Union Bank acted as guarantor of loan, not as lender to Arik Air – Witness tells court

Testifying before Justice Mojisola Dada in the ongoing trial of former Managing Director of AMCON, Ahmed Kuru, and others, the witness told the court that Union Bank “illegally converted” a performing foreign loan obtained by Arik Air into a non-performing loan (NPL) and subsequently sold it to the Asset Management Corporation of Nigeria (AMCON).