How Nigerian Billionaire Tony Elumelu Is Implicated in N41 Billion Theft

tony elumelu implicated in theft
Tony Elumelu, Chairman UBA Group

A senate committee on Ethics, Privileges and Public Petitions has implicated one of Nigeria’s banking moguls, Tony Elumelu, in a 41 billion Naira fraud case, involving defunct Nigeria Telecommunication Company (NITEL). The Senate Committee Chairman on Ethics, Privileges and Public Petitions, Senator Ayo Akinyelure alleged that the N41billion fraud was committed against the defunct Telecommunications company and National Carrier, NITEL while Tony Elumelu was Managing Director of the UBA bank. The Former Managing Director of United Bank for Africa (UBA), who is also Chairman of the Tony Elumelu Foundation and Chairman of Heirs Holdings group was implicated in the theft case considering that he was the MD of the bank at the time.

Senator Akinyelure revealed that UBA withdrew the sum of N41 billion from the N42billion liquidator fund NITEL deposited with the United Bank for Africa after being sold to MTEL by the Bureau for Public Enterprise. The said sum was withdrawn systematically from NITEL for nine years under Tony Elumelu’s watch and two other former Managing Directors of United Bank for Africa.

Acting on a petition 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.

It was the same petition that discovered that UBA made these unauthorized withdrawals of N29 billion, N1 billion and N22 billion intermittently for the nine years.  

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