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N41 Billion Fraud: Disregard Claim In Its Entirety, UBA Says

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Fraud

The Management of United Bank for Africa (UBA); has refuted claims of an alleged N41 billion fraud levied against its Chairman, Tony Elumelu.

According to the bank, the allegation is untrue, misleading, malicious, and libelous, and as such should be disregarded in its entirety.

A statement issued by the bank to the Nigerian Stock Exchange and signed by the company’s secretary, Bili Odum, on Friday stated this.

Recall that reports in some online blogs had alleged the former Chief Executive Officer (CEO), of the bank of the allegation, leading to the denial via a press release.

According to the Press Release, the bank stated 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 stated 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 speculation against Elumelu started after the counsel to NITEL, J.U Ayofu petitioned the Senate Committee Chairman on Ethics, Privileges and Public Petitions about the alleged fraud.

The committee chairman, Senator Ayo Akinyelure, claimed the ”the N41billion alleged fraud was committed against the defunct Telecommunications company and National Carrier, NITEL”

They alleged the amount was withdrawn “systematically from NITEL for nine years” under the leadership of the bank.

Senate Committee Chairman on Ethics, Privileges and Public Petitions, Mr. Ayo Akinyelure, reportedly said, “The N41 billion alleged fraud was committed against the defunct telecommunications company and national carrier, NITEL.

According to the reports, in view of this, the senate committee has summoned the Group Managing Director/CEO of UBA, Mr. Kennedy Uzoka, to appear before it on Wednesday, August 5, 2020.

This comes at a time when the bank is about to release its 2020 second-quarter result. The bank is expected to released its result next week.

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