A significant legal claim amounting to $68 million has been initiated in the United Arab Emirates against top executives and subsidiaries of Ecobank Transnational Inc (ETI), including CEO Jeremy Awori and Oladele Alabi, Managing Director of ETI Specialized Resolutions Company (ETISRC). This lawsuit is rooted in a dispute that began in 2015, when Ecobank Nigeria (ENG) reported losses over $42 million from dealings with Agrico Agbe Limited and Little Rose Trading LLC. Wilben Trade, which was merely an intermediary in these transactions, finds itself at the center of this legal storm.
Legal representatives for Wilben Trade, Sofunde Osakwe Ogundipe & Belgore, argue that ETISRC's actions against their client amount to an 'extortion attempt', following unsuccessful efforts to recoup losses from the original parties involved. The situation escalated in 2022 when ETISRC lodged a complaint with the Nigeria Police Force, accusing Wilben Trade of unlawfully receiving $42,485,900 and participating in 'Conspiracy and Fraudulent Conversion'. Wilben Trade vehemently denies these allegations, labeling them as unfounded and a misuse of public institutions by influential private entities.
Lateef Omoyemi Akangbe, a partner at the law firm representing Wilben Trade, has voiced concerns over Ecobank's approach, describing it as abusive. Despite efforts to foster dialogue, Akangbe notes a lack of willingness from Ecobank to engage in meaningful discussions. This legal confrontation not only highlights the complexities of financial disputes but also raises important questions about the integrity of legal and regulatory frameworks in addressing such matters. For more details on the case, visit https://www.example.com.
