Ecobank Transnational Incorporated (ETI) and its affiliates are facing a $68 million lawsuit filed in the United Arab Emirates (UAE) by Wilben Trade and its CEO, Marcus Wade.
The lawsuit alleges defamation, abusive legal proceedings, and coercion in relation to a 2015 financial transaction dispute. According to the claimants, Ecobank attempted to coerce Wilben Trade into making substantial payments to Ecobank Nigeria (ENG) and ETI Specialized Resolutions Company (ETISRC) after incurring a $42 million loss in transactions involving two other companies.