The Central Bank of Nigeria (CBN) has dismissed reports suggesting there is an ongoing investigation of Ecobank Nigeria and Ecobank Transnational Inc. Specialized Resolutions Company (ETISRC) for alleged extortion and abusive proceedings against Wilben Trade Limited and its CEO, Marcus Wade.
The CBN’s denial follows the circulation of a statement titled “Central Bank of Nigeria investigating allegations of extortion at Ecobank Nigeria,” which claimed that the apex bank had launched a probe.
The statement alleged that the investigation stemmed from a two-year legal dispute involving accusations of fraud against Wilben Trade and Wade by Ecobank and ETISRC.
According to the circulated statement, the allegations involved abusive proceedings initiated by Ecobank and ETISRC, leading to significant financial and reputational damage to Wilben Trade.
The claims revolved around a 2014/15 transaction where Wilben allegedly acted as an intermediary at Ecobank’s request.
In a post on X (formerly Twitter) on Wednesday, August 7, 2024, the apex bank described the letter as fake.
The Cable reports that the fake letter development comes after earlier reports that Ecobank had petitioned the Department of Public Prosecutions over a $42.5 million fraud allegation involving Wilben Trade, Marcus Wade, and others.
Despite these ongoing legal issues, the CBN maintains that it is not involved in any investigation.
Ecobank Nigeria and ETISRC are yet to react to the letter.
Earlier, TimesNow.com.ng reported that four banks publicly declared their intention to postpone the submission of their audited financial reports.
These financial institutions include the United Bank for Africa, Zenith Bank, Stanbic IBTC, and Wema Bank.
The banks have communicated their inability to meet the deadline for filing their audited results for the preceding financial year.
According to the regulations of the Nigerian Exchange, companies listed on the exchange are required to submit their previous year’s financial reports.
Source: TimesNow.com.ng
