|By Adejumo Adekunle –
- ETI & CEO Jeremy Awori at the Forefront of Legal Drama
- Wilben Trade Alleges Coercion in $42M Loss Recovery Efforts
- Defendants Include ETISRC, Ecobank Nigeria, and MD Oladele Alabi
Ecobank Transnational Incorporated (ETI), led by its CEO Jeremy Awori, alongside affiliated entities, faces a $68 million legal claim in the United Arab Emirates (UAE). Wilben Trade and its CEO, Marcus Wade, have accused the financial institution of defamation, coercive tactics, and misuse of legal proceedings linked to a disputed 2015 financial transaction.
The lawsuit names ETI Specialized Resolutions Company (ETISRC), Ecobank Nigeria (ENG), and Oladele Alabi, the Managing Director of ETISRC, as co-defendants. At the heart of the claim is an alleged campaign to pressure Wilben Trade into bearing responsibility for a $42 million loss Ecobank suffered in transactions involving Agrico Agbe Limited and Little Rose Trading LLC.
Wilben Trade, which served solely as an intermediary for discounting Letters of Credit at Ecobank’s request, denies involvement in the losses. The company asserts that Ecobank’s actions amount to “extortion,” targeting an uninvolved party to recover funds lost in dealings with the original entities.
In 2022, ETISRC escalated the issue by filing a report with Nigeria’s police, accusing Wilben Trade of conspiracy and fraudulent conversion. Wilben Trade, however, rebuffed the accusations as baseless and accused Ecobank of exploiting public institutions for private interests.
Lateef Omoyemi Akangbe SAN, legal counsel for Wilben Trade and Marcus Wade, affirmed their commitment to seeking justice:
“Our client is pursuing international legal action to counter Ecobank’s abusive tactics and mitigate the harm caused by its improper use of public institutions to pursue unfounded claims.”
Despite efforts to initiate dialogue, Wilben Trade claims that Ecobank has remained uncooperative.
In a counter-statement, Austen Osokpor, Head of Marketing and Corporate Communication for Ecobank, dismissed allegations of extortion and emphasized that ongoing litigation in Nigeria and India precludes further comment.
“The issue pertains to an established case of fraud against the Ecobank Group by individuals currently under prosecution. Ecobank’s holding company, ETI, is not directly involved in the litigation but reserves the right to defend its reputation against defamatory publications,” the statement clarified.
The case underscores the deepening rift between Ecobank and Wilben Trade as both pursue legal resolutions stemming from the contentious 2015 transactions.
