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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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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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JUST IN: Maresca Suffers Arsenal Defeat Again as Manchester City Lose Community Shield 3–0

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JUST IN: Maresca Suffers Arsenal Defeat Again as Manchester City Lose  Community Shield3–0—-Enzo Maresca’s competitive debut as Manchester City manager ends in disappointment as Arsenal cruise to victory in Cardiff and lift the Community Shield.

Enzo Maresca’s first competitive match in charge of Manchester City ended in a nightmare as Arsenal swept aside the FA Cup holders 3–0 to claim the 2026 Community Shield at the Principality Stadium in Cardiff.

The defeat means Maresca has suffered another setback against Arsenal, having previously faced the Gunners during his time at Chelsea. But this loss will carry particular significance, coming in his first competitive game since taking over from Pep Guardiola at City.

Calafiori Strikes Inside 24 Seconds

Arsenal needed less than a minute to take control.

Riccardo Calafiori opened the scoring after just 24 seconds, finishing from Myles Lewis-Skelly’s delivery to give Mikel Arteta’s side a dream start. It was reported as the fastest Community Shield goal in 58 years.

The early goal immediately put City under pressure and gave Arsenal confidence as they looked to exploit the uncertainty surrounding Maresca’s new-look side.

Havertz Doubles Arsenal’s Lead

Arsenal continued to dominate and eventually doubled their advantage in the 28th minute.

Kai Havertz found the net after goalkeeper Gianluigi Donnarumma failed to deal convincingly with the situation, leaving Arsenal with a commanding 2–0 lead before half-time.

City struggled to generate a sustained attacking response, with Arsenal’s defensive organisation limiting the opportunities available to Erling Haaland and Phil Foden.

Ødegaard Completes the Rout

The Gunners completed the victory early in the second half when captain Martin Ødegaard added a third goal.

Christos Tzolis was involved in another Arsenal attacking move, while Ødegaard produced a composed finish to effectively put the contest beyond City’s reach.

Arsenal’s defence then held firm to preserve a clean sheet and secure a convincing victory.

A Nightmare Start for Maresca

The result could hardly have been more difficult for Maresca.

The Italian was appointed as Guardiola’s successor after City entered a new era following the Spaniard’s departure. The Community Shield represented Maresca’s first competitive opportunity to demonstrate that he could lead the club back to the top of English football.

Instead, Arsenal exposed several weaknesses in his team, particularly in defensive organisation and their ability to control the match after falling behind.

Maresca had previously said one of his ambitions at City was to close the gap on Arsenal, who finished as Premier League champions last season. His first competitive meeting with the Gunners therefore provided an immediate test of that ambition.

Arsenal Send Early Warning

For Arteta and Arsenal, the victory provides an early statement ahead of the new Premier League campaign.

The Gunners looked sharp, aggressive and confident, while their new additions and returning players fitted smoothly into Arteta’s system.

The Community Shield does not determine the Premier League title race, but Arsenal’s performance will undoubtedly strengthen belief among their supporters that the champions are ready to defend their crown and compete for further silverware.

For Maresca, however, there is now plenty of work to do.

Manchester City’s new era has begun with a heavy defeat, while Arsenal have already sent a clear message to their rivals: they are ready for another fight at the top.

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