LAGOS, Nigeria – A company based in the United Arab Emirates has called on the Central Bank of Nigeria (CBN) to investigate Ecobank Transnational Incorporated (ETI) and its subsidiary, the Ecobank Specialised Resolution Company Limited (ETISRC), over alleged extortion claims.
The UAE-based company’s appeal, detailed in a letter dated 26th July 2024, urged Nigeria’s apex bank to probe the bank’s conduct, specifically targeting senior Ecobank executives allegedly involved in the purported scheme.
The complaint letter, signed by Patience Onu and titled “Improper Conduct by Ecobank Nigeria, ETI Specialised Resolution Company Limited,” called for the CBN to examine the allegations within its regulatory scope.
According to the UAE company, these actions implicate ETISRC, a branch of Ecobank dedicated to asset recovery, in unethical practices that they claim were ignored by Ecobank’s Group CEO, Jeremy Awori, suggesting that ETISRC’s actions may have implicit backing from ETI’s senior management.
CBN’s Acknowledgement of the Complaint
The CBN’s Consumer Protection Department (CPD) confirmed receipt of the complaint and responded promptly.
In a letter dated 26th July 2024, the CPD informed the complainant that the case had been forwarded to Ecobank for resolution, stating, “Your complaint has been forwarded to Ecobank in line with our helpdesk circular.
In view of the involvement of the Consumer Protection Department, your bank may contact you in its efforts to resolve the complaint.”
The CBN also assured the complainant that the findings would be communicated “as soon as possible.”
Further investigation revealed that the complaint has been made public through a website, ecobankextorts.com, where additional allegations against Ecobank’s leadership have been posted.
The site accuses Ecobank’s executives of failing to halt alleged misconduct by ETISRC, reinforcing claims that ETISRC may be operating with the approval or knowledge of Ecobank’s top executives.
Ecobank’s Response and Prior Allegations
In a parallel development, a senior official from Ecobank, who requested anonymity, acknowledged the complaint but was unable to provide specifics, noting that only authorised personnel could address the issue.
The official referenced a previous correspondence from July 2021, in which Ecobank’s legal team, Wigwe & Partners, had informed the former Attorney General of the Federation of an investigation into the UAE-based company, allegedly tied to fraud involving an individual named Agrico Agbe.
The official advised interested parties to consult the websites of both Ecobank and the CBN for additional information, although he did not provide further details.
The case has drawn public attention, with stakeholders closely watching how the CBN will handle the investigation, particularly given the involvement of Ecobank executives.
If verified, the allegations could impact ETISRC’s operations and Ecobank’s reputation in the region.
