Ecobank Confronts $68 Million Legal Claim Alleging Defamation and Extortion
January 21st, 2025 5:37 PM
By: Newsworthy Staff
Wilben Trade has filed a substantial legal claim against Ecobank and its executives, asserting baseless allegations and improper pursuit of financial damages stemming from a 2015 transaction, highlighting potential systemic issues in corporate dispute resolution.
Ecobank Transnational Inc (ETI) and several of its executives are facing a significant $68 million legal claim in the United Arab Emirates, alleging defamation, abusive legal proceedings, and attempted coercion against Wilben Trade and its CEO, Marcus Wade.
The legal action originates from a complex financial dispute dating back to 2015, when Ecobank Nigeria (ENG) experienced substantial losses exceeding $42 million from transactions involving Agrico Agbe Limited and Little Rose Trading LLC. Wilben Trade was initially involved only as an intermediary service provider with a limited transactional role.
After unsuccessful attempts to recover losses from the original parties, Ecobank's Specialized Resolutions Company (ETISRC) allegedly shifted focus to Wilben Trade. The company's legal counsel has characterized the bank's subsequent actions as an 'extortion attempt'.
In 2022, ETISRC escalated the matter by filing a report with the Nigeria Police Force, alleging that Wilben Trade improperly received $42,485,900 and engaged in 'Conspiracy and Fraudulent Conversion'. Wilben Trade vehemently denies these accusations, asserting they are deliberately fabricated.
The legal claim suggests broader concerns about potential misuse of institutional resources and the manipulation of legal processes. Lateef Omoyemi Akangbe, legal counsel for Wilben Trade, emphasized the company's commitment to pursuing international legal action to address what they characterize as Ecobank's abusive tactics.
This case raises significant questions about corporate accountability, the potential for institutional overreach, and the mechanisms available to businesses when confronted with potentially unfounded legal challenges. The substantial monetary claim underscores the serious nature of the allegations and the potential financial and reputational risks involved.
The ongoing legal battle highlights the complexities of international business disputes and the critical importance of transparent, evidence-based resolution mechanisms. As the case progresses, it may provide important insights into corporate governance, legal recourse, and the challenges of cross-border financial interactions.
Source Statement
This news article relied primarily on a press release disributed by News Direct. You can read the source press release here,
