Ecobank Accused of Attempting to Silence Media Coverage on CBN Investigation

By Milcah Tanimu

Ecobank Nigeria is facing allegations of attempting to silence media coverage regarding the Central Bank of Nigeria’s (CBN) investigation into the bank. Reports indicate that Ecobank has threatened legal action against the law firm Sofunde Osakwe Ogundipe & Belgore Legal Practitioners (SOOBLP) and several media outlets that have covered the investigation.

In a letter addressed to SOOBLP, Ecobank accuses the firm of damaging its reputation through media articles about the CBN investigation. The bank is demanding a public apology and 10 billion naira (approximately $6.25 million USD) in damages.

Ecobank has also pressured various media houses, including Ripples Nigeria, to remove articles related to the investigation and cease further reporting.

Lateef Omoyemi Akangbe, a partner at SOOBLP, criticized Ecobank’s actions, stating, “Ecobank’s claims about the CBN investigation are incorrect. We have direct proof from the CBN confirming the investigation.” He condemned the bank’s attempt to intimidate media outlets as a desperate measure to suppress the truth.

The CBN reportedly began its investigation in July 2024 following allegations of fraud against Wilben Trade and its CEO, Marcus Wade, made by Ecobank Transnational Inc. (ETISRC) and Ecobank Nigeria. Despite initial extensive coverage, many news outlets retracted their articles after facing pressure from Ecobank.

SOOBLP had previously issued a statement highlighting misconduct by Ecobank and ETISRC, asserting that the CBN had promised to investigate. However, the CBN later denounced the press release as false and disassociated itself from it, calling the information misleading on social media platforms like X (formerly Twitter) and Instagram.

Akangbe responded by criticizing the CBN’s denial and demanding the removal of the social media posts branding the press release as fake. He argued that the press release was factually accurate and that the CBN’s denial was defamatory.

The dispute traces back to 2021 when Ecobank Nigeria, through ETISRC, filed a criminal complaint against Wilben Trade and Wade over alleged financial losses from transactions a decade ago. Wilben’s legal team claims that Ecobank’s actions amount to extortion, causing significant financial and reputational harm to their client.