By Okafor Joseph Afam | January 21, 2025

EcoBank Nigeria, its parent companies, and key leadership figures are at the center of a $68 million legal battle in the United Arab Emirates (UAE), accused of defamation, abusive proceedings, and coercion in Nigeria.

The lawsuit, filed by Wilben Trade and its CEO, Marcus Wade, targets Jeremy Awori, CEO of Ecobank Transnational Incorporated (ETI); ETI Specialized Resolutions Company (ETISRC); EcoBank Nigeria (ENG); and Oladele Alabi, Managing Director of ETISRC. The plaintiffs have demanded compensation amounting to AED 249,155,925, with an annual legal interest rate of 12% until full payment is made.

Background of the Conflict

Court filings reveal that the dispute dates back to 2015 when EcoBank Nigeria suffered losses exceeding $42 million from two transactions involving its clients, Agrico Agbe Limited and Little Rose Trading LLC. Wilben Trade, reportedly brought into the transactions solely to provide intermediary services, has since been accused of improperly benefiting from the losses incurred by the bank.

Legal documents claim that ETISRC and its leadership have spent years attempting to recover the losses, shifting their focus to Wilben Trade after unsuccessful efforts to recoup funds from the original clients. Wilben Trade’s legal representatives, however, have called these actions an “extortion attempt” designed to unfairly pressure their client into compensating the bank.

In 2022, ETISRC escalated the matter by filing a report with the Nigeria Police, accusing Wilben Trade of conspiracy and fraudulent conversion of $42,485,900. Wilben Trade denied these allegations, stating they were baseless and engineered by Oladele Alabi of ETISRC as part of a broader agenda to exploit public institutions for private interests.

Legal Repercussions and Statements

The case has now reached international courts, with Wilben Trade filing its claim in the UAE to defend its reputation and seek redress for financial and reputational harm. Marcus Wade and his legal team have alleged that EcoBank’s actions caused significant distress, labeling the bank’s tactics as abusive and harmful.

Speaking on the matter, Lateef Omoyemi Akangbe (SAN), Partner at Sofunde Osakwe Ogundipe & Belgore Legal Practitioners, remarked:

“Our client is pursuing international legal action to address EcoBank’s abusive tactics and repair the ongoing damage caused by the bank’s improper use of public institutions to pursue baseless complaints.”

The plaintiffs also disclosed efforts to engage EcoBank in dialogue, which were reportedly rebuffed.

EcoBank’s Response

In response to inquiries, EcoBank stated that it could not comment on ongoing litigation in Nigeria, India, and now the UAE. The bank denied all allegations of extortion and clarified that Ecobank Transnational Incorporated, its holding company, is not a party to the lawsuits.

A spokesperson for EcoBank said:

“This matter is the subject of litigation in Nigerian and Indian courts, involving an established case of fraud against the EcoBank Group. EcoBank denies all allegations of extortion.”

Wider Implications

The dispute has also drawn attention from Nigeria’s Central Bank (CBN), which had earlier acknowledged a petition from Wilben Trade against EcoBank and ETISRC. However, the CBN later dismissed a press release by the petitioners as fake, prompting sharp criticism from Wilben Trade’s legal team.

The legal battle highlights the growing scrutiny on corporate accountability and the use of public institutions in private disputes, with significant financial and reputational stakes for all parties involved.

This ongoing case in the UAE could set a precedent for how multinational corporations resolve disputes across jurisdictions, underscoring the importance of transparency and fairness in business operations.