After allegation of involvement in N41 billion fraud, UBA chairman, Tony Elumelu threatens court action

Following a disclosure that he was allegedly involved in a N41 billion fraud relating to NITEL in liquidation, the Chairman of United Bank of Africa (UBA), Mr. Tony Elumelu has demanded an apology from the Chairman of the Senate Committee on Ethics, Privileges and Public Petitions, Senator Ayo Akinyelure.
The alternative is for the Senator to face a court action.
Senator Ayo Akinyelure had alleged that the N41billion fraud was committed against the defunct Telecommunications company and National Carrier, NITEL,
while Elumelu was Managing Director of the UBA bank.
Senator Akinyelure revealed that UBA withdrew the sum of N41 billion from the N42billion liquidator fund NITEL deposited with the United Bank for Africa after being sold to MTEL by the Bureau for Public Enterprises. The said sum was withdrawn systematically from NITEL for nine years under Tony Elumelu’s watch and two other former Managing Directors of United Bank for Africa.
Acting on a petition a petition by counsel to NITEL, J.U Ayogu and Co, the Senate Commitee 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 Wednesday.
But acting on behalf of Elumelu, two senior lawyers, R.A Lawal-Rabana (SAN) and Kemi Balogun (SAN), in a joint statement said the Senator’s claim were false, baseless and mischievous.
They said in their joint statement: “We write on behalf of Mr. Tony O. Elumelu, CON (our Client) whose attention has been drawn to several false online publications credited to Senator Ayo Akinyelure, the Chairman of the Senate Committee on Ethics, Privileges and Public Petitions alleging the involvement of UBA and indictment of Mr. Elumelu in a N41 (Forty One Billion Naira) fraud relating to NITEL in liquidation.
“Our Client is shocked by this false, baseless, and mischievous allegation as neither him nor any of the organisations associated with him has ever been involved in or indicted for any fraud as was falsely alleged by Senator Ayo Akinyelure.
“Our Client is also alarmed and appalled by this deliberate peddling of falsehood and misinformation against an unblemished personal and business reputation, painstakingly built by our Client over several decades with great personal sacrifice and unquestionable integrity.
“Our Client rejects Senator Akinyelure’s attempt to use the platform of the respected institution of the Senate of the Federal Republic of Nigeria to accomplish whatever ulterior motives he may have.
“It is important to emphasise that when UBA appeared before the Senate Committee on Ethics, Privileges and Public Petitions, attention was drawn to the fact that the facts and circumstances leading to the disputes on the alleged financial indebtedness was pending before the Supreme Court in SC/CV/1 12/2020. It was resolved that given the pendency of the matter at the Supreme Court, it was sub-judice and all actions on the matter be suspended. It is shocking and sacrilegious that a matter pending at the Apex Court could be subjected to debate contrary to the Rules of the Senate and by extension, the principle of law that when a matter is sub-judice, it should not be subjected to debate before a decision is reached by the Court. Therefore, the publications ascribed to Senator Ayo Akinyelure is in total disregard of the Rules of Senate and the Rule of Law
“Our Client has instructed us to, and we have demanded an immediate open, public and unreserved retraction of the said statements credited to Senator Akinyelure and an apology from Senator Akinyelure for this false allegation and defamation of our Client.
“We have our Client’s further instruction to take all appropriate legal actions against Senator Akinyelure and his media agents if our above stated demand is not met within Seven (7) days of their receipt of our demand letter.”