UBA Denies N41bn Fraud Allegation

The United Bank for Africa Plc (UBA) has described as false the news making the rounds that some of its principal officers had been indicted in an alleged N41 billion fraud involving the defunct Nigerian Telecommunications Limited (NITEL).

The bank stated this in a statement it sent to the Nigerian Stock Exchange (NSE), signed by its Company Secretary, Bili Odum, a copy of which was obtained yesterday.


It explained: “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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