CBN Probes Allegations Of Extortion Against ENG, Subsidiary …C0NTINUE READING HERE >>>
The Central Bank of Nigeria (CBN) has launched an investigation into Ecobank Nigeria (ENG) and Ecobank Transnational Inc. Specialized Resolutions Company (ETISRC) following claims of abusive proceedings and communications against Wilben Trade (Wilben), and its CEO, Marcus Wade.
The CBN’s investigation comes after two years of legal wrangling relating to false accusations of fraud made against Wilben and Mr Wade by both ETISRC and ENG.
Recall that in 2021, ENG (through ETISRC) filed a complaint over a loss suffered by ENG in 2014/15 against Wilben and its CEO, Marcus Wade. The actions of ENG and ETISRC were said to have caused significant financial and reputational damage to Wilben.
ENG’s losses resulted from a transaction with its existing customer, Agrico Agbe Limited and associate company, Little Rose Trading LLC. After attempts to recover losses from the original customers failed, ETISRC tried to recover them from Mr Wade and Wilben instead. As Wilben had only acted as an intermediary at Ecobank’s request in the business transaction between Ecobank and Agrico Agbe Limited, ETISRC’s pursuit of them was unfounded.
According toWilben Trade’s counsel, Lateef Omoyemi Akangbe, a Partnerat Sofunde Osakwe Ogundipe & Belgore Legal Practitioners, he said: “We applaud the Central Bank of Nigeria’s decision to investigate Ecobank Nigeria. This is a clear indication the authority is willing to act on its mandate to promote a sound financial system and counter corruption across the financial industry. As a key player in the industry, any unethical behaviour by Ecobank Nigeria must be dealt with to the full extent of the law.”
CBN’s investigation comes as Nigeria moves to crack down on corruption, which is stifling the country’s economic growth by creating insurmountable barriers for international investors, who will subsequently be forced to invest elsewhere without the right checks and balances being put in place.
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