Following recent remarks made by Tony Elumelu, the chairman of United Bank for Africa (UBA), endorsing President Bola Ahmed Tinubu’s economic reforms, Ugochukwu Madu, a Nigerian-born health communication specialist, has reportedly terminated all of his accounts with the bank.
Following a private meeting with the president at the Presidential Villa in Abuja, Elumelu made his remarks.
Speaking to reporters, he explained that the government’s current reforms are essential measures to stabilise the economy and encourage the expansion of businesses.
He said the talks centred on addressing long-standing issues in the power industry, enhancing the tax system, and bolstering small and medium-sized businesses (SMEs).
SMEs are crucial to Nigeria’s economic expansion, the UBA chairman emphasised. He pointed out that they are crucial to innovation and the generation of jobs.
According to Elumelu, the President announced plans for specific tax breaks and funding to relieve pressure on business owners and promote 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,” he said.
Madu responded to the news by saying that he and his spouse recently closed their UBA accounts.
They had opened two domiciliary (foreign currency) accounts, he said, one in his wife’s name and one in his own.
They formally closed both accounts and took all the money out while they were in Nigeria.
Madu justified his actions by stating that people have the right to back any political party or candidate of their choosing.
He did, however, add that he prefers to stop supporting organisations whose executives publicly endorse political individuals he disagrees with.
“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 stated.
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