written by Izuchukwu Ahuchaogu

Essential Media Group, an events management, interior design and exhibitions firm, has petitioned the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, over allegations that Ecobank Nigeria Limited, had engaged in “unfair and unethical practice, circumvention and theft of intellectual property” in a business arrangement gone awry.

The events management coy further disclosed its resolve to commence legal proceedings against Ecobank for the act of malfeasance.

The development was conveyed in the petition byEssential Media Group through its legal representation, Joseph Iriah & Company to the CBN governor, which was dated October 9, 2024, and signed by Brian Joseph Eruaga.

The correspondence, titled, “Petition Against Ecobank Nigeria Limited for Circumventing Essential Media Group Ltd in the Interior Design Industry”, accused Ecobank of backing down from a business agreement midstream, and after the events firm had “disclosed its trade secrets, confidential information and strategies with the management of Ecobank during their discussions”.

THISDAY however, contacted Ecobank management to respond to the allegations.The bank said it cannot make a statement on the issues being a regulated entity under the CBN.It said the allegations ought to be formally communicated to it by the apex bank before a statement could be issues in that regard.Head of Corporate Communication, Ecobank, Austen Asokpor, said, “I have consulted with my management and we think the CBN should communicate this allegations to us formally before we can offer any response, as doing so at this point will be counter productive for us as a bank that works within a regulated environment.

”However, the petitioner further alleged that the “development is clearly a circumvention of our client’s partnership with Ecobank Nigeria Limited and resulting in Ecobank’s initiating direct communication with our client’s long-standing exhibitors and causing harm to the existing relationship between our client and several exhibitors…”The petitioner had among other things, urged the CBN governor to “cause an inquiry into the unwholesome conduct of Ecobank in undermining and circumventing our client’s business of events management, interior design and exhibitions in the interior design industry”.

The Managing Director/Chief Executive, Essential Media Group Limited, Ms. Titi Ogufere, reportedly had extensive discussions with the management of Ecobank led by its Managing Director, Mr. Bolaji Lawal and Messrs. Jide Sipe and Falayi Olugboyega.

A firm understanding was reached between both parties after the engagement to collaborate and partner for the hosting of the 2024 Design Week Lagos which was to be held at the Ecobank Pan African Centre in October, 2024.The agreement was reached after the bank’s acceptance of the proposal from the Essential Media Group.

The petition further stated that based on the understanding between both parties, Ogufere paid frequent visits to the Ecobank Pan African Centre in the company of potential exhibitors to view the space where the exhibition booths were to be erected for the Made by Design Show.I

t said the event managers had secured firm commitments from about eight exhibitors, as well as sponsorship deals from companies ready to support the exhibition.However, in a twist of events that ensued in May 2024, “Our client started receiving reports from their colleagues in the interior design industry that the management of Ecobank had begun contacting them directly to participate in an event they were planning christened the ‘Ecobank Design & Build Expo 2024’ which was scheduled to take place in November, 2024 at the Ecobank Pan African Centre”, the letter noted.

It said, “Shortly thereafter, Ecobank began aggressive promoting and advertising the Ecobank Design & Build Expo 2024 in numerous billboards and various print and social media.“Simultaneously, our client’s Ms. Ogufere received an email from Mr. Bolaji Lawal, the Managing Director of Ecobank informing her that the bank was currently reviewing their participation-collaboration model relating to the use of the Exhibition Centre whilst concluding that the Bank will come back to her with clarity as per their preferred business and partnership model.

“This was done without regard to the fact that Ecobank had the information and knowledge that our client’s Made by Design Show was scheduled to hold between 23rd October to 27th October, 2024 at the Ecobank Pan African Centre.”This, the petitioner said “created a huge set-back and our client began making frantic efforts to secure an alternative location and eventually settled for the Livespot Entertarium situate at Lekki, Lagos State.”

“It goes without saying that our client disclosed its trade secrets, confidential information and strategies with the management of Ecobank during their discussions.

“Ecobank’s decision to proceed with the Ecobank Design & Build Expo 2024, after being privy to vital information in our client’s proposal coupled with the confidential information it received from our client, amounts to unfair and unethical practice, circumvention and theft of intellectual property.

”Continuing, the petition read, “We have our client’s instructions to commence legal proceedings against Ecobank for this act of malfeasance.“Our client is particularly worried at this unwholesome development considering the fact that Ecobank Nigeria Limited is not a holding Company but a Banking Institution licenced by the Central Bank of Nigeria for the principal objective to take in funds called deposits, pool funds and lend funds to members of the public whilst maintaining a minimum capital ratio and also transmitting monetary policies, currency exchange, forex trading in sync with the policies of the Central Bank of Nigeria.

“It is humble opinion that it is ultra vires Ecobank’s power and authority to engage in the business of event management, interior design, architecture and promotion of same by holding expos in the promotion of such objectives.

“We trust that you will use your good offices to cause an inquiry into the unwholesome conduct of Ecobank in undermining and circumventing our client’s business of events management, interior design and exhibitions in the interior design industry.”