Published On: Wed, Jul 29th, 2020

Senator Exposes UBA In Alleged N41b Fraud, Summons GMD

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News Investigators/ The Group Managing Director and Chief Executive Officer of the United Bank for Africa (UBA), Kennedy Uzoka, has been summoned by the Senate in connection with a N42 Billion alleged fraud.
Mr. Uzoka was directed to appear before the Senate committee on Ethics, Privileges and Public Petitions unfailingly on August 5, 2020.

The directive followed the disclosure by the Chairman of the Committee Senator Ayo Akinyelure exposing the alleged fraud by United Bank for Africa (UBA).for nine years.

The petition alleged that UBA defrauded Telecommunications Limited (NITEL) of about N42 billion, the fund that the liquidators of the telecommunications company deposited there after being sold to MTEL.

The petition written on behalf of NITEL/MTEL by J .U Ayogu and Co. submitted to the Senate’s Committee on Ethics, Privileges and Public Petitions formed the strength of the alleged fraud.

Senator Akinyelure (PDP Ondo Central) while briefing journalists alleged that the fraud perpetrated by UBA against NITEL and MTEL between 2006 and 2015 after liquidation involved several unauthorized withdrawals from the accounts of the liquidated telecommunications companies at four different times by technically stealing N41billion out of N42 billion liquidators of the forms deposited there.

According to him the petition revealed clearly that UBA withdrew N29 billion, N11billion, N6.8million and N22million intermittently between 2006 and 2015 from the accounts without relevant tickets or authorizations for that purpose.

The Chairman Senate Committee on Ethics, Privileges and Public Petitions also added that liquidators of the firms according to the petition alleged that UBA have been hiding under litigated N685million it withdrew from the accounts.

“Being a committee adhering strictly to Senate rules, the litigated N685million is not part of what the UBA is being invited for despite even losing to NITEL liquidators at both the Federal High Court and Appeal court.

Senator Akinyelure further stressed the Committee’s right of investigation under section 88 of the 1999 Constitution, and admonished that this right will be applied to the fullest on the fraud alleged because most owners of the stolen monies by UBA are dying while those alive are under financial stress, he said .

He further explained that UBA promised they would provide the tickets for the intermittent withdrawal of N22.5billion withdrawn from NITEL accounts without authorisation.

According to the Committee, a human rights lawyer had sent a petition on behalf of the liquidators and creditors of NITEL and MTEL, that if the N685m is a subject of litigation, there is a third account meant for taxation and disasters which has N169m.

The fund was unilaterally withdrawn by the UBA. Seven years after the withdrawal, UBA is yet to provide the tickets, rather they were asking the liquidators to get the ticket from dead liquidators.

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