A Nigerian-born health communication specialist, Ugochukwu Madu, has announced the closure of 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.
Elumelu had publicly endorsed Tinubu’s ongoing policy measures, describing them as critical steps toward strengthening small and medium-scale enterprises (SMEs), reforming the tax system, and revitalising Nigeria’s power sector. He made the remarks while addressing State House correspondents after a private meeting with the President at the Presidential Villa in Abuja.
According to Elumelu, the discussions centred on sustaining economic stability, expanding entrepreneurial opportunities, and removing structural barriers that hinder business growth. He noted that SMEs remain central to the administration’s economic agenda, given their role in job creation, innovation, and inclusive development.
“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,” Elumelu stated.
He further explained that the President emphasised targeted tax reforms and financial interventions aimed at easing operational pressures on entrepreneurs and encouraging business expansion across the country.
Madu’s decision to sever ties with the bank has since sparked conversations online, with reactions divided over corporate leaders’ public alignment with government policies.