Negative news article – Ecobank Nigeria
Between September 2014 and February 2015, Wilben assisted Ecobank Nigeria in facilitating credit terms for importing clients unable to discount the bank’s letter of credit. Wilben completed two transactions totalling USD$42,485,900.00 for Mr. Prem Garg, Chief Executive of Agrico-Agbe and Little Rose Trading LLC, earning a fee of USD$83,797.40. It was at the request of the Bank, that Wilben was involved in these transactions.
Despite the Ecobank’s subsequent losses, an internal review within the Bank in 2020 absolved Wilben of responsibility.
In March 2022, Wilben faced a criminal complaint from the Nigerian Police Force based on the Bank’s report, which had been initiated by Ecobank and Ecobank Transnational Incorporated Specialised Resolution Company (ETISRC). There is no basis for the Bank and its affiliates to have led this criminal complaint against Wilben, all of which are unfounded. However, subsequently, legal proceedings ensued, with Wilben challenging the complaint and filing committal applications against the Nigerian Police Force and Ministry of Justice for contempt of court.
Wilben believes justice will be served and maintains excellent relationships with all its partners across Africa and continues to support local and international trade. It is working with the relevant authorities to solve.
