The Central Bank of Nigeria (CBN) has categorically denied any involvement in investigating Ecobank, led by Cameroonian Alain Nkontchou and its parent company, Ecobank Transnational Incorporated Specialised Resolutions Company (ETISRC), for alleged extortion activities.
This clarification was made following the circulation of a statement titled "Central Bank of Nigeria investigating allegations of extortion at Ecobank Nigeria," which claimed that the CBN was looking into abusive practices related to Wilben Trade Limited and its CEO Marcus Wade.
In a prompt rebuttal posted on X (formerly Twitter) on Wednesday, the CBN dismissed the claims as misleading and unaffiliated with the bank. The apex bank urged the public to disregard the misinformation, stating, "This information is misleading and not affiliated with the Central Bank of Nigeria. Please be guided."
This denial follows earlier reports, particularly on March 4, 2023, when some media outlets reported that Ecobank had petitioned the Department of Public Prosecutions over a $42,485,900 fraud case involving Prem Garg, Devashish Garg, Marcus Wade, and Wilben Trade Limited.
