The Chairman of United Bank for Africa (UBA), Tony Elumelu and the Chairman of the Senate Committee on Ethics, Privileges and Public petition, Ayo Akinyelure, are involved in a faceoff over fraud allegations that includes NITEL, the defunct telecommunication company and national carrier.

What Happened: The Allegation

Akinyelure stated that of the N42 billion deposited in UBA by liquidators after NITEL was sold to MTEL, the bank defrauded NITEL of N41 billion. Akinyelure accused UBA of four unauthorised withdrawals, alleging that UBA stole N41 billion out of the N42 billion in the account belonging to the liquidated telecommunications companies.

The lawmaker based his allegations on petitions submitted by J .U Ayogu and Co, on behalf of NITEL/MTEL. It was disclosed that N29 billion, N11 billion, N6.8 million and N22 million were withdrawn at different times by the Nigerian bank between 2006 and 2015 from the accounts - the same period Elumelu led UBA before becoming the Chairman.

The petition submitted against UBA also stated that UBA officials have been hiding under a litigated N685 million it withdrew from the accounts.
Akinyelure Wants UBA GMD To Appear Before Senate

This led to the lawmaker insisting on the... https://allnews.ng/news/fraud-allegations-pit-senator-ayo-akinyelure-against-uba-s-tony-elumelu

A nation of criminals

Ayo Akinyelure is silly and empty headed , more like come head structure by relying only on



"The lawmaker based his allegations on petitions submitted by J .U Ayogu and Co, on behalf of NITEL/MTEL. "


Without proper Investigation

Moreover Nitel is long phased out, he should face and upllift the telecommunication sector than wasting our precious time on Nitel.


Let him work for better service delivery by service providers