Nigeria, May 30 -- Austine Obigwe, a former Group Executive Director of Union Bank Plc, has testified at the Lagos State Special Offences Court in Ikeja in a trial of the bank and other defendants charged with defrauding Arik Air, a major Nigerian airline, N76 billion and $31.5 million.

Union Bank and a former Managing Director of Assets Management Corporation of Nigeria (AMCON), Ahmed Kuru, alongside four others are facing six charges of defrauding Arik Air through alleged misrepresentation of the airline's financial standing, among other assets stripping schemes.

The other four defendants are Roy Ilegbodu, Managing Director of Arik Air; Kamilu Omokide, Receiver Manager of Arik Air, and Super Bravo Limited.

A statement from the Econom...