The management of United Bank for Africa, UBA has refuted the allegation of the 41 billion naira fraud levied against some of its principal officers concerning the liquidation of NITEL.

In a statement issued by the bank to the Nigerian Stock Exchange by the bank’s secretary, Bili Odum, on Friday, the bank rejected the allegation calling saying it’s malicious and misleading while also taking a legal step for the retraction of the allegation.

The statement dated July 30, titled “STATEMENT TO THE NIGERIAN STOCK EXCHANGE ON FALSE REPORTS IN THE MEDIA,” and signed by Odum stated:

The attention of United Bank for Africa (UBA) has been drawn to false reports circulating in the media alleging that UBA and some of its principal officers have been indicted in a NGN41 Billion fraud involving NITEL in Liquidation.

We would like to use this medium to inform the general public that the reports are untrue, misleading, malicious, libellous 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.

UBA is a large financial services group in Nigeria and on the African continent. As of December 2019, the group’s financial assets were valued at NGN 5,604 billion (US$14.6 billion), with shareholders’ equity of NGN 597.97 billion (US$1.56 billion).

See a copy of the statement below: