A lawsuit totaling $68 million has been filed in the UAE against Jeremy Awori, CEO of Ecobank Transnational Inc. (ETI); ETI Specialized Resolutions Company (ETISRC); Ecobank Nigeria (ENG); and Oladele Alabi, Managing Director of ETISRC. The legal claim alleges defamation, coercion, and abusive proceedings against Wilben Trade and its CEO, Marcus Wade.
The case revolves around accusations that ETISRC and ENG pressured Wilben Trade to make unjust payments following losses incurred in 2015. These allegations have reportedly caused significant harm to the reputation and operations of Wilben Trade over the past two years.
The dispute traces back to a 2015 financial loss of over $42 million suffered by ENG in transactions involving Agrico Agbe Limited and Little Rose Trading LLC. Wilben Trade’s role was limited to acting as an intermediary to discount a Letter of Credit issued by Ecobank. Despite having no further involvement, Wilben Trade became the focus of recovery efforts after attempts to reclaim funds from the original parties failed. Legal representatives for Wilben Trade have described these actions as unwarranted and labeled them as “extortion.”
In 2022, ETISRC escalated the matter by filing a complaint with the Nigeria Police Force. The report alleged that Wilben Trade improperly received $42,485,900 and accused the company of fraud and conspiracy. Wilben Trade has denied these claims, asserting they are baseless and intended to leverage public institutions for private interests.
This lawsuit highlights Wilben Trade’s determination to defend its reputation and seek compensation for the harm caused by these allegations.
Lateef Omoyemi Akangbe, SAN, a partner at Sofunde, Osakwe, Ogundipe & Belgore Legal Practitioners, commented:
“Our client is taking legal action not only in Nigeria but also on an international scale to address these unfair tactics and mitigate the damage caused. Despite numerous requests for meaningful dialogue to resolve this dispute, Ecobank has refused to engage constructively.”
This case serves as a reminder of the importance of accountability and the protection of businesses from undue pressure and reputational harm.
