Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on Tuesday, October 14, 2025, adjourned till November 8, 2025 further hearing in the trial of the Asset Management Corporation of Nigeria (AMCON) against Union Bank Plc.
The case borders on AMCON’s acquisition of non-performing loans from Union Bank in respect of Arik Air in 2010.
At the resumed sitting on Wednesday, the third prosecution witness, Pw3, Abbas Jega, a former Executive Director at AMCON, was confronted with several loan and purchase documents, including a ₦37 billion Loan Purchase Agreement dated December 2010, by the defence counsel, Olalekan Ojo SAN.
In his testimony, Jega stated that AMCON had acquired loans worth ₦37 billion, guarantees of ₦33.8 billion, and indemnities totalling ₦71 billion from Union Bank.
He said AMCON only discovered some key facts concealed by Union Bank after an internal audit.
When asked if AMCON reported the alleged misrepresentation to law enforcement agencies, he said “ No”.
He, however, said that AMCON lodged a formal complaint with the Central Bank of Nigeria (CBN).
He also told the court that the details were missing from his prior statement to the Commission.
The witness further identified several letters he authored between 2012 and 204, confirming AMCON’s full takeover of Arik Air’s indebtedness from Union Bank, amounting to over ₦71 billion.
While he admitted that the loans were already “crystallised” at the time of purchase, he said internal inconsistencies and documentation lapses by Union Bank eventually ignited the dispute.
When asked if Arik Air fulfilled its equity contribution obligations in the aircraft financing arrangements, he said he could not recall.
The case was adjourned till November 28 and December 8, 2025, for continuation of the trial.
