“Ecobank Faces $68 Million Legal Claim by Wilben Trade Over Fraud Allegations”
Wilben Trade Limited, a global merchant trading company, has filed a significant $68 million lawsuit against Ecobank Transnational Incorporated (ETI) executives, including CEO Jeremy Awori, the bank’s Specialised Resolutions Company (ETISRC), Ecobank Nigeria (ENG), and Oladele Alabi, Managing Director of ETISRC. The case was heard on January 20, 2025, at the Remote Litigation Chamber in the UAE.
The lawsuit accuses the defendants of defamation, abusive legal actions, and coercion, stemming from a financial dispute that dates back to 2015. Wilben Trade, represented by Lateef Omoyemi Akangbe SAN of Sofunde Osakwe Ogundipe & Belgore Legal Practitioners, claims that Ecobank’s executives attempted to coerce the company and its CEO, Marcus Wade, into making unwarranted payments to Ecobank Nigeria and ETISRC after a significant financial loss in 2015.
The conflict originated from two transactions involving Ecobank Nigeria with Agrico Agbe Limited and Little Rose Trading LLC, which resulted in a loss exceeding $42 million. Wilben Trade’s involvement was limited to acting as an intermediary to discount a Letter of Credit at Ecobank’s request, with no further role in the transactions. However, ETISRC focused its claims on Wilben Trade, accusing the company of fraud and coercing them into paying for losses that they were not responsible for.
In 2022, ETISRC intensified its allegations, claiming that Wilben Trade had fraudulently received $42.5 million from Ecobank Nigeria and engaged in conspiracy and fraudulent conversion. Wilben Trade firmly denied the allegations, labeling them as fabricated by Alabi in a bid to manipulate public institutions in Nigeria.
Akangbe, representing Wilben Trade, emphasized that the company was dedicated to defending its reputation and pursuing justice for the harm caused by these false claims. In addition to seeking legal action in Nigeria, Wilben Trade has initiated steps at the international level to challenge what it describes as Ecobank’s abusive tactics. Despite attempts to resolve the matter through dialogue, Wilben Trade asserts that Ecobank has refused to engage meaningfully.
Sources within Ecobank, however, have dismissed the lawsuit as a tactic to avoid criminal liability for fraud. They allege that Marcus Wade and Wilben Trade are under investigation in Nigeria for a fraud case involving the fraudulent issuance of a Letter of Credit worth $42.5 million. According to the sources, a warrant for Wade’s arrest has been issued, and Interpol is reportedly involved in facilitating his repatriation to Nigeria for trial.
Ecobank sources also clarified that its parent company, ETI, is not involved in the lawsuit and categorically denied any involvement in extortion, describing the legal action as a distraction from the ongoing legal proceedings in Nigeria.
