The Central Bank of Nigeria (CBN) has reportedly launched an investigation into Ecobank Nigeria (ENG) and Ecobank Transnational Inc. Specialized Resolutions Company (ETISRC) following a petition filed by Wilben Trade (Wilben), and its CEO, Marcus Wade.
The development comes after two years of legal wranglings in a case filed against Wilben and Mr Wade by ETISRC and ENG.
Counsel to Wilben Trade, Lateef Omoyemi Akangbe, Partner, Sofunde Osakwe Ogundipe & Belgore Legal Practitioners, who made this known said the petition was forwarded to the apex bank, which said it would look into it and that the outcome of engagement in efforts to resolve the matter would be made known as soon as possible.
In 2021, ENG (through ETISRC) filed a complaint over a loss suffered by ENG in 2014/15 against Wilben and its CEO, Marcus Wade. Wilben claimed the actions of ENG and ETISRC have caused it significant financial and reputational damage.
READ ALSO:Court insists Ecobank deposit N1.089bn to settle former Oceanic Bank staff pending final judgment
ENG said its losses resulted from a loan transaction with an existing customer, Agrico Agbe Limited and associate company, Little Rose Trading LLC.
It was gathered that after attempts to recover losses from the original customers failed, ETISRC tried to recover them from Mr Wade and Wilben who had stood in as sureties for the loan
Speaking further on the matter, Akangbe said:
“We applaud the Central Bank of Nigeria’s decision to investigate Ecobank Nigeria. This is a clear indication the authority is willing to act on its mandate to promote a sound financial system and counter corruption across the financial industry. As a key player in the industry, any unethical behaviour by Ecobank Nigeria must be dealt with to the full extent of the law.”
This comes as Nigeria moves to crack down on corruption, which is stifling the country’s economic growth by creating insurmountable barriers for international investors, who will subsequently be forced to invest elsewhere without the right checks and balances being put in place.
-END-
The post CBN probes allegations of wrongdoing against EcoBank appeared first on Latest Nigeria News | Top Stories from Naomisophyblog.
