A Nigerian-born health communication specialist, Ugochukwu Madu, has reportedly shut down all his accounts with United Bank for Africa (UBA) following recent comments made by the bank’s chairman, Tony Elumelu, in support of President Bola Ahmed Tinubu’s economic reforms.
Madu’s decision, which has now sparked debate online, came shortly after Elumelu publicly endorsed the Federal Government’s ongoing policy direction, a move that triggered mixed reactions across social media.
Elumelu Speaks After Meeting Tinubu in Abuja
Elumelu made the statement after a private meeting with President Tinubu at the Presidential Villa, Abuja.
Speaking with journalists after the session, the UBA chairman described the administration’s reforms as difficult but necessary steps aimed at stabilising the economy and improving Nigeria’s business environment.
He said discussions with the President centred on:
- Strengthening small and medium-scale enterprises (SMEs)
- Improving Nigeria’s tax structure
- Addressing long-standing power sector challenges
“SMEs Are the Heart of the Economy” — Elumelu
Elumelu emphasised that SMEs remain crucial to Nigeria’s growth, noting that they play a major role in job creation and innovation.
He also explained that Tinubu discussed plans for targeted tax adjustments and financial support that could reduce pressure on entrepreneurs and encourage expansion.
In his words, Elumelu said:
“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.”
Madu Reacts: “We Withdrew Everything and Closed the Accounts”
Reacting to Elumelu’s endorsement, Madu disclosed that he and his wife recently closed their UBA accounts.
According to him, they had earlier opened two domiciliary (foreign currency) accounts — one in his name and another in his wife’s name.
He said during their last visit to Nigeria, they withdrew all funds and formally shut down the accounts.
“You Can Support Anyone, But I’ll Withdraw My Patronage”
Madu stated that while people are free to endorse any political party or candidate, he personally chooses not to associate with institutions whose leadership openly supports political figures he does not agree with.
He was quoted as saying:
“You’re free to join or endorse any party but once you endorse a questionable candidate, I withdraw my affiliation.”
Nigerians React as Post Trends
The report has continued to generate reactions online, with some Nigerians praising Madu for standing by his beliefs, while others argued that banking decisions should not be based on political opinions.
See his post below…
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