The Central Bank of Nigeria (CBN) has refuted claims that it is investigating Ecobank Nigeria and Ecobank Transnational Inc, Specialized Resolutions Company (ETISRC) regarding allegations of abusive proceedings and communications against Wilben Trade Limited and its CEO, Marcus Wade.
The denial follows a statement that had circulated suggesting that the CBN was probing the financial institutions due to a protracted legal dispute involving accusations of fraud.
The statement claimed the CBN’s investigation was in response to “two years of legal wrangling” over allegations made by Ecobank and ETISRC against Wilben and Wade.
The original statement detailed that the investigation stemmed from a criminal case filed by ENG (through ETISRC) related to financial losses suffered by Ecobank in 2014/15.
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It alleged that ETISRC’s actions had caused significant harm to Wilben and Wade, who were only intermediaries in a transaction between Ecobank and Agrico Agbe Limited.
However, in a recent post on X, the CBN dismissed the statement as misleading, asserting that it is not involved in any such investigation. The bank urged the public to disregard the erroneous information.
This development follows a March 4, 2023, report by The Punch, which revealed that Ecobank had filed a petition with the Department of Public Prosecutions regarding fraud allegations totaling $42,485,900 against Prem Garg, Devashish Garg, Marcus Wade, and Wilben Trade Limited.