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Tony Elumelu Indicted in N41bn NITEL Fraud, Theft

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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 fraud was perpetuated.

According to the Senate Committee Chairman on Ethics, Privileges and Public Petitions, Senator Ayo Akinyelure, ”the N41billion alleged fraud was committed against the defunct Telecommunications 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”The said sum was withdrawn systematically from NITEL for nine years under Tony Elemelu watch and two other former Managing Directors of United Bank for Africa.”

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 Enterprise.

Acting on a petition a petition by counsel to NITEL, J.U Ayogu and Co, the Senate Committee 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 unauthorised withdrawals from the accounts of the liquidated Telecommunications companies at four different times by systematically stealing whopping sums in billions.

SenatorAyo 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

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