Agrico Agbe, a United Arab Emirates company, has filed an extortion claim with the Central Bank of Nigeria (CBN) against Ecobank Transnational Incorporated, a subsidiary of Ecobank specializing in money recovery.
The claim, dated July 26, 2024, and signed by Patience Onu, was titled “Inappropriate Conduct by Ecobank Nigeria, ETI Specialised Resolution Company Limited.” The letter called upon the CBN to investigate the allegations within its regulatory remit.
The UAE company alleged that top executives of Ecobank were involved in the extortion attempt. According to checks carried out in Abuja on Thursday, the letter was received by the CBN, which responded by stating it would investigate the matter.

The CBN’s response, issued by the Consumer Protection Department (CPD) on July 26, 2024, read in part: “We write to inform you that we acknowledge receipt of your letter dated July 22, 2024, on the above subject. Your complaint has been forwarded to Ecobank in accordance with our helpdesk circular.
Given the involvement of the Consumer Protection Department, your bank may contact you in its efforts to resolve the complaint. You will be informed of the outcome of the assignment as soon as possible.”
Further investigations revealed that the complaint letter was also published on the website ecobankextorts.com. A senior Ecobank official, who requested anonymity, explained that the bank had written a letter to the former Attorney General of the Federation through its lawyers, Wigwe & Partners, in July 2021, claiming that the UAE-based company was being investigated in connection with an alleged fraud committed by Agrico Agbe.
He declined to provide further details, citing authorization constraints, but mentioned that more information could be obtained from Ecobank and the CBN websites.
Despite these developments, the Central Bank of Nigeria has denied probing Ecobank Nigeria and Ecobank Transnational Inc. Specialized Resolutions Company (ETISRC) for alleged extortion.
In a statement reacting to the situation, the CBN clarified that it is investigating Ecobank over claims of abusive proceedings and communications against Wilben Trade Limited and its CEO, Marcus Wade, not the extortion allegations made by Agrico Agbe. The CBN stated, “This information is misleading and not affiliated with the Central Bank of Nigeria. Please be guided.”
The controversy surrounding these allegations continues to unfold, with both parties awaiting further clarification and resolution from the involved regulatory bodies.
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