The United Bank for Africa (UBA) has denied media reports that its chairman Tony Elumelu and some of its principal officers have been indicted by Nigeria’s House of Representatives in a probe of a 41 billion naira scam at the defunct Nigerian Telecommunications Company (NITEL).
The Africa-focused financial services group stated that the reports were false and circulated in bad faith. In a statement to the Nigerian Stock Exchange, UBA stated: “We would like to use this medium to inform the general public that the reports are untrue, misleading, malicious, libelous 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.”