Tony Elumelu

FIJ reported that, following an anonymous email alleging harassment, intimidation and working conditions at UBA's service centre, at least ten employees suspected of links to the disclosure allegedly lost access and subsequently their jobs. The email had been addressed to management, including Tony Elumelu.

State of the evidence

Allegations

Tony Elumelu told the Financial Times that Heirs Holdings had raised approximately 2.5 billion dollars to acquire an oilfield, but President Muhammadu Buhari and his Chief of Staff Abba Kyari had blocked the transaction on the grounds that the asset was too strategic to be transferred to a private operator.

State of the evidence

Documented

Attribution

Directly implicated

UBA's financial statements documented substantial credit exposure to Heirs Holdings, a company linked to Tony Elumelu, while he chaired UBA. Investigative media highlighted the related-party nature of the relationship and compared the loan interest rate with market monetary conditions, raising governance questions.

State of the evidence

Documented

Following the shareholding battle over Transcorp, Femi Otedola accused Tony Elumelu of having historically taken advantage of his trust in several transactions involving UBA and AFC shares, indirect acquisition of Transcorp shares and a higher bid for the Ughelli power plant.

State of the evidence

Allegations

Attribution

Accused

The Senate Petitions Committee examined two cases involving UBA accounts belonging to NITEL/MTEL in liquidation, including allegations of unauthorised withdrawals amounting to tens of billions of naira. The controversy publicly involved Tony Elumelu in his capacity as UBA Chairman.

The ICIJ Offshore Leaks database links Tony Elumelu to Heirs Alliance Limited, a company registered in the British Virgin Islands, where he appears, among other roles, as director and, in linked data, beneficial owner/shareholder.

State of the evidence

Documented

Attribution

Directly implicated