EFCC Witness: How Union Bank Kept N51bn from Arik Loan Transaction
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• Says bank acted as guarantor, not lender, in foreign loan arrangement
•Tells court proceeds were not used to offset Arik’s alleged foreign loan obligations
Wale Igbintade
An Assistant Director of the Economic and Financial Crimes Commission (EFCC), Bawa Usman Kaltungo, has told a Special Offences Court in Lagos that Union Bank of Nigeria Plc allegedly retained about N51 billion realised from a disputed Arik Air loan transaction instead of applying the funds to offset outstanding oblig
•Tells court proceeds were not used to offset Arik’s alleged foreign loan obligations
Wale Igbintade
An Assistant Director of the Economic and Financial Crimes Commission (EFCC), Bawa Usman Kaltungo, has told a Special Offences Court in Lagos that Union Bank of Nigeria Plc allegedly retained about N51 billion realised from a disputed Arik Air loan transaction instead of applying the funds to offset outstanding oblig
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