Exclusive: How Tony Elumelu stole NITEL 41 Billion Naira

According to information by Observers time, Tony Elumelu, former Managing Director of the United Bank for Africa (UBA), Chairman of the Tony Elumelu Foundation and the heirs Holding group, has been indicted in a N41 billion naira fraud, involving defunct Nigeria Telecommunication Company (NITEL).

Tony Elumelu was Managing Director of the bank when the fruad was perpetuated.

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

the said sum was withdrawn systematically from NITEL for nine years under Tony Elemelu watch and two other former Managing Directors of United Bank for Africa.”

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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 after being sold to MTEL by the by the Bureau for Public Enyterprise.

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.

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

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Senator Ayo Akinyelure stated that the petition revealed United Bank for Africa’s withdrawal of N29 billion, N1 billion and N22 billion intermittently for the nine years without authorisation.

1 thought on “Exclusive: How Tony Elumelu stole NITEL 41 Billion Naira

  1. This is hand of detractors trying to defame UBA PLC chairman. How could bank MD withdraw such amount from a single Account with authorised signatory. Bad politicking has started. God will surely vindicate our chairman.

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