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Ecobank Faces $68m UAE Lawsuit Over Defamation, Coercion Allegations

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Ecobank Transnational Incorporated (ETI), its CEO Jeremy Awori, and two affiliated entities are entangled in a $68 million legal claim filed in the United Arab Emirates (UAE).

The suit, brought by Wilben Trade and its CEO Marcus Wade, accuses the bank of defamation, coercion, and abusive legal proceedings stemming from a 2015 financial dispute.

The lawsuit also names ETI Specialized Resolutions Company (ETISRC), Ecobank Nigeria (ENG), and Oladele Alabi, Managing Director of ETISRC, as co-defendants.

At the heart of the claim are allegations that Ecobank attempted to coerce Wilben Trade into making significant payments to ENG and ETISRC following a $42 million loss incurred in transactions involving Agrico Agbe Limited and Little Rose Trading LLC.

Wilben Trade, which describes itself as merely an intermediary facilitating the discounting of Letters of Credit at Ecobank’s request, denies any responsibility for the losses.

The company contends that Ecobank’s actions amount to an “extortion campaign” aimed at recovering funds from an uninvolved party after failing to reclaim the losses from the original debtors.

The situation escalated further in 2022 when ETISRC lodged a complaint with the Nigeria Police Force, accusing Wilben Trade of conspiracy and fraudulent conversion.

Wilben Trade has dismissed these allegations as baseless, accusing Ecobank of exploiting public institutions in Nigeria for private objectives.

Marcus Wade’s legal counsel, Lateef Omoyemi Akangbe SAN, criticized Ecobank’s tactics, stating: “Our client is committed to seeking redress through international legal action to counter Ecobank’s abusive strategies and to repair the harm caused by its baseless complaints.”

Wilben Trade alleges that repeated offers for dialogue to resolve the matter have been rebuffed by Ecobank, further intensifying the dispute.

In response, Ecobank denied the allegations of extortion and emphasized that the issue is subject to ongoing litigation in Nigerian and Indian courts.

The bank stated: “This matter involves an established case of fraud against the Ecobank Group, with the accused individuals currently being prosecuted by relevant authorities in Nigeria. Consequently, Ecobank cannot comment further at this time.”

Ecobank also clarified that its parent company, ETI, is not a direct party to the litigation but reserves the right to pursue legal remedies against defamatory claims.

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Meta to Pay Trump $25M in Account Ban Settlement

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This photo illustration created on January 7, 2025, in Washington, DC, shows an image of Mark Zuckerberg, CEO of Meta, and a phone displaying the download page for the Facebook app. (Photo by Drew ANGERER / AFP)

 

Meta has agreed to pay President Donald Trump $25 million to settle a 2021 lawsuit he filed claiming he was wrongfully censored by Facebook and Instagram after the US Capitol riot, the company said Wednesday.

The Wall Street Journal first reported the settlement of the suit brought against Meta and its chief executive Mark Zuckerberg, in what was seen as a victory for Trump.

According to people familiar with the agreement, the Journal said, $22 million of the payment will go towards funding Trump’s future presidential library, with the remainder covering legal fees and payments to other plaintiffs in the case.

Meta in the settlement will not admit wrongdoing over the suspensions of Trump’s accounts.

A spokesperson for Meta confirmed the settlement to AFP.

FILES: Mark Zuckerberg (REUTERS/Carlos Barria/File Photo)

Trump had widely criticized social media platforms for suspending his accounts after the January 6, 2021 insurrection by his supporters, and comments he made that were seen as praising people engaged in the violence.

But he has recently courted tech titans including Zuckerberg and X owner Elon Musk, both of whom attended Trump’s presidential inauguration last week in Washington.

Zuckerberg has expressed support for Trump, and he has tweaked Meta’s policies to lift restrictions on some content within the company’s apps, which include Facebook, Instagram, Threads and WhatsApp.

Meta would be “restoring free expression on our platforms,” Zuckerberg, who reportedly dined with Trump at his Florida estate in November, said this month in announcing a rollback of fact-checking operations.

The settlement is the latest bow by media corporations as they gird for a second Trump presidency.

In December, ABC News agreed to pay a $15 million settlement payment to resolve a defamation lawsuit brought by Trump stemming from on-air comments about him made by a top anchor.

Earlier Wednesday Meta reported its net income soared by 59 percent to $62.36 billion for the full year.

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Governor Abiodun Stamps Out Sharia Court Plans in Ogun

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Ogun State Governor, Dapo Abiodun, has issued a stern warning against any attempt to establish a Sharia Court in the state, emphasizing that such courts cannot be legally constituted without the proper legal framework.

In a statement released on Tuesday, Governor Abiodun addressed the circulation of a digital notice announcing the launch of a Sharia Court in Ogun State, clarifying that no Sharia Court is authorized to operate within the state.

He underscored that only courts established under the legal framework of the Nigerian Constitution are recognized, including Magistrates’ Courts, the High Court, Customary Courts, Customary Court of Appeal, Federal High Court, National Industrial Court, Court of Appeal, and the Supreme Court.

“The Ogun State Government has noted the circulation of a digital notice announcing the launch of a Shari’ah Court in Ogun State,” Abiodun stated.

“No Sharia Court is authorized to operate within Ogun State. The courts that are legally empowered to adjudicate disputes arising within Ogun State are those established by the Constitution of the Federal Republic of Nigeria or by State Laws.”

Governor Abiodun further stressed that Sharia law does not form part of the legal framework governing the state, asserting that the state government upholds and protects the rights of individuals to practice their religion freely but draws the line at unauthorized institutions.

“The Ogun State Government recognizes the freedom of individuals to practice their religion or to subscribe to no religion,” he continued. “However, this freedom does not extend to the formation of unauthorized assemblies or institutions. No individual or group is legally permitted to constitute a court or present themselves to the public as a court without legal backing.”

The governor directed those behind the illegal Sharia Court notice to immediately cease their activities and disband the unauthorized entity, warning that they have no legal standing to administer justice.

“The Ogun State Government hereby directs that all persons involved in the creation or operation of this unauthorized court must immediately cease all related activities and disband the illegal entity and all its apparatus,” Abiodun added.

He also urged the public to disregard any summons, documents, or individuals associated with the illegal court, advising that such matters be promptly reported to the authorities.

Abiodun concluded by reaffirming the state’s commitment to upholding the rule of law and maintaining the integrity of Ogun’s legal and judicial framework, stressing that the government will prevent any disruption of law and order.

 

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Naira Gains to N1,640/$ as CBN Reforms Boost Stability

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The Naira appreciated to N1,640 per dollar in the parallel market on Tuesday, strengthening from N1,655 per dollar recorded on Monday.

Similarly, data from the Central Bank of Nigeria (CBN) showed that the official exchange rate at the Nigerian Foreign Exchange Market (NFEM) improved to N1,526.3 per dollar, compared to N1,533.5 per dollar on Monday, reflecting a N7.2 gain for the local currency.

As a result, the exchange rate margin between the parallel market and the official NFEM rate narrowed to N113.7 per dollar, down from N121.5 per dollar recorded on Monday.

The Naira’s recent appreciation follows a period of volatility over the past 18 months, marked by sharp declines. However, since December 2023, the currency has shown relative stability, fluctuating within a narrow range of 1,550 to 1,520 per dollar.

 

CBN Reforms Drive Naira Stability

Analysts attribute the Naira’s improved performance to ongoing foreign exchange (FX) reforms by the CBN. Key initiatives include the Electronic Foreign Exchange Matching System (EFEMS) introduced in December 2023 and the FX Code, which is set to be launched by the end of January 2024.

Speaking on the impact of these reforms, Taiwo Oyedele, Chairman of Nigeria’s Fiscal Policy and Tax Committee, noted that the new FX Code would enhance market transparency. He also stated that the policy has helped remove approximately $20 million daily from speculative trading.

 

CBN Governor: Naira Now More Competitive for Investors

CBN Governor, Olayemi Cardoso, reaffirmed that the exchange-rate reforms have strengthened the naira and created opportunities for investors.

“We’ve found ourselves in a situation where the foreign exchange rate has adjusted,” Cardoso said during a virtual briefing organized by the Nigeria Economic Summit Group (NESG).

He further noted that last year’s sharp depreciation of the naira has now presented an opportunity for investors to capitalize on a more competitive currency.

 

 

 

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