Lomé, November 9, 2025 – (©AfreePress) – More than a decade ago, Ecobank suffered massive financial losses linked to transactions involving Prem Garg and his company, Little Rose Trading, estimated at around $165 million (approximately 92.5 billion CFA francs). Yet, in the decade since this colossal loss, many questions remain unanswered — questions that continue to cast a long shadow over the reputation of the pan-African banking group.
As any financial institution would, Ecobank promptly launched an internal investigation upon discovering such significant losses, in order to identify the causes and those responsible.
The findings of that investigation were never made public. What is known, however, is that the bank pursued only Prem Garg and his company for eight years, across multiple jurisdictions around the world. While the contents of the report remain undisclosed, Ecobank’s decision to focus exclusively on Garg clearly suggests where it believed responsibility lay.
But the case took a surprising turn in 2022, when Ecobank abruptly decided to target Wilben Trade, a mere intermediary in the original transactions, by filing a criminal complaint in Nigeria. This move came after eight years of pursuing only Garg — and failing to recover the lost funds.
Initially, Ecobank did not consider Wilben responsible for its losses. In fact, the bank continued to work with the company during that same period. Ecobank even extended a $100 million credit facility to Wilben after a comprehensive Know Your Customer (KYC) process, under which Wilben executed letters of credit for Ecobank in 2020 and 2021.
No financial institution would normally grant such a facility to an entity it believed had previously defrauded it. This raises a crucial question: why did Ecobank continue doing business with Wilben if internal concerns about past transactions truly existed?
The timing of the criminal complaint against Wilben is particularly curious. In March 2022, another case involving Wilben — this time with Access Bank — was dismissed. Then, just five days later, Ecobank suddenly redirected its legal fire toward Wilben, after years of exclusively targeting Garg. This abrupt reversal raises further questions: what new evidence surfaced to justify this shift? Did Ecobank mistakenly believe Wilben had reached a settlement with Access Bank, and thus saw it as a viable new target?
According to certain sources, following the filing of the criminal complaint, Oladele “Dele” Alabi, of Ecobank, allegedly told Mr. Wade that he was under pressure ahead of a eurobond payment and that he would withdraw the complaint against Wilben in exchange for a payment. This alleged statement casts serious doubt on the ethics and credibility of the bank’s legal process — and perhaps reveals the true motive behind the sudden decision to sue Wilben in Nigeria. If so, why would Mr. Alabi suggest he could withdraw the case for payment if it were based on genuine grounds?
For its part, Wilben claims to have provided Ecobank with documents and evidence proving its innocence, while exposing inconsistencies in the bank’s handling of the case. In December 2024, Wilben responded by filing a $68 million lawsuit in the United Arab Emirates against Ecobank and its CEO, Mr. Jeremy Awori.
Another controversial issue remains: Ecobank allegedly failed to disclose this major litigation in its annual financial report. The omission has fueled suspicions of a lack of transparency toward investors and shareholders — particularly at a time when the bank is undergoing major changes, including the sale of Nedbank’s shares to Cameroonian banker Alain Nkontchou. Was this significant legal case deliberately omitted from the annual report?
The controversy continues to make waves, as the bank leaves many questions unanswered. But perhaps the most pressing one is also the simplest: why has Ecobank not acted decisively to stop this scandal from further damaging its standing and reputation?
By Espoir K.
