UBA rubbishes report of Tony Elumelu’s link in N41 billion NITEL contract fraud

The Management of the United Bank for Africa (UBA) has described the alleged N41 billion fraud levied against its Chairman, Mr. Tony Elumelu, as untrue, misleading, malicious, and libellous, and said that it should be disregarded in its entirety.

UBA rubbishes report of Tony Elumelu's link in N41 billion NITEL contract fraud lailasnews

This was disclosed in a statement issued by the bank to the Nigerian Stock Exchange and signed by the company’s secretary, Bili Odum, on Friday. Media reports in some online blogs alleged the former CEO of the bank was indicted” prompting the bank to issue a denial via a press release.

In the press release stated Statement To The Nigerian Stock Exchange on False Reports in the Media, 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.

See statement below;

“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 libellous 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.”

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