While banks are still struggling to survive the economic impact of the dreaded Coronavirus, the Tony Elumelu led United Bank for Africa (UBA) is currently having more battles to deal with.
Those who are in the know claimed that the scourge affects nearly all the branches in Lagos and its environ.
“It is difficult to say which of the branches it affected because the management of the bank have shrouded the details in secrecy because they don’t want anybody to know,” our source said.
The source further advised that those visiting any branch and the headquarters of the bank should take more precautionary measures in order not to be infected with the virus.
Meanwhile, apart from the Coronavirus, the bank is battling many battles on different fronts as they’re still threatening to go ahead to sack some of their staff despite directives of the Central Bank of Nigeria (CBN) to stop the idea.
Inside sources within UBA said the situation with the bank can be described as “the more you look the less you see.”
On the outward, UBA is doing fine but to those who are inside, it is fighting to stay afloat in the midst of many battles.
While Tony Elumelu is juncketing all over, donating money here and there to polish his image, the bank is bleeding and exposed to humongous amount of unpaid loans.
One of the bank’s shareholders claimed that the recent donations of N5b to Federal government is nothing but ego trip.
In his words “it is nonsensical. The bank that cannot pay a good dividend or have good capital appreciation. I’m a shareholder and the loss has been huge on ROI or return on equity. They should face their business. Why can’t Tony fund this from his Foundation? I’m a shareholder and I’m against this. This is beyond CSR/CSI. It is to fan somebody’s ego.”
However, the bank image makers neither confirmed nor denied the story as they refused to reply to messages sent to them.
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