News
UBA Distances Self from N41Bn NITEL Liquidation Scam
United Bank for Africa (UBA) Plc has described as “untrue, misleading, malicious, libelous” reports in a section of the media that Mr Tony Elumelu, chairman, UBA Plc, was allegedly involved in a N41 billion fraud, with respect to the defunct Nigeria Telecommunication Company (NITEL).
According to the reports, Mr Elumelu was indicted for the alleged scam alongside some of the principal officers of the financial institution.
But in a statement, the lender said the reports were “untrue, misleading, malicious, libellous and should be disregarded in its entirety.
In the statement signed by Bili Odum, company secretary, UBA said as a “reputable global brand and responsible corporate citizen, operating in multiple jurisdictions,” it 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.”
The lender also emphasised that it has already “set in motion all appropriate legal actions to ensure that the misleading reports are retracted and the perpetrators held accountable for their actions.”
In the reports UBA reacted to, it was alleged that the issue happened when Mr Elumelu was the Managing Director of the bank and that the money was allegedly withdrawn by the bank without appropriate approval.
The reports quoted Mr Ayo Akinyelure, Senate Committee chairman on Ethics, Privileges and Public Petitions, as saying that “the N41 billion alleged fraud was committed against the defunct telecommunications 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“The said sum was withdrawn systematically from NITEL for nine years under Tony Elemelu watch and two other former Managing Directors of United Bank for Africa,” the federal lawmaker was further quoted as saying.
According to the reports, in view of this, the senate committee has summoned Mr Kennedy Uzoka, group managing director/CEO of UBA, to appear before it on Wednesday, August 5, 2020.
Rack Centre, West Africa’s Tier III carrier- and cloud-neutral data centre, has struck a collocation agreement with TelCables Nigeria, an Angola Cables subsidiary.
TelCables Nigeria is delivering its high-capacity network and cloud infrastructure, as well as four international subsea cable systems (SACS, MONET, SEBRAS, and EllaLink), directly into Rack Centre’s regional carrier ecosystem as part of the agreement.
According to Angola Cables, the move provides reliable, low-latency south-bound routes to Europe, the Americas, and Latin America, reducing the danger of future cable disruptions along West Africa’s coast and enabling next-generation cloud services across the continent.
“Our unique Africa – to – Latin America route via SACS, combined with MONET, SEBRAS and EllaLink, gives customers the lowest – latency paths to the Americas and Europe,” said Fernando Fernandes, CEO of TelCables Nigeria.
“Businesses in latency sensitive sectors: financial services, content delivery and real-time communications will experience faster transactions, reduced lag and an enhanced user experience.
“By hosting at Rack Centre we also localise Clouds2Africa resources, price them in naira, and remove expensive ingress/egress charges or FX exposure.”
Rack Centre said its 13.5MW data centre campus designed with its recently launched LGS2 facility that delivers a design PUE of 1.35 and powered from sustainable energy sources, already hosts 70+ carriers, ISPs and network operators.
Lars Johannisson, CEO of Rack Centre, commented: “Adding a global operator of Angola Cables’ calibre through TelCables Nigeria dramatically deepens our connectivity fabric.
“We can now offer 99.95 % SLA routes to more destinations, enabling enterprises, governments and cloud providers to meet performance and data-residency requirements while keeping traffic local.”
Manufacturers Association of Nigeria (MAN) has expressed concerns over the impending ban on Single-Use Plastics (SUPs) by the Lagos State Ministry of Environment.
It warned that it could lead to job losses and and lead to economic, operational, and social consequences for manufacturers, traders, recyclers, and end users.
Segun Ajayi-Kadir, director general, MAN, in a statement called on the Lagos State government to reconsider the ban, citing a lack of credible data and stakeholder engagement.
According to Ajayi-Kadir, a recent study revealed that 100% of manufacturers surveyed expressed fears of job losses and workforce restructuring if the ban is implemented.
He said, “A recent MAN-supported study evaluating the possible impacts of the Lagos State SUPs ban revealed significant adverse economic, operational, and social implications across the value chain, from manufacturers to wholesalers, traders, and end users. It has been noted that only poor and developing countries often tilt towards plastic ban as a strategy to combat environmental problems.
“A hundred percent of the manufacturers consulted expressed concern over a ban-induced workforce restructuring. Thus, several jobs will be lost in the industry if this ban were to be implemented.
“It is noteworthy to mention that there is no form of arrangement for social protection for the employees who will lose their livelihoods as a result of this ban.
“Also, there has been no form of social dialogue on the part of the government with these workers or the industry on the potential job losses.”
According to him, findings showed that 89% of operators in the plastic value chain rely on SUPs as their primary source of income with no alternative source of livelihoods, over 75% of end users, including SMEs, depend on plastic packaging with no affordable or practical alternatives, and 93% of dealers, many of whom are women, reported no prior information or social support mechanisms to cushion the impact.
Ajayi-Kadir emphasised that banning SUPs would not resolve pollution issues but merely substitute one problem for another, especially without scalable alternatives or infrastructure to support the transition.
He urged the government to focus on improving waste management infrastructure and promoting recycling, rather than imposing bans.
A Federal High Court in Ikeja, Lagos state has sentenced 23 Chinese nationals to one year imprisonment each for their involvement in cyberterrorism and internet fraud.
Economic and Financial Crimes Commission (EFCC) arraigned them before Justices D.E. Osiagor, D.I. Dipeolu, and A.O. Faji on a single count of cyberterrorism and online fraud.
Dele Oyewale, spokesperson, EFCC, revealed that the convicted individuals were members of a cyber-fraud syndicate comprising 792 people.
He noted that the culprits were arrested on Thursday, December 19, 2024 in Lagos, during an operation known as ‘Eagle Flush.’
Oyewale stated that the individuals identified as Yu Hui (also known as A. Bin), Huang Jin Hui, Fei Fan, Lu Qiang, Hu Xi Zheng, Sun Zhi Peng, Wu Hao, Cong Bing, and Li Qiang alias Yang Huan Huan, Zheng Wei alias A. Hong, Cheng Jian, Da Tou, A Wen, Zhang Lei, Huang Zhi, Pan Jiong, Chen Wen Yuan, Jia You alias A. You, Wang Zheng Feng alias Feng, Liu San Hua, Liu Beixing, and Wen Zong Xu alias Li Long were all charged on one count of online fraud and cyber-terrorism.
One of the charges brought against Yu Hui (also known as A. Bin) claimed that he, along with others, unlawfully accessed computer systems in Lagos around December 2024 with the intent to destabilize and damage Nigeria’s economy and social structure.
According to the EFCC, this act violated Section 18(1) of the Cybercrimes (Prohibition, Prevention, Etc.) Act, 2015, and is punishable under that law.
Similarly, another charge filed against Jia You, accused him of accessing computer systems with the aim of undermining and harming Nigeria’s economic and social stability.
This action was said to be in breach of both the Cybercrimes Act and the Terrorism (Prevention and Prohibition) Act, 2022.
Initially all the defendants pleaded not guilty to the charges.
However, during the court session, they pleaded guilty.
The EFCC prosecution team comprising of Nneemeka Omewa, Babatunde Sonoiki, U.S Kyari, and B.M Isah informed the court that the defendants had reached plea bargain agreements.
The defence team confirmed this and requested the court to adopt the terms of the agreements.
Justices Osiagor, Faji, and Dipeolu found each defendant guilty and sentenced them to one year in prison, with the sentence starting from their arrest date on Tuesday, December 10, 2024.
Each convict was also fined N1 million.
Additionally, the judges ordered the Nigerian Immigration Service (NIS) to deport the convicts within seven days of completing their sentences.
All devices recovered during the operation including mobile phones, laptops, and routers were forfeited to the Nigerian government.
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