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Court Orders Tony Elumelu’s UBA To Pay N39.1m

Court Orders Tony Elumelu’s UBA To Pay N39.1m, $53,078 Illegally Withheld Customer Funds

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Court Orders Tony Elumelu’s UBA To Pay N39.1m, $53,078 Illegally Withheld Customer Funds—-For Tony Elumelu’s chaired United Bank for Africa Plc (UBA), it has become a case of “one day, one trouble” as the bank staggers from one issue to another.

Recall that just weeks ago, the Lagos State Police Command arrested four UBA officials for allegedly stealing £138,924 (over ₦270 million) from international airlines’ accounts. According to police investigations, the suspects reportedly conspired to siphon funds from domiciliary accounts into private accounts, subsequently redistributing them to multiple beneficiaries.

Just last week, the bank faced yet another controversy following an alarm raised by one of its customers, Ibhahe Hope Ehieribo. Ehieribo, a U.S.-based Nigerian, accused UBA of unlawfully clearing ₦106,309,534.87 from his savings account. The withdrawal, he said, was allegedly based on false claims that he had died while living abroad. Following public outcry and pressure on social media, UBA returned the full amount to Ehieribo.

This latest judgment adds to the mounting legal troubles surrounding UBA.

Delivering judgment on April 28, 2025, Justice Dehinde Dipeolu ruled that UBA must pay the specified sums, along with pre-judgment interest at 20% and post-judgment interest at 10% per annum, to the court-appointed Liquidator of the company.

The court also mandated that UBA produce certified statements of the company’s accounts spanning from November 2, 2021 — the date of the company’s winding-up commencement — to the date of the judgment.

The ruling followed an application filed by the Liquidator in the winding-up suit marked FHC/L/CP/1577/2021: Nduka Nwabuwa & 3 Ors v. Addy Finance & Investments Ltd. The Liquidator’s legal counsel, T.Y. Salman, accused UBA of unlawfully withholding the company’s funds despite existing court orders restraining withdrawals since March 30, 2022, and the formal appointment of a provisional liquidator on July 5, 2022.

According to court records, UBA’s own affidavit in previous proceedings confirmed that the accounts of Addy Finance with the bank held balances of N30,455,571.65, N8,652,845.56, and $53,078.04 at various dates. Yet, UBA allegedly failed to remit the funds or provide full disclosure to the Liquidator.

Justice Dipeolu sharply criticized UBA for failing to comply with its fiduciary obligations and attempting to rely on garnishee and interim forfeiture orders obtained after the winding-up proceedings had commenced—orders which the court declared null and void under Section 577 of the Companies and Allied Matters Act (CAMA) 2020.

The court also flagged multiple instances of dubious conduct by the bank: “Filing a sworn affidavit in November 2023 denying the existence of the funds, while simultaneously disbursing over N27 million to select creditors without informing the court or the Liquidator;

“Making secret settlements, including payments of N16 million to UBA staff, without involving the company, the Liquidator, or the Economic and Financial Crimes Commission, EFCC“;

“Failing to serve key documents (notably Exhibit ATO 6) on the Liquidator until after these transactions had been completed.

The judge held that as custodian of the accounts, UBA bore the burden of proving the non-existence of the balances.

The bank’s failure to do so, combined with its actions during the liquidation process, amounted to professional misconduct.

The court also criticized the conduct of UBA’s legal representatives during the case.

While granting most of the Liquidator’s reliefs, the court declined one request, citing vagueness in its formulation.

As UBA continues to reel from controversy to controversy, industry watchers say the court’s latest ruling raises renewed concerns over corporate governance, transparency, and internal controls at one of Nigeria’s largest financial institutions.

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DR Congo Stun Portugal with Hard-Fought Draw in FIFA World Cup Opener

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DR Congo Stun Portugal with Hard-Fought Draw in FIFA World Cup Opener—–European giants Portugal were forced to settle for a point after a resilient DR Congo side produced a spirited display in their opening Group K clash at the 2026 FIFA World Cup.

Portugal entered the match as overwhelming favourites, boasting one of the most talented squads in the tournament and carrying expectations of a deep World Cup run. However, DR Congo delivered one of the standout performances of the opening round, battling their way to a hard-earned 1-1 draw and sending a message to the rest of Group K.

From the opening whistle, Portugal dominated possession and attempted to impose their trademark passing game. Midfielders controlled the tempo, circulating the ball patiently as they searched for openings in a well-organized Congolese defense.

Despite Portugal’s territorial dominance, DR Congo remained disciplined. The African side sat compactly, denying space between the lines and forcing Portugal into speculative efforts from distance. Whenever possession was regained, DR Congo transitioned quickly, using their pace and physicality to threaten on the counterattack.

Portugal eventually broke the deadlock after a sustained spell of pressure. The European giants carved open the Congolese defense with a swift attacking move, allowing their forwards to capitalize and put the Seleção ahead. The goal appeared to settle Portugal and many expected them to push on for a comfortable victory.

Instead, DR Congo responded magnificently.

Refusing to panic, the Leopards gradually grew into the game and began committing more bodies forward. Their persistence paid off when they found an equalizer, sparking wild celebrations among their supporters. The goal shifted momentum dramatically and exposed Portugal’s growing frustration.

The second half became increasingly tense as Portugal searched desperately for a winner. Chances came and went, with the Congolese goalkeeper producing several crucial interventions while defenders threw themselves into blocks to preserve the scoreline.

Cristiano Ronaldo remained at the center of Portugal’s attacking efforts, attempting to inspire his side through moments of individual brilliance. However, DR Congo’s defensive structure held firm, limiting clear-cut opportunities and frustrating the Portuguese captain throughout the contest.

As the clock ticked down, Portugal threw numbers forward in search of a decisive breakthrough. The pressure intensified in the closing stages, but DR Congo continued to defend heroically while still posing a threat on the counterattack.

When the final whistle sounded, the contrasting emotions were evident. Portuguese players looked disappointed after dropping points against a team they were expected to beat, while DR Congo celebrated a result that could prove crucial in their quest to reach the knockout rounds.

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Trump and Pezeshkian Finalize Historic Accord to End War and Restore Gulf Shipping

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Trump and Pezeshkian Finalize Historic Accord to End War and Restore Gulf Shipping—-Landmark U.S.-Iran agreement takes effect as both leaders formally endorse a 14-point framework aimed at ending months of conflict, restoring maritime trade, and launching broader diplomatic negotiations.

U.S. President Donald Trump and Iranian President Masoud Pezeshkian have electronically signed the “Islamabad Memorandum,” a historic peace agreement designed to end the conflict between the United States, Israel, and Iran while reopening the strategically vital Strait of Hormuz. Pakistani officials confirmed that the memorandum has entered into effect following the signatures of both leaders.

The agreement, brokered with significant mediation from Pakistan, establishes an immediate halt to military operations and lays out a framework for a broader settlement to be negotiated over the next 60 days. The memorandum also commits both sides to reopening the Strait of Hormuz, one of the world’s most important energy shipping routes, easing concerns over global oil supplies and maritime security.

According to details released by U.S. officials, the 14-point accord includes provisions addressing Iran’s nuclear activities, sanctions relief, maritime security, and economic reconstruction. Iran reportedly reaffirmed that it will not pursue nuclear weapons, while the United States agreed to begin a phased process tied to future negotiations and compliance measures.

The reopening of the Strait of Hormuz is among the most consequential elements of the agreement. The waterway carries a significant share of the world’s oil and gas exports, and its disruption during the conflict contributed to volatility in global energy markets. Officials say commercial shipping will gradually resume under new security arrangements outlined in the memorandum.

While diplomats have hailed the accord as a major breakthrough, officials on all sides acknowledge that substantial challenges remain. The memorandum serves as an interim framework rather than a final peace treaty, with negotiators expected to meet in Switzerland to work toward a comprehensive and binding settlement.

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