A former executive credit director at the Asset Management Corporation of Nigeria (AMCON), Abbas Jega, testified in a Lagos court that Union Bank Plc had fraudulently sold performing loans to the company.

Abbas Jega testifies as the third prosecution witness (PW3) before the Lagos State Special Offences Court chaired by Mojisola Dada, a judge. The latter said that the bank sold the loans to AMCON as if they were not performing well. According to him, the bank presented a foreign loan guarantee as a defaulted facility during a transaction with AMCON.

The revelation emerged during the ongoing trial of former AMCON chief executive Ahmed Kuru, who is being tried alongside four others over allegations of fraud worth 76 billion naira and $31.5 million.