The Nigerian Senate has cleared the chairman of NICON group of companies, Mr Jimoh Ibrahim, of the allegation of diversion of Aviation Intervention Fund.

Mr Ibrahim was alleged to have diverted 35 billion Naira of the 500 billion Naira Aviation Intervention Fund released by the Central Bank of Nigeria (CBN) through the defunct Air Nigeria.

The Senate Joint ad-hoc Committee cleared him on Wednesday.

Mr Ibrahim, who appeared before the committee said his airline, like others, never received a dime from the aviation fund.

He, however, told the Senators that the airline secured a $40 million loan from Afrexim Bank which was paid two years before the airline was grounded.

Meanwhile, a member of the committee, Chukwuma Utazzi, decried the hijack of funds meant to enhance the effectiveness of the aviation sector by the commercial banks.