A $68 million legal claim has been filed in the United Arab Emirates against key executives and subsidiaries of Ecobank Transnational Inc (ETI), including CEO Jeremy Awori and Oladele Alabi, Managing Director of ETI Specialized Resolutions Company (ETISRC). The lawsuit originates from a contentious dispute that began in 2015 when Ecobank Nigeria (ENG) suffered losses exceeding $42 million from transactions involving Agrico Agbe Limited and Little Rose Trading LLC. Wilben Trade, represented by legal firm Sofunde Osakwe Ogundipe & Belgore, was initially involved only as an intermediary service provider in these transactions.
According to legal counsel, ETISRC has pursued Wilben Trade through what they characterize as an 'extortion attempt' after failing to recover losses from the original customers. In 2022, ETISRC escalated actions by filing a report with the Nigeria Police Force, alleging that Wilben Trade improperly received $42,485,900 and engaged in 'Conspiracy and Fraudulent Conversion'. Wilben Trade strongly contests these allegations, asserting they are baseless and fabricated. The company suggests the accusations represent an improper instrumentalization of public institutions by powerful private interests.
Lateef Omoyemi Akangbe, a partner at the legal firm representing Wilben Trade, emphasized the company's commitment to addressing what they perceive as Ecobank's abusive tactics. Akangbe noted that despite attempts to engage in constructive dialogue, Ecobank has refused meaningful communication. The legal action underscores broader concerns about institutional accountability and the potential misuse of legal and regulatory mechanisms in resolving complex financial disputes. This case raises important questions about how multinational financial institutions handle internal losses and whether they may improperly target third parties when primary recovery efforts fail.
The lawsuit's filing in the UAE jurisdiction adds an international dimension to what began as a Nigerian financial dispute, potentially setting precedents for how cross-border banking disputes are adjudicated. Legal observers note that the outcome could influence how financial institutions approach debt recovery and legal actions against intermediaries in complex transaction chains. The case also highlights the power dynamics between large multinational banks and smaller service providers, with implications for corporate governance and ethical business practices across the financial sector.
