CBN refutes probing extortion allegation at Ecobank Nigeria

The Central Bank of Nigeria (CBN) has denied probing Ecobank Nigeria and Ecobank Transnational Inc. Specialized Resolutions Company (ETISRC) for alleged extortion.

CBN denied probing the financial institution while reacting to a statement titled ‘CENTRAL BANK OF NIGERIA INVESTIGATING ALLEGATIONS OF EXTORTION AT ECOBANK NIGERIA’.

According to the statement, CBN is investigating Ecobank over claims of abusive proceedings and communications against Wilben Trade Limited and Marcus Wade, its chief executive officer (CEO).

The statement said CBN’s probe comes after “two years of legal wrangling relating to false accusations of fraud made against Wilben and Wade” by Ecobank and ETISRC.

“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 statement reads.

“The CBN’s investigation comes after two years of legal wrangling relating to false accusations of fraud made against Wilben and Mr Wade by ETISP and ENG.

“In 2022, ENG (through ETISRC) filed criminal charges over a less suffered by ENG in 2014/15 against Wilben and its CEO Marcus Wade. The actors of ENG and ETISRC 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. Wilbe 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.”

However, in a post on X on Wednesday, CBN denied the statement, adding that it is misleading.

“This information is misleading and not affiliated with the Central Bank of Nigeria. Please be guided,” the apex bank said.

On March 4, 2023, The Punch reported Ecobank petitioned the Department of Public Prosecutions over $42,485,900 fraud allegations against Prem Garg, Devashish Garg, Marcus Wade and Wilben Trade Limited.