- Ugochukwu Madu, a health communication specialist from Nigeria, has closed all his accounts with the United Bank for Africa (UBA).
- The decision follows comments by UBA chairman Tony Elumelu, who supports President Bola Ahmed Tinubu’s economic reforms.
- Elumelu’s support for the president’s policies prompted mixed reactions on social media.
Nigerian-born health communications expert Ugochukwu Madu has reportedly closed all his accounts at the United Bank for Africa (UBA), following its chairman, Tony Elumelu’s recent comments in support of President Bola Ahmed Tinubu’s economic reforms.
Madu announced his decision shortly after Elumelu publicly backed the president’s ongoing policy measures, sparking mixed reactions online.
Elumelu made the remarks after a private meeting with the President at the Presidential Villa in Abuja. He told reporters that the reforms being carried out by the government were necessary steps to stabilize the economy and promote business growth.
He added that discussions focused on strengthening small and medium enterprises (SMEs), improving the tax structure and addressing long-standing challenges in the power industry.
The UBA Chairman emphasized that SMEs are at the core of Nigeria’s economic growth, noting their role in job creation and innovation. Elumelu also said the president highlighted targeted tax adjustments and financial support packages aimed at easing pressure on entrepreneurs and encouraging expansion.
“I like to sit down with Tinubu and discuss economic issues, provide feedback based on what we think is happening in the economy and then agree constructively. I am a member of the President’s Economic Council just for the exchange of ideas.” he said.
Reacting to the development, Madu revealed that he and his wife had recently closed their UBA account. He said they opened two household (foreign currency) accounts, one in his name and the other in his wife’s name. During a recent visit to Nigeria, they withdrew all funds and officially closed two accounts.
Explaining his actions, Madu said individuals are free to support any party or candidate of their choice. However, he added that he has chosen to withdraw sponsorship from institutions whose leadership openly supports politicians he does not support.
“I opened two UBA FCY accounts – one for me and the other for my wife. When we returned home recently, we withdrew all the money and closed both accounts. You are free to join or support any political party, but as soon as you support a questionable candidate, I will withdraw my affiliation,” he said.
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