Tony Elumelu’s UBA under fire over customer’s missing N106m, lender returns fund after backlash
The Tony Elumelu chaired United Bank for Africa (UBA), is currently facing public backlash over alleged N106 million that mysteriously vanished from a customer’s account under questionable circumstances.
The controversy erupted just weeks after 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 had reportedly conspired to siphon funds from domiciliary accounts into private accounts and later redistributed them to multiple beneficiaries.
In the latest incident, Ibhahe Hope Ehieribo, a U.S.-based Nigerian and long-time customer of the bank, accused UBA of unlawfully clearing ₦106,309,534.87 from his savings account. The withdrawal, he said, was allegedly carried out based on false claims that he had died while living abroad.
The accusation gained national attention after a live video with activist Harrison Gwamnishu, who pledged legal support and began publicly advocating for Ehieribo’s case.
According to Ehieribo, the funds disappeared in 2023 while he was still residing overseas.
He explained that he had regularly deposited funds into his UBA account over the years, only to discover upon his return to Nigeria that his entire savings had been cleared. Bank officials allegedly told him the money had been accessed by individuals who claimed he was deceased and had already been buried.
Ehieribo recounted that during his visit to the bank to demand an explanation, police officers were already stationed at the premises—allegedly to arrest him for causing a disturbance. He maintained that he only raised his voice in disbelief and frustration.
Calling the incident a gross violation of the customer’s rights, Gwamnishu vowed to hold UBA accountable.
In an update posted Monday, the activist confirmed that UBA had refunded the entire ₦106.3 million to the customer but criticized the bank for its silence on who forged the death certificate and executed the fraudulent withdrawal.
“UBA headquarters have reached out. Let me sit and do a video update. UBA is utterly confused and shouting in dismay,” Gwamnishu said.
“The man’s wife resides abroad, and he has no sisters. The supposed beneficiaries of his over ₦100 million are Patience and Precious. My client does not know either of them.”
He further alleged: “Before the money was awarded to these unknown recipients, they obtained a death certificate for a living man and went to probate court to secure a court order. The bank mentioned names unknown to the customer as beneficiaries.
Please tag the Central Bank of Nigeria and UBA Group and Tony Elumelu. The bank will be held liable. They know what happened.”
UBA Returns Fund After Public Backlash
Following the public outcry and pressure on social media, the Tony Elumelu UBA reportedly returned the full amount to Ehieribo on Monday morning.
However, Gwamnishu insisted that the refund was not enough. He called on the Economic and Financial Crimes Commission (EFCC) to launch a full-scale investigation to uncover those behind the forgery and illegal transactions.
“This morning, our overseas client, whose funds exceeding ₦100 million were transferred from his account, has recovered the full amount.
The bank previously informed the customer that individuals presented documents claiming he was deceased and buried. The money was then moved from his savings account to an estate account.”
“We await UBA’s public acknowledgment of its error and a clear disclosure of those involved. Are bank staff complicit? Nigerians deserve to know.”
“The EFCC must immediately investigate and summon bank executives to explain how unauthorized persons forged legal documents, declared a living man dead, and cleared his life savings.”
In a separate video message, Ibhahe Hope Ehieribo confirmed receiving the refunded money and expressed gratitude to Nigerians for their solidarity and support.
Ramon Nasir, Head of Media and External Relations at UBA, did not respond to The Witness inquiries as of press time.
Despite the refund, many Nigerians continue to express outrage over the incident, with social media users criticizing the bank’s conduct and demanding transparency and justice.
Click here to read reactions on Twitter (X): https://x.com/HarrisonBbi18/status/1926991470856167548
