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Ecobank Faces $68m UAE Lawsuit Over Defamation, Coercion Allegations
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1 year agoon
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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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Kano Assembly Moves to Impeach Deputy Governor Gwarzo Over ₦1.6bn Alleged Fraud
Published
10 hours agoon
March 5, 2026By
adminThe Kano State House of Assembly has initiated impeachment proceedings against Deputy Governor Aminu Abdussalam Gwarzo over allegations of gross misconduct, abuse of office, and breach of public trust.
The notice was presented yesterday during plenary by the Majority Leader, Lawan Hussaini Dala, who said the action follows Section 188 of the 1999 Constitution of the Federal Republic of Nigeria.
Dala said the allegations stem from Abdussalam’s tenure as Commissioner for Local Government (2023–2024) and his current role as deputy governor. He accused the deputy governor of diverting funds meant for the 44 local government councils.
According to the majority leader, Abdussalam allegedly received N1.5 million monthly from each council between June 2023 and January 2024, totaling N462 million. Between February and July 2024, he allegedly collected N3.255 million monthly from each council under the guise of special assignments, amounting to N726 million.
Dala also accused the deputy governor of abuse of office, claiming he facilitated payments of N10 million from each council to NovoMed Pharmaceuticals Limited, totaling N440 million, in violation of state procurement laws.
“The misuse of official capacity to confer undue advantage constitutes abuse of power and undermines public trust,” Dala told lawmakers, adding that the allegations amount to gross misconduct under the Constitution.
The impeachment notice was reportedly endorsed by 38 lawmakers, meeting the constitutional threshold to proceed. The Speaker has acknowledged receipt, and the House is expected to serve the allegations on the deputy governor.
If approved, a panel may be constituted by the state Chief Judge to investigate the claims.
As of filing, Abdussalam had yet to respond publicly to the allegations.
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IGP Inaugurates State Police Committee, Gives Four-Week Deadline
Published
1 day agoon
March 4, 2026By
adminThe Inspector-General of Police, Tunji Disu, on Wednesday inaugurated a seven-member committee on the establishment of state police, giving it four weeks to submit its report.
The inauguration was held during his maiden conference with senior police officers at the Peacekeeping Conference Centre, Force Headquarters, Abuja.
Charging members of the panel to discharge their duties with professionalism and objectivity, Disu described the assignment as “both significant and timely,” noting that it would shape the framework through which state policing may operate in Nigeria.
“In carrying out this assignment, your deliberations must be guided by professionalism, objectivity, and a clear appreciation of the unique complexities of policing a diverse nation such as our own,” the IGP said.
He stated that if properly designed and effectively implemented, state policing holds significant potential benefits for the country.
“By bringing law enforcement closer to communities, state police institutions can deepen local knowledge of security dynamics and enable quicker and more targeted responses to emerging threats,” he added.
The committee is expected to review existing policing models within and outside Nigeria, assess community security needs and emerging risks, and propose an operational framework for the establishment and coordination of state police structures.
It will also address issues relating to recruitment, training, standards and resource allocation, as well as develop accountability and oversight mechanisms to ensure professionalism and public trust.
The panel is chaired by Olu Ogunsakin, with Bode Ojajuni as secretary. Other members are Emmanuel Ojukwu, Okebechi Agora, Suleyman Gulma, Ikechukwu Okafor and Tolulope Ipinmisho.
Disu said the committee had about four weeks to conclude its assignment and submit a comprehensive report.
The move marks one of the first major steps taken by the new police chief since his appointment and confirmation a few days ago.
The development comes amid rising security concerns across the country, with several stakeholders advocating state policing as part of measures to tackle insecurity.
President Bola Tinubu had earlier asked the National Assembly to commence the process of amending relevant laws to pave the way for the creation of state police.
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Tinubu swears in Disu as IGP, inaugurates RMAFC, FCSC commissioners
Published
1 day agoon
March 4, 2026By
adminPresident Bola Tinubu on Wednesday swore in Olatunji Disu as the Inspector-General of Police (IGP).
Disu took the oath of office at the Council Chamber of the Presidential Villa, Abuja, shortly before the commencement of the Federal Executive Council (FEC) meeting.
The President also administered the oath of office to six commissioners of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) and two commissioners of the Federal Civil Service Commission (FCSC).
The ceremonies were witnessed by ministers, senior government officials and family members of the appointees.
The council meeting began shortly after the swearing-in.
In attendance were Vice President Kashim Shettima; the Secretary to the Government of the Federation, Senator George Akume; the Chief of Staff to the President, Femi Gbajabiamila; the National Security Adviser (NSA), Nuhu Ribadu; and the Head of the Civil Service of the Federation, Mrs EsthMrs.Walson-Jack.
Disu was appointed acting IGP on February 25, 2026, by President Tinubu, following the resignation of former IGP Kayode Egbetokun.
His appointment was subsequently endorsed by the Nigeria Police Council (NPC).
The former Assistant Inspector-General of Police assumed office last Wednesday.
He previously served as Assistant Inspector-General in charge of the Force Criminal Investigation Department (FCID) Annex, Alagbon, Lagos, after his promotion to the rank last year.
A former head of the Lagos Rapid Response Squad (RRS), Disu has pledged to deliver accountable, modern and professional policing.
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