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EcoBank faces $68m legal suit in UAE over alleged defamation, abusive proceedings

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EcoBank Nigeria, its parent companies and leadership are facing a legal suit in the United Arab Emirates (UAE) on allegations of defamation, abusive proceedings and coercion in Nigeria.

The $68 million legal claim in the UAE was filed against Jeremy Awori, CEO of Ecobank Transnational Inc (ETI); ETI Specialized Resolutions Company (ETISRC); Ecobank Nigeria (ENG); and Oladele Alabi, Managing Director of ETISRC.In the publication of notice of service sighted by Ripples Nigeria, the plaintiffs urged that “the Defendants be ordered jointly and collectively to pay AED 249,155,925 with the legal interests at the rate of 12% p.a. from the claim date until full payment.”The defendants are alleged to have attempted to coerce Wilben Trade and its CEO, Marcus Wade, into making substantial undue payments to ENG and ETISRC following a loss suffered in 2015. “Over the last two years, accusations made by ETISRC, led by Oladele ‘Dele’ Alabi and ENG, have caused significant distress and reputational and financial harm to Wilben Trade”, the court filings stated.

According to findings, in 2015, ENG reportedly suffered losses exceeding $42 million from two transactions with its existing customer, Agrico Agbe Limited and its associate company, Little Rose Trading LLC. Findings further suggest, that at Ecobank’s request, Wilben Trade was reportedly brought into the transactions solely to provide an intermediary service and discount Letter of Credit issued by Ecobank and had no other involvement.

Following multiple failed attempts to recover losses from the original customers and those directly responsible, ETISRC turned its focus to Wilben Trade. However, legal counsel to Wilben labeled the defendant’s action as “an extortion attempt”.In 2022, ETISRC escalated its actions, filing a report with the Nigeria Police Force through legal practitioners Wigwe & Co. The report alleged that Wilben Trade had improperly received $42,485,900 from EBN and had engaged in “Conspiracy and Fraudulent Conversion”. But Wilben Trade contended that the allegations are baseless and were allegedly fabricated by Oladele Alabi, Managing Director of ETISRC, the ETI subsidiary responsible for the complaint, “as a result of the ability of powerful private interests to instrumentalize public institutions and resources in Nigeria”, he said.

This latest legal action in UAE underscores Wilben Trade and Marcus Wade’s commitment to protecting its reputation and seeking redress for the significant distress and damages said to have been inflicted by these allegations.Speaking on the matter, Lateef Omoyemi Akangbe SAN, Partner, Sofunde Osakwe Ogundipe & Belgore Legal Practitioners, commented: “In addition to taking action in Nigeria, our client is pursuing international legal action to address Ecobank’s abusive tactics and repair the ongoing damage caused to our client by Ecobank’s improper use of public institutions to pursue its baseless complaints against our client.“Despite repeated appeals for constructive dialogue to address these issues and end the misconduct, Ecobank has refused to engage meaningfully.”

Ripples Nigeria sighted legal correspondence indicating that ETI leadership had been made aware of this issue since August 2023, as well as efforts aimed at finding an amicable resolution to avoid legal disputes that have emanated.Responding to Ripples Nigeria’s inquiry on the latest suit filed against it and it’s leadership, Ecobank it cannot comment on a case that is before courts in Nigeria and in India.

The bank also stated that ETI is not a party in the suits, even as it denied all allegations of extortion pertaining to the matter.“Please note that the issue you referenced is currently the subject of litigation in Nigerian and Indian courts, in connection with an established case of fraud perpetrated against the Ecobank Group (Ecobank) by individuals currently being prosecuted by the appropriate authorities in Nigeria. As a result, Ecobank is unable to provide any comment on this matter at this time.“It is important to note that while Ecobank Transnational Incorporated (the holding company of the Ecobank Group) is not a party to the ongoing litigation, Ecobank denies all allegations of extortion pertaining to this matter”, the bank told Ripples Nigeria.

It would be recalled that Ripples Nigeria had earlier reported the legal web of intricacies between the Central Bank of Nigeria (CBN), Ecobank Nigeria (ENG) and Ecobank Transnational Inc. Specialized Resolutions Company (ETISRC) as well as Wilben Trade (Wilben), and its CEO, Marcus Wade.The report highlighted how the CBN had received and acknowledged a petition against ETISRC and ENG but later tagged a release by the petitioners as fake on its official X (formerly Twitter) handle.The CBN thereafter attracted the ire of a lawyer and Senior Advocate of Nigeria (SAN) over its comment around the petition which accused ENG and ETISRC of wrongdoing in a matter also involving Wilben, and Wade.

The report highlighted how the CBN had received and acknowledged a petition against ETISRC and ENG but later tagged a release by the petitioners as fake on its official X (formerly Twitter) handle.The CBN thereafter attracted the ire of a lawyer and Senior Advocate of Nigeria (SAN) over its comment around the petition which accused ENG and ETISRC of wrongdoing in a matter also involving Wilben, and Wade.The solicitor to Wilben Trade, Lateef Omoyemi Akangbe (SAN) Partner, Sofunde Osakwe Ogundipe & Belgore Legal Practitioners, came down hard on the CBN and asked the apex bank to retrace its steps, and take down the denial post from all its social media handles, or face legal actions.

Akangbe had said: “Our attention has been drawn to social media posts from the Central Bank of Nigeria (CBN) on LinkedIn, Facebook, Instagram and X (formerly known as Twitter) branding a press release issued by us, on behalf of our client, as fake.“None of the content found in this release is fake or misleading. In fact, following a letter addressed to CBN on 22 July 2024 regarding the highly questionable conduct of Ecobank Nigeria, ETI Specialized Resolution Company Limited and its Managing Director, Dele Alabi, we received acknowledgment from CBN that the complaint had been forwarded to Ecobank, and that the outcome of engagement would be communicated to us as soon as possible”.

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Verve Expands Into UEMOA: Connecting Millions to Seamless Digital Payments Across West Africa

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Verve, Africa’s largest domestic payments card and token brand, has taken a significant step towards expanding its Pan-African presence by officially launching card acceptance across countries in the West African Economic and Monetary Union (UEMOA) region, including Senegal, Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, and Togo, among others. This marks a significant milestone in Verve’s journey to building a truly interconnected African payment network.

This expansion is powered by a strategic partnership with GIM-UEMOA, the regional payment switch facilitating interoperability and financial inclusion across the UEMOA region, connecting banks and financial institutions in Francophone Africa. GIM-UEMOA provides the ideal platform to scale Verve’s reach in the region, offering a seamless connection between financial institutions, businesses, and consumers. At its core, this partnership is about expanding access, unlocking opportunity, and driving shared progress.

Through this collaboration, Verve is enabling millions of new users and businesses to access seamless, secure, and inclusive payment experiences, while reinforcing its commitment to innovation that meets the continent’s evolving financial needs.For consumers, this means the ability to use Verve cards across borders, connect with a wider network of merchants and services, and participate more fully in Africa’s growing digital economy. For businesses and financial institutions, it opens the door to new growth opportunities by providing access to a broader, digitally enabled customer base.This isn’t Verve’s first bold step. Over the years, the brand has formed strong alliances with global platforms such as Google, AliExpress, Temu, Netflix, Amazon Prime, and Spotify, among others. These partnerships allow Verve cardholders to easily access digital content, lifestyle perks, and everyday functionality, positioning Verve as not just a payment card, but a trusted lifestyle companion.In keeping with its commitment to consumer engagement, Verve continues to celebrate and reward its users through initiatives like the Verve GoodLife Promo, a campaign that rewards cardholders with exciting perks for everyday transactions. With the expansion into UEMOA, users across these new markets, including tourists, visiting consumers and entrepreneurs, can now look forward to the same rewarding experience that Verve cardholders enjoy in other parts of Africa.As Verve’s presence grows across the continent, so does its promise to deliver more value, convenience, and memorable experiences to users in every market it enters. This expansion into the UEMOA region brings Verve closer to its vision of connecting Africa through secure and inclusive digital payment solutions. It’s not just about where Verve cards can go, it’s about what they can empower people to do.Whether you’re a bank looking to broaden your digital offerings, a business aiming to reach more customers, or a consumer ready to experience smarter payments, Verve is here to empower your next step. Join the revolution!

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Interswitch Group Bolsters Talent Ecosystem in Africa, Hosts Fourth Edition of Career Fair.

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Interswitch Group, one of Africa’s leading integrated payments and digital commerce companies, has reinforced its commitment to harnessing a robust talent pool by empowering the Nigerian workforce to pursue personal and professional success. The company affirmed this as it announced the Interswitch Career Fair 4.0 set to hold at the Landmark Event Centre, in Victoria Island, Lagos on Saturday, May 10, 2025. The highly anticipated Career Fair event, tagged “The Talent Paradox: Enabling the Talent Ecosystem in Africa” aims to spotlight the various resources and insights available to skilled, career-driven individuals and young professionals to strategically align them for the workplace of today and the future. Going into the fourth edition, the event will host experts from Interswitch Group including Franklin Ali, Group Chief Human Resources Officer and Oremeyi Akah, Chief Customer Officer, alongside other industry experts including Lanre Basamta, Co-Founder, Optimus AI Labs; Isioma Utomi, CEO, Catalyst Experience Solutions; Adora Ikwuemesi, CEO, Kendor Consulting; Olushola Olaleye, Business Consultant and Gloria Babarinde who will draw from their prolific experiences and expertise to unravel the theme in a panel session. The event will also feature other engaging segments such as keynote and thought leadership sessions bordering trends and masterclasses on upskilling and thriving in the workplace amongst other pertinent discussions. Attendees can also look forward to the job fair where potential candidates can have face-to-face interactions with the expansive pool of hiring experts on ground. The Fair also presents an opportunity to network with like-minded individuals as well as a resourceful platform for the active exchange of knowledge and ideas. Mitchell Elegbe, Founder and Group Managing Director at Interswitch, underscored the essence of the Interswitch Career Fair 4.0 event, highlighting that the programme is a pathway to recognize and equip emerging talents and raise transformative leaders that consistently innovate to solve Nigeria’s biggest challenges and impact the African labour market overall. According to Elegbe, “The Interswitch Career Fair reflects our deep-rooted commitment to nurturing African talent. This platform was conceptualized to cast the spotlight on individuals ready to lead, manage effectively, and create meaningful impact wherever they go. It’s more than just an event—it’s a launchpad for career advancement, connecting high-potential professionals with the right opportunities.”Also commenting on the programme, Franklin Ali, Group Chief Human Resource Officer, Interswitch, said that “This Career Fair goes beyond simply matching people with jobs—it’s designed to equip ambitious talent with the tools and skills needed to excel in the ever-evolving world of work. As a company that values the power of collaboration, we’ve joined forces with respected partners like ALX, Philips Consulting, Udemy, GLSS and Pluralsight to enrich the experience and broaden what’s possible for every attendee.Interswitch Group, which recently bagged the 2024 ‘Happiest Workplaces around the Globe’ award, remains unwavering in its mission to Inspire Africa to greatness. Interested participants are encouraged to follow Interswitch’s social media handles for more information about the upcoming Career Fair.

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Trump suspends tariffs for several countries, increases China’s rate to 125%

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n a bold move, President Donald Trump has raised tariffs on Chinese goods from 104% to 125%, while temporarily suspending tariffs on numerous other countries.

Trump revealed his decision on Wednesday, stating that the tariff freeze would apply to all nations previously affected by the duties.

The announcement follows his shock move earlier this month, when he introduced a 10% baseline tariff on all countries, with rates reaching as high as 50% for the “worst offenders.”

The tariff on Chinese imports, which started at 10% in March, has escalated progressively through 20%, 54%, 104%, and now to 125%—all in retaliation against China’s countermeasures.

In response, Beijing has implemented an 84% tariff on US goods, set to take effect on April 10.

Additionally, China has issued travel warnings for its citizens planning to visit the United States.

Trump criticized China’s actions as a “lack of respect” and emphasized that the US could no longer tolerate such behavior.

“At some point, hopefully soon, China will realize that the days of exploiting the U.S.A. and other countries are over,” he said in a statement.

The White House also mentioned that more than 75 countries have reached out to negotiate a resolution to the ongoing tariff dispute.

Trump confirmed that the suspension for these countries, as well as China’s new tariff hike, would go into effect immediately.

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