UBA Refutes N41 Billion NITEL Fraud Allegations

Emmanuel Adigwe

The Management of the United Bank for Africa (UBA) has rubbished reports of the alleged N41 billion fraud levied against its Chairman, Mr. Tony Elumelu, saying it is untrue, misleading, malicious, and libellous, and said that it should be ignored.

This was disclosed in a statement issued by the bank issued to the press stressing that the claim in some online blogs alleging that the former CEO of the bank was indicted was false.

The statement disclosed that “it has set in motion all appropriate legal actions to ensure that the misleading reports are retracted and the perpetrators held accountable for their actions”.

It also disclosed that it will “continue to conduct its business in line with global best corporate governance practices, extant laws, and regulations,” as it has done in over 70 years of operations.

The Gazelle News.com reports that NITEL counsel, J.U Ayofu, had petitioned the Senate Committee Chairman on Ethics, Privileges and Public Petitions about the alleged fraud as the committee chairman, Senator Ayo Akinyelure, claimed that the N41billion alleged fraud was committed against the defunct Telecommunications Company and National Carrier, NITEL.

It was alleged that the amount was withdrawn “systematically from NITEL for nine years” under the leadership of the bank.

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