From Fred Itua, Abuja

FORMER chairman of de­funct Air Nigeria, Mr. Jimoh Ibrahim, yesterday, created a mild scene at the investi­gative public hearing on the alleged mismanagement of N120 billion Aviation Inter­vention Fund, organised by the Senate Committee on Aviation when he denied col­lecting N35.5 billion from the Bank of Industry (BoI).

But, members of the com­mittee and other stakehold­ers watched with dismay as the Group General Counsel of a first generation bank, Mr . Samuel Adikamkwu cor­roborated the position of a former executive director of Finance of Air Nigeria, Mr. John Nnorom, insisting that Ibrahim actually applied and obtained the loan through the bank.

Nnorom, who worked for Ibrahim until the airline went under, told 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 ser­vice the loan with N228 mil­lion monthly for nine months before the airline collapsed.

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

“The very moment the N35.5 billion intervention fund was paid into the air­line’s account through the bank, 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.”

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Nnorom affirmed that, “the Aviation Intervention Fund was taken by Air Nige­ria. In my capacity as the Ex­ecutive Director of Finance, to pay the loan, I needed document to pay and I did due diligence and I discov­ered that Air Nigeria actually took the loan.

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

“The question is how the loan entered the account of Air Nigeria again. It was the intervention fund that was transferred back to the bank, which the bank is now servic­ing even after the airline is no longer in existence. I paid the loan, about N228 mil­lion per month for about nine months.”

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

“Government did not give me loan and I did not collect any loan from the Bank of In­dustry or any other agency of government. What has 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 a total of about $250 million with two aircraft parked at the terminal with nobody us­ing it,” he said.