A Nigerian-born health communication specialist, Ugochukwu Madu, has reportedly closed all his accounts with United Bank for Africa (UBA) following recent comments by the bank’s chairman, Tony Elumelu, in support of President Bola Ahmed Tinubu’s economic reforms.
Madu announced his decision shortly after Elumelu publicly endorsed the President’s ongoing policy measures, a move that sparked mixed reactions on social media.
Elumelu made the remarks after a private meeting with President Tinubu at the Presidential Villa in Abuja. Addressing journalists, he described the administration’s reforms as necessary steps aimed at stabilising the economy and fostering business growth.
According to the UBA chairman, discussions during the meeting focused on strengthening small and medium-scale enterprises (SMEs), improving Nigeria’s tax framework, and addressing long-standing challenges in the power sector.
He emphasised that SMEs remain central to Nigeria’s economic expansion, highlighting their critical role in job creation and innovation. Elumelu also noted that the President outlined plans for targeted tax adjustments and financial support designed to ease the burden on entrepreneurs and encourage business growth.
“I love to sit with Tinubu and discuss economic issues, give feedback from what we think is happening in the economy, and then constructively agree. I’m a member of the Presidential Economic Council, to just rub minds,” Elumelu said.
Reacting to the development, Madu revealed that he and his wife recently shut down their UBA accounts. He explained that they had opened two domiciliary (foreign currency) accounts — one in his name and another in his wife’s name.
During a recent visit to Nigeria, they reportedly withdrew all the funds and formally closed both accounts.
Explaining his decision, Madu stated that while individuals are free to support any political party or candidate of their choice, he chooses to withdraw his patronage from institutions whose leadership openly backs political figures he does not support.
“I opened two UBA domicilary (FCY) accounts — one for me and another for my wife. When we visited home recently, we withdrew all the money and closed both accounts.
“You’re free to join or endorse any party but once you endorse a questionable candidate, I withdraw my affiliation,” he said.
See below;
Published by Ejoh Caleb
