CBN Refutes Claims of Investigation into Ecobank Nigeria and Ecobank Transnational Inc.

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The Central Bank of Nigeria (CBN) has officially denied reports that it is investigating Ecobank Nigeria and Ecobank Transnational Inc. Specialised Resolutions Company (ETISRC) over allegations of extortion.

Responding to a statement titled “Central Bank of Nigeria Investigating Allegations of Extortion at Ecobank Nigeria,” the CBN clarified that it is not conducting any probe into the bank or its associated entities.

The initial statement suggested that the CBN was examining claims of abusive practices and communication issues involving Wilben Trade Limited and its CEO, Marcus Wade. However, in a post on X (formerly Twitter) on Wednesday, the CBN dismissed these claims, stating, “This information is misleading and not affiliated with the Central Bank of Nigeria. Please be guided.”

This clarification follows reports from March 4, 2023, which indicated that Ecobank had petitioned the Department of Public Prosecutions over a $42,485,900 fraud allegation involving Prem Garg, Devashish Garg, Marcus Wade, and Wilben Trade Limited.