Wilben Trade Files $68 Million Lawsuit against Ecobank in UAE Court

Wilben Trade Limited, a global merchant trading company has filed a $68 million legal claim against Ecobank Transnational Incorporated’s (ETI) executives, including the CEO, Jeremy Awori; ETI Specialised Resolutions Company (ETISRC), Ecobank Nigeria (ENG), and Oladele Alabi, Managing Director of ETISRC.

The case, which was heard on January 20, 2025, at the Remote Litigation Chamber in the UAE, accused the defendants of defamation, abusive legal actions, and coercion.

Represented by Lateef Omoyemi Akangbe SAN of Sofunde Osakwe Ogundipe & Belgore Legal Practitioners, Wilben Trade alleged that Ecobank executives attempted to force the company and its CEO, Marcus Wade, into making unwarranted payments to ENG and ETISRC following a financial loss in 2015.

The dispute dates back to 2015 when Ecobank Nigeria incurred losses of over $42 million from two transactions with Agrico Agbe Limited and Little Rose Trading LLC. Wilben Trade’s sole role was as an intermediary to discount a Letter of Credit at Ecobank’s request, with no further involvement in the transactions.

Despite this, ETISRC, focused its claims on Wilben Trade, which the legal counsel described as “an extortion attempt.”

In 2022, ETISRC escalated the matter by alleging that Wilben Trade fraudulently received $42.5 million from Ecobank Nigeria and engaged in conspiracy and fraudulent conversion.

Wilben Trade denied the allegations, asserting they were fabricated by Alabi as part of a strategy to manipulate public institutions in Nigeria.

Akangbe, emphasised that Wilben Trade was committed to defending its reputation and seeking justice for the harm caused by these claims, noting that in addition to Nigerian legal action, international steps are being taken to address Ecobank’s alleged abusive tactics.

Despite attempts to resolve the matter through dialogue, Wilben Trade claimed that Ecobank had refused to engage meaningfully.

Sources within Ecobank, on the other hand, dismissed the lawsuit as a tactic by Marcus Wade and Wilben Trade to avoid criminal liability for fraud.

The sources alleged that Wade and Wilben Trade are facing prosecution in Nigeria for Letter of Credit fraud totalling $42.5 million.

“A warrant for Wade’s arrest has been issued, and Interpol was reportedly involved in facilitating his repatriation to Nigeria for trial.

Ecobank asserted that the UAE lawsuit was an attempt to obstruct the ongoing legal proceedings.”

Ecobank sources further clarified that its parent company, ETI was not involved in the litigation and categorically denied all allegations of extortion.