Ecobank Transnational Incorporated (ETI), its CEO Jeremy Awori, and two other subsidiaries of the financial institution are facing a $68 million lawsuit claim filed in the United Arab Emirates (UAE). Wilben Trade and its CEO Marcus Wade have filed a complaint alleging defamation, abusive legal actions, and extortion in connection with a financial transaction issue from 2015.
The defendants include ETI Specialized Resolutions Company (ETISRC), Ecobank Nigeria (ENG), and ETISRC’s Managing Director, Oladele Alabi. The claim relies on alleged attempts to compel Wilben Trade into making large payments to ENG and ETISRC following Ecobank’s $42 million loss in transactions involving two other companies, Agrico Agbe Limited and Little Rose Trading LLC.
Wilben Trade, who functioned only as an intermediary to discount Letters of Credit at Ecobank’s request, denies any responsibility for the losses. The company claims that Ecobank’s activities are part of a “extortion” campaign aimed at recovering monies from an uninvolved party after failing to recuperate damages from the initial clients.
In 2022, ETISRC exacerbated the situation by submitting a report with the Nigeria Police Force, charging Wilben Trade of conspiracy and fraudulent conversion. Wilben Trade claims that these allegations are false and manufactured, accusing Ecobank of taking advantage of Nigerian public institutions for private gain.
Marcus Wade and Wilben Trade’s legal representative, Lateef Omoyemi Akangbe SAN, expressed their determination to seek redress:
“In addition to taking action in Nigeria, our client is pursuing international legal action to address Ecobank’s abusive tactics and repair the ongoing damage caused to our client by Ecobank’s improper use of public institutions to pursue its baseless complaints against our client.”
Ecobank also noted that its holding company, ETI, is not a party to the ongoing dispute, but it has the right to seek legal action to safeguard its reputation from malicious publications.
The lawsuit underscores continued difficulties between the bank and Wilben Trade, as both parties seek judicial recourse to address the impact from the disputed 2015 transactions.
