Ecobank Entangles In Intimidation Moves Over Report of CBN Investigation

Ecobank Nigeria has threatened action against a law firm, Sofunde Osakwe Ogundipe & Belgore Legal Practitioners (SOOBLP), as well as several media outlets covering the Central Bank of Nigeria’s (CBN) investigation into the bank.

According to a report, the bank’s move appears aimed at curbing freedom of speech, maintaining a lack of transparency as well as an intimidation tactic and an attempt to silence critics.

In a letter to the Law Firm, Ecobank Nigeria accuses the law firm of damaging its reputation and distorting public perception following articles in the media about the CBN investigation.

Ecobank Nigeria is demanding both an apology and N10 billion (approximately $6.25 million) in damages.

The bank has also pressured journalists who have reported the story to remove articles and desist from further reporting the matter.

According to findings, an online media platform, Ripples Nigeria was one of the media houses Ecobank’s lawyers wrote to demanding that the story be brought down.

Commenting on the situation, Lateef Omoyemi Akangbe, Partner at the law firm who represents Wilben Trade, said: “Ecobank’s claims that the Central Bank of Nigeria has not launched an investigation is incorrect and we have written proof, directly from the CBN, to the contrary.”

“Seeking to pressurise independent media outlets by threatening them with legal action and demanding astronomical sums of money, is a desperate resort to bullying in order to suppress facts.”

The CBN reportedly began its investigation in July 2024 following allegations of fraud made against Wilben Trade and its CEO, Marcus Wade, by Ecobank Transnational Inc. Specialized Resolutions Company (ETISRC) and Ecobank Nigeria.

While the initial coverage of the investigation was extensive, it was discovered that many news outlets swiftly retracted their articles after facing a coordinated pressure campaign from Ecobank Nigeria.

A statement credited to SOOBLP, highlighting misconduct by Ecobank Nigeria and ETISRC, publicized their petition, informing the press the CBN had promised to investigate.

However, despite originally acknowledging the investigation to Akangbe, the CBN later denounced the press release as fake and disassociated itself from it.

The apex bank posted a photo of the press release on social media platforms, including X (formerly Twitter) and Instagram, stating, “This information is misleading and not affiliated with the Central Bank of Nigeria. Please be guided!”

In response, Akangbe criticized the CBN’s denial and demanded the removal of the post from all social media.

Akangbe argued, “Our attention has been drawn to social media posts from the CBN on LinkedIn, Facebook, Instagram, and X branding a press release as fake. None of the content found in this release is fake or misleading.”

He noted that the CBN had acknowledged receipt of their complaint and had indicated that the outcome would be communicated soon.

“As the national bank regulator, CBN is obligated to investigate matters that could undermine the integrity of Nigeria’s financial system,” Akangbe added.

Akangbe further clarified that the press release did not claim affiliation with the CBN, maintaining that its contents were factually accurate.

He cited correspondence from the CBN acknowledging receipt of their complaint and stated, “the labeling of the document as ‘FAKE’ is untrue and defamatory. We, accordingly, demand that the post be retracted and taken down.”

The dispute began in 2021 when Ecobank Nigeria, through ETISRC, made a criminal complaint against Wilben and Wade over alleged losses from transactions a decade ago.

Wilben’s counsel argues that Ecobank and ETISRC’s actions constitute an extortion attempt which has caused significant financial and reputational damage to Wilben.