UBA Debunks N41 bn NITEL Fraud Allegation |The Source

By Fola James

The United Bank for Africa Plc (UBA) has described as false, media reports of indictment of its principal officers in an alleged N41 billion Nigerian Telecommunications Limited, NITEL, liquidation fraud.

Senator Ayo Akinyelure, chairman Senate Committee on Ethics and Privileges and Public Petitions had last week, summoned UBA’s Managing Director, Kennedy Uzoka to appear before it on August 5 to clear the air on alleged withdrawals of N41 billion from N42 billion NITEL’s funds lodged with the bank after the telecommunication company was liquidated.

Akinyelure claimed that , “The N41 billion alleged fraud was committed against the defunct telecommunications company and national carrier, NITEL.”

But in a statement sent to the Nigerian Stock Exchange, NSE, signed by the Company Secretary, Bili Odum, the bank described the report as false, peddled by Senator Akinyelure and others to destroy the image of the bank and its chairman, Tony Elumelu.

The report is misleading, malicious, and libellous, and should be disregarded in its entirety, the bank said.

The statement said “The attention of United Bank for Africa has been drawn to false reports circulating in the media alleging that UBA and some of its principal officers have been indicted in a N41 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, and libelous 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.”