UBA’s Tony Elumelu Fingered In N41 Billion Nitel Fraud



Nigerian Billionaire Banking Czar , Tony Elumelu, Chairman of the United Bank for Africa, UBA and the heirs Holding group, has been fingered in a N41 billiona naira fraud, whilst he was the Managing Director of the bank.

In 2010, Tony Elumelu  retired as United Bank for Africa’s(UBA) Chief Executive Officer, after which he returned to chair the board.

In the words of the Senate Commitee Chairman on Ethics, Prividleges and Public Petitions, Senator Ayo Akinyelure, ”the said N41billion alleged fraud was commited against the defunct Telecomunications company and National Carrier, NITEL”

According to the SenatorAyo Akinyelure, ” the said sum was withdrawn systematically  from NITEL for nine years under Tony Elemelu watch and two other former Managing Directors of United Bank for Africa.

According to the Senate, United Bank for Africa withdrew the whopping N41 billion from the N42billion the liquidator of the defunct government owned telecommunications company deposited with the United Bank for Africa in tranches after being sold to MTEL by the by  the Bureau for Public Enyterprise.

Acting on a petition by counsel to NITEL, J.U Ayogu and Co, the Senate Commitee has summoned the Group Managing Direct( GMD) and Chief Executive Officer, CEO of the United Bank for Africa, Kennedy Uzoka to appear before the committee on August 5, 2020.

Senator Akinyelure disclosed  that United Bank for Africa made several unathorised withdrawals from the accounts of the liquidated Telecomunications companies at  four different times by systematically stealing whopping sums in billions.

SenatorAyo Akinyelure stated that the petition revealed United Bank for Africa’s withdrawal of N29 billion, N1 billion and N22billion intermittently for the nine years without authorisation.

Its been independently gathered that theUnited Bank for Africa management  has tried to reach out to the leadership of the Senate to help defray further investigation into the alleged fraud through some influential lawmakers in the National Assembly, including the House of Representatives minority Leader, Ndudi Elumelu who is the younger brother to Tony Elumelu, Chairman of the United Bank for Africa.






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