N41bn Fraud: “I’m not moved by UBA’s threat” – Akinyelure


The Chairman, Senate Committee on Ethics, Privileges and Public Petitions, Senator Ayo Akinyelure (PDP Ondo Central), declared Wednesday that he was not in anyway, perturbed by the    threat made by the United Bank for Africa (UBA) against him over planned probe of alleged N41billion withdrew by the Bank without authorisation from accounts of Nigerian Telecommunications Limited (NTEL) and Mobile Telecommunications Limited (MTEL).

Akinyelure had last week , alleged that UBA based on petitions before his committee, withdrew N41billion out of N42billion liquidators of NITEL and MTEL deposited in the bank without any authorisation from the liquidators. He on the strength of the petition, summoned the Group Managing Director of UBA, Kennedy Uzoka to appear before his committee today, Wednesday, August 5, 2020 for explanation on the alleged fraud.

But the UBA management led by its Chairman, Tony Elumelu, threatened Akinyelure with litigation if he fails to withdraw his allegations against the Bank within seven days. Elumelu in the threat widely reported in the media two days ago, said the Bank will not honour the Committee’s invitation since the issues at stake are already subject of litigation in the court of law.

In his reaction to the threat on Wednesday, Akinyelure vowed not to make any retraction of his statement against the bank last week or tender any apology. In a statement signed by his Special Adviser on Media , Charles Akinwon, Akinyelure said the threat from UBA, will not stop his committee from forging ahead with the planned probe .  He said neither apology nor retraction, would be made by him as written petitions alleging UBA to have committed the N41billion fraud are in the possession of his committee.


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