A Nigerian-born health communication specialist, Ugochukwu Madu, has announced the closure of all his accounts with United Bank for Africa (UBA), citing recent remarks by the bank’s Chairman, Tony Elumelu, in support of the economic reforms introduced by President Bola Ahmed Tinubu.

Elumelu had publicly endorsed the administration’s ongoing policy measures, describing them as pivotal to strengthening small and medium-scale enterprises (SMEs), reforming Nigeria’s tax system, and revitalising the power sector.

He made the comments while speaking to State House correspondents after a private meeting with the President at the Presidential Villa in Abuja.

According to Elumelu, discussions during the meeting focused on sustaining macroeconomic stability, expanding entrepreneurial opportunities, and dismantling structural constraints limiting business growth.

He reiterated that SMEs remain central to the Federal Government’s economic strategy, given their critical 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 said.

He further disclosed that the President highlighted targeted tax reforms and financial interventions designed to ease operational pressures on entrepreneurs and stimulate business expansion nationwide.

Madu’s decision to sever ties with the bank comes amid broader public debate surrounding the administration’s reform agenda and its impact on businesses and households across the country.