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Wednesday, February 1, 2023

UBA Dismisses False Reports on NITEL Indictment, Sponsors to be Held Accountable

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Tier One Lender United Bank for Africa (UBA) has dismissed false allegations that some of its principal officers were indicted by the National Assembly on a NITEL transaction that allegedly happened years ago.

UBA in a statement to the Nigerian Stock Exchange (NSE) said:

“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 N41 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 said it 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 concluded in its statement.

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