Ecobank faces a $68 million lawsuit in the UAE over allegations of defamation and coercion linked to a 2015 financial dispute
[dropcap]E[/dropcap]cobank Transnational Incorporated (ETI) and its CEO, Jeremy Awori, are at the centre of a $68 million lawsuit in the United Arab Emirates (UAE), filed by Wilben Trade and its CEO, Marcus Wade.
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The legal claim, which also names ETI Specialized Resolutions Company (ETISRC), Ecobank Nigeria (ENG), and Oladele Alabi, Managing Director of ETISRC, alleges defamation, abusive legal proceedings, and coercion stemming from a financial dispute dating back to 2015.
The case revolves around alleged efforts by Ecobank to recover $42 million lost in transactions involving Agrico Agbe Limited and Little Rose Trading LLC. Wilben Trade, which acted solely as an intermediary to discount Letters of Credit at Ecobank’s request, denies any involvement in the losses.
The claim accuses Ecobank of using “extortionate” tactics to compel Wilben Trade to make payments for losses it had no role in causing.
Wilben Trade alleges that Ecobank escalated matters in 2022 by filing a report with the Nigeria Police Force, accusing the company of conspiracy and fraudulent conversion.
According to Marcus Wade and his legal team, led by Senior Advocate of Nigeria Lateef Omoyemi Akangbe, the allegations are unfounded and part of a campaign of intimidation.
“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,” Akangbe stated.
Meanwhile, Ecobank has denied the claims. In a statement issued by Austen Osokpor, Head of Marketing and Corporate Communications, the bank described the allegations as defamatory and reiterated that the matter is subject to ongoing litigation in Nigerian and Indian courts.
“The issue referenced is currently the subject of litigation in Nigerian and Indian courts, in connection with an established case of fraud perpetrated against the Ecobank Group.
As a result, Ecobank is unable to provide any comment on this matter at this time,” the statement noted.
Ecobank further clarified that its holding company, ETI, is not directly involved in the litigation and reserves the right to protect its reputation against defamatory claims.
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This lawsuit underscores the protracted legal tensions between Ecobank and Wilben Trade, as both parties seek to resolve a dispute that has dragged on for nearly a decade.
