Olufemi Adeyemi 


The Central Bank of Nigeria (CBN) has refuted allegations regarding its investigation into Ecobank Nigeria and Ecobank Transnational Inc. Specialised Resolutions Company (ETISRC) for purported extortion activities.

In response to a report titled ‘Central Bank of Nigeria investigating allegations of extortion at Ecobank Nigeria,’ the CBN clarified that it is not engaged in any inquiry concerning the financial institution.

The initial report implied that the CBN was examining claims related to improper practices and communications involving Wilben Trade Limited and its CEO, Marcus Wade.

However, in a post on X on Wednesday, the CBN rejected the statement, characterizing it as misleading. “This information is misleading and not associated with the Central Bank of Nigeria. Please take note,” stated the apex bank.

On March 4, 2023, certain media outlets reported that Ecobank had submitted a petition to the Department of Public Prosecutions regarding fraud allegations amounting to $42,485,900 against Prem Garg, Devashish Garg, Marcus Wade, and Wilben Trade Limited.