Lawyer criticizes CBN over dismissal of petition against Ecobank, demands retraction

The Central Bank of Nigeria (CBN) has come under fire from Senior Advocate of Nigeria (SAN) Lateef Omoyemi Akangbe over its response to a petition accusing Ecobank Nigeria (ENG) and Ecobank Transnational Inc. Specialized Resolutions Company (ETISRC) of misconduct in a matter involving Wilben Trade and its CEO, Marcus Wade.

Wilben Trade and Wade had earlier issued a press release to highlight their petition and to inform the public that the CBN had promised to investigate their allegations against ENG and ETISRC. However, the CBN quickly dismissed the press release as fake, posting a photo of the release on its social media channels, including X (formerly Twitter) and Instagram, with the caption: “This information is misleading and not affiliated with the Central Bank of Nigeria. Please be guided!”

In response, Akangbe, a partner at Sofunde Osakwe Ogundipe & Belgore Legal Practitioners, criticized the CBN for its stance and demanded that the apex bank retract its statement and remove the posts from all its social media platforms.

“Our attention has been drawn to social media posts from the Central Bank of Nigeria (CBN) on LinkedIn, Facebook, Instagram, and X (formerly known as Twitter), branding a press release issued by us, on behalf of our client, as fake,” Akangbe said in a statement on Wednesday. “None of the content found in this release is fake or misleading.”

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He revealed that after Wilben Trade’s complaint about the conduct of Ecobank Nigeria, ETI Specialized Resolution Company Limited, and its Managing Director, Dele Alabi, the CBN had acknowledged receipt of the complaint and informed them that it had been forwarded to Ecobank, with the outcome to be communicated in due course.

Akangbe warned the CBN of potential legal consequences if it does not retract its statement, emphasizing that as Nigeria’s financial regulator, the CBN has a duty to thoroughly investigate any issue that could undermine the integrity of the country’s financial system.

“As the national bank regulator, CBN is obligated to investigate matters that could undermine the integrity of Nigeria’s financial system, in line with their mandate to ‘promote a sound financial system in Nigeria,’” he stated.

 “In response to CBN’s misleading social media posts, we have formally requested a full retraction, as labeling our press release as fake is both untrue and defamatory. Failure to do so may result in legal action.”

Akangbe also pointed out that the press release issued on behalf of his client did not claim any affiliation with the CBN, and its contents were factually correct. He reiterated that the CBN’s labeling of the release as “FAKE” was both inaccurate and damaging.

The dispute began in 2021 when Ecobank Nigeria, through ETISRC, filed a case against Wilben Trade and Mr. Wade over losses it claimed to have suffered in 2014/15. However, Wilben countered that the actions of ENG and ETISRC had caused significant financial and reputational damage.

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The case has since escalated, drawing attention to the role of the CBN in ensuring accountability within Nigeria’s financial sector.

A source within the CBN, speaking anonymously, confirmed that the complaint against Ecobank is being reviewed. “Yes, we are in receipt of the complaint against Ecobank, and it is being looked into. I’m not sure, but I think we have written to the lawyer to that effect,” the source said.

Akangbe insisted that by investigating the allegations, the CBN would demonstrate its commitment to maintaining a sound financial system and countering corruption within the industry.