of the best attacks in the world.

It is also worth mentioning the game of PSG. The Parisians played a great match and deserved to
qualify for the final.

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PSG is performing well this season. Profitable 1xBet sport betting brought considerable profit to
all the bettors who bet on the Parisians. But we should mention RB Leipzig as well. The
Germans have had a great season and surprised many fans.

This success is attributed to the head coach Julian Nagelsmann, who seems to remain with the
team for at least another season. The specialist asked the management to buy several forwards
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The Bundesliga is to start soon, so RB Leipzig should do its best on the transfer market and have
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