UBA’s Tony Elumelu Dragged To EFCC Over N2billion Campaign Loan

Chairman, Heirs Holding
Chairman, Heirs Holding
Chairman, Heirs Holding

By Sadiq Umar, Abuja.

Chairman of Heirs Holdings and founding Chairman of the United Bank for Africa, (UBA) Mr. Tony Elumelu, has been dragged before the Economic and Financial Crimes Commission (EFCC) over a controversial N2billion loan granted his sibling, Hon. Ndudi Elumelu.

Tony, the elder Elumelu had in a fiat approved a loan of N20billion to Ndudi who was a member of the House of Representatives in the wake the Peoples Democratic Party (PDP) governorship primaries ostensibly to help his brother prosecute his governorship ambition.

However, in a petition before the EFCC, the Chairman of the Heirs Holdings is being accused of granting unmerited loan to his brother while using his house at Lobito Crescent, Wuse 2, Abuja as collateral.

Sources at the EFCC confirmed the petition but declined to speak further on the matter.

News Investigators learnt, that the anti-graft agency has commenced investigation into the case even as the Elumelu seeks out of court settlement of the matter.

Our investigation further revealed that the UBA chairman ignored warnings by some directors of the banks who counselled that the party’s governorship primary in Delta state would not be won Ndudi given the fillers from the PDP at the time. The former Chairman of the House of Health later lost the primary to Ifeanyi Okowa, a senator and main rival in the contest.

Ndudi who alleged foul play in the primary accused the PDP top hierarchy of swindling him almost a N1billion only to renege on their promise to handover the party ticket to him.

“Threat by the senior Elumelu to sell the property at Lobito crescent should Ndudi fail to pay the loan informed his move to drag Tony to EFCC,” family source told News Investigator.

“Though, he has started paying part of the loan, the house document is still with his brother,” the source added.

Charles Aigbe, Corporate Affair Manager of UBA declined to comment on the report when contacted. He however said one Ramon Nasir will react later.