United Bank for Africa Denies N41bn Fraud Involving NITEL

United Bank for Africa (UBA) on Thursday denied the alleged N41 billion fraud linked to Mr. Tony Elumelu, its Chairman.

In the statement signed by Bili A. Odum, Company Secretary, UBA and released by the bank through the Nigerian Stock Exchange, the lender said the allegation was misleading, untrue and malicious. It, therefore, stated that it would be disregarding the allegation in its entirety.

The statement reads “The attention of United Bank for Africa (UBA) has been drawn to false reports circulating in the media alleging that UBA and some of its principal officers have been indicted in a NGN41 Billion fraud involving NITEL in Liquidation.

“We would like to use this medium to inform the general public that the reports are untrue, misleading, malicious, libellous and should be disregarded in its entirety.”

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

“UBA is a reputable global brand and responsible corporate citizen, operating in multiple jurisdictions, and 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.”