CBN investigates alleged violations against EcoBank

The Central Bank of Nigeria (CBN) has reportedly launched an investigation into Ecobank Nigeria (ENG) and Ecobank Transnational Inc. Specialized Resolutions Company (ETISRC) following a petition filed by Wilben Trade (Wilben), and its CEO, Marcus Wade.

This development comes after two years of legal wrangling in the case brought against Wilben and Mr Wade by ETISRC and ENG.

Wilben Trade’s Counsel, Lateef Omoyemi Akangbe, Partner, Sofunde Osakwe Ogundipe & Belgore Legal Practitioners, who made this known said the petition has been forwarded to the central bank, which said it would investigate and the outcome of the engagement in an effort to resolve the matter would be made known as soon as possible.

In 2021, ENG (via ETISRC) filed a complaint regarding losses suffered by ENG in 2014/15 against Wilben and its CEO, Marcus Wade. Wilben claimed that the actions of ENG and ETISRC had caused significant financial and reputational harm.

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ENG said its losses resulted from loan transactions with long-standing customers, Agrico Agbe Limited and an associated company, Little Rose Trading LLC.

It was gathered that after attempts to recover the losses from the original customers failed, ETISRC tried to recover them from Messrs Wade and Wilben who had acted as guarantors for the loans.

Speaking further on the issue, Akangbe said:

“We appreciate the decision of the Central Bank of Nigeria to investigate Ecobank Nigeria. This is a clear indication that the authority is willing to act within its mandate to promote a sound financial system and fight corruption across the financial industry. As a key player in the industry, any unethical behavior by Ecobank Nigeria must be dealt with in accordance with the law.”

This comes as Nigeria seeks to stamp out corruption, which has hampered the country’s economic growth by creating insurmountable barriers for international investors, who are then forced to invest elsewhere without proper checks and balances.

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