Nigeria's Wilben Trade, a global merchant trading company, and its founder Marcus Wade are currently facing prosecution in Nigeria over allegations of letter of credit (L/C) fraud amounting to approximately US$42.5 million.

The case centres on accusations by Ecobank Nigeria, and claims that Wade and Wilben Trade engaged in fraudulent activities involving L/Cs.

In response to these allegations, Wilben Trade has filed a US$68 million lawsuit against Ecobank executives, alleging defamation and abusive proceedings.

Legal proceedings

The legal battle is ongoing, with both parties having presented their cases to several courts. Ecobank maintains that the allegations against Wade and Wilben Trade are valid, while Wilben Trade contends that the accusations are baseless and have been fabricated by individuals within Ecobank.

In a related development, a Nigerian court has ordered the extradition of British national Wade and two other foreign nationals in connection with the alleged US$42 million fraud. This move underscores the seriousness of the charges and the Nigerian authorities' commitment to addressing financial crimes.

UAE court filing

Wilben has taken the case to the UAE, where it has filed the US$68 million legal claim against Ecobank Transnational Incorporated's executives, including its CEO, Jeremy Awori; ETI Specialised Resolutions Company and its managing director Oladele Alabi, and Ecobank Nigeria.

The lawsuit, filed in the remote litigation chamber in the UAE, was heard on 20 January 2025. Wilben alleges defamation, abusive legal actions, and coercion by the defendants.

Background

This is a long-running dispute dating back to 2015 when Ecobank claimed it incurred losses of over US$42 million resulting from two transactions with Nigeria's Agrico Agbe and UAE-based Little Rose Trading. Wilben Trade acted solely as an intermediary to discount L/Cs on Ecobank's request.

In 2015, Agrico Agbe entered into transactions to purchase rice from Little Rose Trading. These transactions were facilitated through L/Cs issued by Ecobank Nigeria, with Wilben Trade acting as an intermediary.

Subsequently, disputes arose concerning these transactions, leading to legal actions involving Ecobank, Wilben Trade, and associated parties.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.