Ecobank Nigeria has threatened legal action against the law firm Sofunde Osakwe Ogundipe & Belgore Legal Practitioners (SOOBLP) and several media outlets over coverage related to the Central Bank of Nigeria’s (CBN) investigation into the bank. This move is seen as an attempt to silence critics and suppress media reporting on the matter.
In a letter sent to SOOBLP, Ecobank claims that the law firm has damaged its reputation and misrepresented facts in the media, demanding an apology along with ₦10 billion in damages. Additionally, the bank has pressured some media houses to retract articles on the investigation and halt further coverage.
Ripples Nigeria, one of the media outlets that reported on the investigation, was reportedly among those pressured to take down their story following a legal threat from Ecobank’s lawyers.
Lateef Omoyemi Akangbe, a partner at the law firm representing Wilben Trade, refuted Ecobank’s claim that the CBN had not initiated an investigation. He stated, “We have written proof from the CBN confirming the investigation.” Akangbe also condemned Ecobank’s tactics, calling it an attempt to intimidate the media and suppress the truth.
The CBN investigation began in July 2024 after Ecobank Transnational Inc.’s Specialized Resolutions Company (ETISRC) and Ecobank Nigeria accused Wilben Trade and its CEO, Marcus Wade, of fraud. While news outlets initially covered the story widely, many later retracted their reports, allegedly under pressure from Ecobank.
SOOBLP also released a statement exposing Ecobank and ETISRC’s actions and revealing that the CBN had promised to look into the matter. However, after initially acknowledging the investigation, the CBN later disowned the press release, labeling it as fake and distancing itself from the claims. The CBN shared the disavowal on social media, warning that the information was not affiliated with the bank.
In response, Akangbe criticized the CBN’s denial and demanded that the post be taken down from all platforms. He argued that the press release never claimed any official affiliation with the CBN and insisted its contents were accurate. He also pointed to CBN’s earlier acknowledgment of receiving their complaint and reaffirmed the bank’s duty to investigate any issues that could harm the integrity of Nigeria’s financial system.
The conflict stems from a dispute dating back to 2021 when Ecobank, through ETISRC, filed a criminal complaint against Wilben Trade and its CEO, Marcus Wade, over alleged losses from past transactions. Wilben’s legal team maintains that Ecobank and ETISRC’s actions amount to extortion, causing financial and reputational harm to their client.
