A major financial conflict has emerged between Wilben Trade, led by its CEO Marcus Wade, and the pan-African bank Ecobank, along with some of its subsidiaries. This dispute escalated with the filing of a $68 million lawsuit (40.8 billion CFA francs) in Dubai for defamation, abuse of process, and coercion. Those accused include Jeremy Awori, CEO of Ecobank Transnational Incorporated (ETI), and several leaders from its subsidiaries: ETI Specialized Resolutions Company (ETISRC) and Ecobank Nigeria (ENG).
Wilben Trade claims that Ecobank officials applied undue pressure on the company, demanding unfair payments to ENG and ETISRC following an unsuccessful business transaction in 2014. According to Wilben Trade, this deal involved the company acting as an intermediary to provide letters of credit. The transaction allegedly caused Ecobank Nigeria to lose over $42 million. Unable to recover these funds from the actual parties responsible, ENG and ETISRC reportedly redirected their efforts towards Wilben Trade, which lawyers describe as an « extortion attempt. »
In 2022, ETISRC escalated the matter by filing a report with Nigerian police, accusing Wilben Trade of fraud and conspiracy. These allegations, described as baseless by Marcus Wade and his legal team, have significantly harmed the company’s reputation and finances. « This is the misuse of public institutions for private interests, » said Lateef Omoyemi Akangbe SAN, one of Wilben Trade’s lawyers. He added that the lawsuit filed in Dubai is part of an international legal strategy.
Despite repeated attempts to resolve the matter through dialogue, Ecobank has allegedly failed to respond constructively. To date, the banking group has not officially commented on these accusations. This dispute, highlighting the challenges in managing complex financial transactions, could have serious consequences for Ecobank’s reputation and international operations.
In a response letter dated September 24, 2024, sent to the press agency AfreePress and the newspaper Hara Kiri, Ecobank Transnational Incorporated (ETI) provided clarifications about the dispute. This followed a notification regarding the publication of this matter in various media outlets.
According to Ecobank, the disagreement involves two of its subsidiaries, Ecobank Nigeria and Ecobank Specialized Recovery Company. The case relates to letters of credit issued by Ecobank Nigeria at the request of a client company for the importation of rice, which was never delivered to Nigeria.
The banking group emphasized that the case stems from proven fraud, leading Ecobank Nigeria to file a complaint with the Attorney General. Investigations by the Nigerian national police, in collaboration with Interpol, resulted in the federal government filing charges in Nigeria’s High Court against the companies and individuals involved in this fraud. These legal actions led to arrest warrants being issued.
On August 12, 2024, Nigerian courts rejected a request to cancel these arrest warrants, confirming their validity.
Ecobank stated that the case remains ongoing in Nigerian courts. Due to the legal nature of the matter, the group said it could not provide further comments in response to the allegations.
Today, while the case continues in Nigeria, it has also been brought to Dubai by Wilben Trade. An initial hearing took place on Monday, January 20, 2025. We will keep you informed of developments in this 40.8 billion CFA francs lawsuit.
By Olivier Adja
