A UAE-based company has filed a formal complaint against Ecobank, alleging that the bank engaged in extortionate practices.

Agrico Agbe, a company based in the United Arab Emirates, has filed allegations of extortion with the Central Bank of Nigeria against Ecobank Transnational Incorporated, which is a subsidiary of Ecobank that focuses on fund recovery.

The correspondence, dated July 26, 2024, and signed by Patience Onu, is titled “Improper Conduct by Ecobank Nigeria, ETI Specialised Resolution Company Limited.”

It calls upon the central bank to conduct an investigation into the claims as part of its regulatory responsibilities.

Additionally, the UAE-based firm has accused senior executives of Ecobank of being complicit in the alleged extortion.

A source in Abuja reported on Thursday that the Central Bank of Nigeria has acknowledged receipt of the letter and has communicated to the complainant that it will pursue an investigation into the allegations.

In response to a consumer inquiry, the Central Bank of Nigeria’s Consumer Protection Department (CPD) issued a statement on Friday, July 26, 2024. The statement reads in part: “We write to inform you to acknowledge receipt of your letter dated 22nd July, 2024 on the above subject.

“Your complaint has been forwarded to Ecobank in line with our helpdesk Circular. In view of the involvement of the Consumer Protection Department, your bank may contact you in its efforts to resolve the complaint.

“The outcome of the engagement will be communicated to you as soon as possible.”

Furthermore, it has come to our attention that the aforementioned letter of complaint has also been published on the website ecobankextorts.com.

A high-ranking official at Ecobank, who requested anonymity, provided clarification when contacted on Thursday. The official stated that in July 2021, Ecobank, through its legal representatives Wigwe & Partners, sent a written communication to the former Attorney General of the Federation.

The purpose of this communication was to inform the Attorney General that the UAE-based company was under investigation in connection with an alleged fraud perpetrated by Agrico Agbe.

The official declined to provide further details, citing a lack of authorization to share such information with journalists.

However, the official suggested that additional information could be obtained by visiting the websites of Ecobank and the Central Bank of Nigeria (CBN).