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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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BREAKING: Patrick Vieira Appointed New Senegal Head Coach as Teranga Lions Begin New Era

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BREAKING: Patrick Vieira Appointed New Senegal Head Coach as Teranga Lions Begin New Era—-The Dakar-born former France international takes his first national-team coaching role after Senegal parted ways with Pape Thiaw following their disappointing 2026 World Cup campaign.

Patrick Vieira has been appointed the new head coach of the Senegal national team, with the former France international taking charge of the Teranga Lions for the first time in his managerial career.

The Senegalese Football Federation (FSF) confirmed Vieira’s appointment on Tuesday, August 18, announcing that the 50-year-old will succeed Pape Thiaw, whose tenure ended following Senegal’s elimination from the 2026 FIFA World Cup. 

The appointment represents a major new chapter in Vieira’s coaching career and his first opportunity to manage a senior national team.

Vieira Returns to His Birth Country

Although Vieira represented France throughout his international career, including winning the 1998 FIFA World Cup and Euro 2000, he was born in Dakar, Senegal.

The former midfielder moved to France at the age of eight before developing into one of the country’s most celebrated footballers. He eventually earned 107 caps for Les Bleus and became an important figure in France’s golden generation.

His connection to Senegal makes the appointment particularly significant as he now returns to lead the country’s senior national team.

Replacing Pape Thiaw

Vieira takes over after Thiaw was removed from his position following Senegal’s disappointing World Cup campaign.

The Teranga Lions were eliminated in the round of 32 after surrendering a 2–0 lead against Belgium before eventually losing 3–2 in extra time. The result brought an early end to Senegal’s World Cup ambitions and contributed to the decision to make a change in the dugout.

The FSF subsequently turned to Vieira as it looks to begin a new era.

First National-Team Job for Vieira

Vieira arrives with considerable experience in club management but has never previously managed a senior international side.

He began his coaching career with Manchester City’s youth setup before taking charge of New York City FC in MLS. He later managed French side Nice, Premier League club Crystal Palace, Strasbourg and Italian club Genoa.

His appointment therefore presents a new challenge for the former Arsenal captain, who must now translate his club-management experience to the international stage.

AFCON 2027 Qualification Awaits

Vieira’s first major task will be preparing Senegal for the next international window and the country’s qualification campaign for the 2027 Africa Cup of Nations.

Senegal are the reigning African champions and will be expected to remain among the continent’s leading teams under their new manager. The AFCON qualifiers are scheduled to begin as early as September.

The appointment also gives Vieira an opportunity to build a team capable of competing for another continental title while establishing a long-term project with the national side.

A New Chapter for Senegal

For Senegal, Vieira’s appointment represents both a change in leadership and an attempt to reset after a disappointing World Cup.

For Vieira, it is a chance to manage the country of his birth and take charge of a talented generation of Senegalese players.

The FSF said further details concerning Vieira’s official presentation and the next steps in his installation will be announced later.

The man who lifted the World Cup with France in 1998 will now attempt to lead Senegal to continental and international success — beginning with the Teranga Lions’ new era under Patrick Vieira.

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SHOCKING !! Oluyin Of Iyin-Ekiti In DSS Net Over Alleged Suspicious Demand for Governor’s Used Chair

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SHOCKING !! Oluyin Of Iyin-Ekiti In DSS Net Over Alleged Suspicious Demand for Governor’s Used Chair

 

The Department of State Services (DSS) has invited the Oluyin of Iyin-Ekiti, Oba Adeniyi Adeola Ajakaiye, for questioning after he made a quiet but suspicious demand for the chair used by Ekiti State Governor, Biodun Oyebanji during a thanksgiving service at Babamuboni Memorial Anglican Church, Iyin-Ekiti.

According to leaked correspondences exchanged between Babamuboni Anglican Church and Oluyin’s Palace, Governor Oyebanji had attended an event on May 31, 2026 at the invitation of Senate Leader, Michael Opeyemi Bamidele, an indigene of Iyin-Ekiti few days to the state’s gubernatorial election.

How Oluyin of Iyin-Ekiti Strangely Demanded Governor’s Seat

It was gathered that after the church program, the Oluyin of Iyin Ekiti, Oba Ajakaiye quietly and specifically requested for the chair which the Governor sat on during the church program.

The church’s Vicar who suspected a mischief by the Oluyin’s palace politely declined the estranged and bizzare request.

According to the church, the decline made Oba Oluyin furious who immediately influenced the untimely transfer of the church’s vicar, Ven. Dr. Samuel Sunday Agunbiade from the church.

The Palace, in a letter addressed to the church , insisted that the governor’s seat be surrendered for “royal custody and appropriate traditional rites.”

In the said letter from the Oluyin-in-Council to the church, they strangely said that “the replacement chair to be commissioned henceforth shall be placed under strict and adequate guard at all times, to avert any future desecration or recurrence of such grave oversight against the sanctity of the stool.”

Meanwhile, the request which has been described as barbaric and bizarre in Nigeria’s political and religious history, immediately raised suspicion and outrage within the community.

The Position of the Anglican Church

The Anglican Church, in its formal reply, rejected the demand, stressing that church property is held in trust under ecclesiastical governance. It further explained that the chair no longer existed, having already been dismantled and incorporated into the altar furnishing.

According to the church, “Consequently, the Church is not at liberty to surrender, transfer, or remove dedicated Church property for external purposes outside the procedures prescribed by ecclesiastical authority.

“As custodians of these properties, we are duty-bound to preserve and administer them in accordance with the doctrine, discipline, and governance of the Church.”

REQUEST FOR THE REMOVAL OF THE CHURCH CHAIR TO THE PALACE nnnnn_040357

Despite the stance of the church to strictly adhere to its ecclesiastical responsibilities and constitutional obligations, the palace persisted.

Outrage in Iyin-Ekiti as Residents React

Residents of Iyin-Ekiti alleged that the monarch’s insistence was not cultural but sinister with claims that the chair might be for ritual manipulation against the governor whom at the time was preparing for his re-election.

They noted that the DSS invitation to the Oluyin underscores how seriously the security agency views the matter stressing that there are sinister motive behind the estranged act.

It was equally gathered that the fallout extended to the church leadership. Ven. Dr. Agunbiade, the vicar who stood firm against the palace’s demand, was transferred under circumstances widely perceived as punitive.

Residents noted that while governors, presidents, and dignitaries have attended church services across Nigeria and Ekiti State in particular for decades, never has a demand been made for their chairs to undergo “traditional rites.”

They described the incident as mischievous while calling for a thorough investigation by the DSS to unravel the mystery and sinister motives behind the bizzare request of the monarch.

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