Wilben Trade Limited, a global merchant trading company, has initiated a $68 million lawsuit in the United Arab Emirates against Ecobank Transnational Incorporated (ETI) and several of its executives, including CEO Jeremy Awori and Oladele Alabi, Managing Director of ETI Specialized Resolutions Company (ETISRC). The legal action alleges defamation, abusive legal proceedings, and coercion.

The dispute traces back to 2015 when Ecobank Nigeria suffered losses exceeding $42 million from transactions involving Agrico Agbe Limited and Little Rose Trading LLC. Wilben Trade contends that its role was limited to discounting a Letter of Credit at Ecobank’s request, without further involvement in the transactions. Despite this, ETISRC allegedly targeted Wilben Trade in an attempt to recover the losses, which Wilben’s legal counsel has described as an “extortion attempt.”
In 2022, ETISRC escalated the matter by accusing Wilben Trade of fraudulently receiving $42.5 million and engaging in conspiracy and fraudulent conversion. Wilben Trade has denied these allegations, asserting that they were fabricated by Oladele Alabi to manipulate public institutions in Nigeria. The company emphasizes its commitment to defending its reputation and seeking justice for the harm caused by these claims.
Ecobank sources have dismissed the lawsuit as a tactic by Marcus Wade, CEO of Wilben Trade, to evade criminal liability for alleged Letter of Credit fraud totaling $42.5 million. They claim that a warrant for Wade’s arrest has been issued and that Interpol is involved in facilitating his repatriation to Nigeria for trial. Ecobank maintains that its parent company, ETI, is not involved in the litigation and categorically denies all allegations of extortion.
Despite attempts to resolve the matter through dialogue, Wilben Trade asserts that Ecobank has refused to engage meaningfully. The legal proceedings in the UAE underscore Wilben Trade’s determination to address what it perceives as abusive tactics and to seek redress for the significant distress and damages inflicted by the unfounded allegations.