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, sparking mixed reactions online.
Elumelu made his remarks after a private session with the President at the Presidential Villa in Abuja. Addressing journalists, he described the government’s ongoing reforms as necessary steps to stabilise the economy and promote business growth.
He added that discussions focused on strengthening small and medium-scale enterprises (SMEs), improving the tax structure, and addressing long-standing challenges in the power sector.
The UBA chairman stressed that SMEs are at the heart of Nigeria’s economic growth, noting their role in job creation and innovation. Elumelu also said the President highlighted plans for targeted tax adjustments and financial support aimed at easing pressure on entrepreneurs and encouraging expansion.
“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.
Reacting to the development, Madu revealed that he and his wife recently shut down their UBA accounts. He stated 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 withdrew all the funds and formally closed both accounts.
Explaining his action, Madu said individuals are free to support any political party or candidate of their choice. However, he added that 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 stated.
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