CBN Names UBA Chairman Tony Elumelu In ₦41.5bn Loan Default Scandal

The Central Bank of Nigeria (CBN) has reportedly listed billionaire businessman and Chairman of United Bank of Africa (UBA) and Heirs Holdings, Tony Elumelu, as one of the top loan defaulters owing the nation’s financial institutions billions of naira.

According to findings, Elumelu’s company allegedly defaulted on a ₦41.5 billion loan obtained at a 15% interest rate per annum. The revelation has reignited public outrage over the rising cases of unpaid loans and financial recklessness among Nigeria’s business and political elite.

In a shocking revelation, observers say Elumelu’s case is just a glimpse of a much deeper problem. Reports indicate that over 20 high-profile individuals and companies owe Nigerian banks more than ₦5 trillion, much of which has now been classified as bad debts.

BrandNewsDay Nigeria report that a committee set up under the previous administration, through the Asset Management Corporation of Nigeria (AMCON), was expected to recover these debts. However, little progress was made, leaving many of the defaulters untouched and continuing their luxurious lifestyles.

“These are men above the law,” a financial analyst commented. “Many of them are still occupying public offices, contesting elections, and making laws for ordinary Nigerians while their unpaid debts cripple the economy.”

Experts warn that the accumulation of bad loans has worsened Nigeria’s financial instability, weakened commercial banks, and starved small businesses of credit. In several cases, the loans were granted without proper collateral, making recovery nearly impossible.

Analysts are now urging President Bola Ahmed Tinubu to take decisive action to clean up the banking sector, ensure transparency, and hold defaulters accountable.

“Those who destroyed Nigeria’s economy through reckless borrowing must be made to refund what they owe,” one economist said. “Our survival as a nation depends on our willingness to make tough economic decisions.”

CBN Names Tony Elumelu In ₦41.5bn Loan Default Scandal

Below is the list of top debtors and their current exposures, as reportedly compiled by financial regulators:

S/N Company/Promoter(s) Current Exposure (₦)

1 Capital Oil & Gas Industries Ltd — Ifeanyi Ubah 115,952,152,265.92
2 NICON Investments Ltd — Jimoh Ibrahim 59,544,633,980.31
3 Bi-Courtney Ltd (MMA2) — Wale Babalakin (SAN) 40,798,422,374.02
4 Josepdam & Sons Ltd — Late Mrs Josephine Damilola Kuteyi, Saheed Kuteyi, Ganiyu Kuteyi 39,056,674,951.55
5 Tinapa Business Resort — Cross River State Government 36,006,319,844.68
6 Home Trust Savings — Chukwukadibia Ajaegbu, Funmi Ademosun 30,626,243,344.71
7 Geometric Power Ltd — Prof. Barth Nnaji & Partners 29,844,500,896.77
8 Roygate Properties Ltd — Wale Babalakin (SAN) & Others 28,137,176,532.32
9 SPDC Staff Co-operative Society — Ikponmwosa Ogiemuda (Rep..) 26,474,541,188.17
10 Anyiam Osigwe Ltd — Dorothy Chinyere Anyiam-Osigwe 20,523,322,350.29
11 Platinum Capital — Richard Francis Atuche 20,378,820,507.19
12 Flotsome Investment Ltd — Oboden & Tejiro Ibru 20,218,703,550.96
13 Lonestar Drilling — Late Chief & Margaret Idisi 20,207,979,803.22
14 Petrologistics Ltd — Ugoji Egbujo 19,576,962,565.35
15 Lorna Global Resources — H.E. Chimaroke Nnamani 18,919,109,352.85
16 Hosanna Properties Ltd — Anionye Chika, Obi Ike C., Otunba Mark Adesanya —

The list underscores the deep rot in Nigeria’s financial system, where the powerful borrow heavily without repayment — while the poor bear the burden of economic hardship.