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N41bn Fraud Allegation: Elumelu threatens legal action against Senator Akinyelure


N41bn Fraud Allegation: Elumelu threatens legal action against Senator Akinyelure

Former Managing Director of the United Bank for Africa (UBA), Dr. Tony Emumelu, has threatened to drag the Chairman of the Senate Committee on Ethics, Privileges and Public Petition, Senator Ayo Akinyelure, to court over fraud allegation of N41 billion.

To this end, Emumelu has given the lawmaker seven days to retract the statement credited to him, indicating  the eminent banker in a N41billion fraud allegation.

Lawyers to Dr. Elumelu, in a letter to the Senator Akinyelure threatened to drag the lawmaker to court if he fail to retract and publicly apologise to Dr. Elumelu over his reported indictment.

The committee Chairman was reported to have claimed that Dr. Elumelu who is also the Chairman of Tony Elumelu Foundation and the heirs Holding group was indicted in a N41 billion naira fraud, when he was the Managing Director of the bank.

According to the Senate Committee Chairman on Ethics, Privileges and Public Petitions, ”the N41billion alleged fraud was committed against the defunct Telecommunication company and National Carrier, NITEL.

“The said sum was withdrawn systematically from NITEL for nine years under Tony Elemelu watch and two other former Managing Directors of United Bank for Africa.”

“As clearly stated and explained in the petition, UBA withdrew N29billion, N11billion, N6.8million and N22million at different times between 2006 and 2015 from the accounts without relevant authorizations for that purpose.”

He added that liquidators of the firms explained further in the petition that officials of 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 Courts.

“The Committee’s right of investigation under section 88 of the 1999 Constitution will be exercised to the fullest on this matter because the owners of the stolen monies by UBA are dying,” he said.

Acting on a petition a petition by counsel to NITEL, J.U Ayogu and Co, the Senate Committee had summoned the Group Managing Director (GMD) and Chief Executive Officer (CEO) of the United Bank for Africa, Kennedy Uzoka to appear before the committee on August 5, 2020.

But in a letter by his lawyers, Lawal Rabana and Oluwakemi Balogun, the Senior Advocates stressed that their client (Elumelu) was alarmed and appalled by this deliberate peddling of falsehood and misinformation against an unblemished personal and business reputation, painstakingly built by their Client over several decades with great personal sacrifice and unquestionable integrity.

According to the lawyers, “It is important to emphasize that when UBA appeared before the Senate Committee on Ethics, Privileges and Public Petitions, attention was drawn to the fact that the facts and circumstances leading to the disputes on the alleged financial indebtedness was pending before the Supreme Court in SC/CV/112/2020.

“It was resolved that given the pendency of the matter at the Supreme Court, it was sub-judice and all actions on the matter be suspended.

“It is shocking and sacrilegious that a matter pending at the Apex Court could be subjected to debate contrary to the Rules of the Senate and by extension, the principle of law that when a matter is sub-judice, it should not be subjected to debate before a decision is reached by the Court.

“The publications ascribed to Senator Ayo Akinyelure is in total disregard of the Rules of Senate and the Rule of Law.”

The lawyers therefore demanded an immediate open, public and unreserved retraction of the said statements credited to Senator Akinyelure as well as an apology from Senator Akinyelure for “this false allegation and defamation” of their Client.

“We have our Client’s further instruction to take all appropriate legal actions against Senator Akinyelure and his media agents if our above stated demand is not met within Seven (7) days of their receipt of our demand letter,” the lawyers added.

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