Nigeria, June 5 -- A former Executive Director of Credit at the Asset Management Corporation of Nigeria (AMCON), Abbas Jega, has told a Lagos court that Union Bank Plc fraudulently sold performing loans to the corporation.

Mr Jega, testifying as the third prosecution witness (PW3), made the disclosure on Wednesday while testifying before the Lagos State Special Offences Court presided over by Mojisola Dada, a judge.

He said the bank sold the loans to AMCON as if they were non-performinng.

He said the bank misrepresented a foreign loan guarantee as a defaulted facility during a transaction with AMCON.

Led in evidence by prosecution counsel Wahab Shittu, who is a Senior Advocate of Nigeria (SAN), Mr Jega said the deception came to light...