Ecobank allegedly seeking to suppress coverage of CBN investigation through intimidation

A commercial retailing bank, Ecobank Nigeria has issued ‘Cease and Desist’ letters to Sofunde Osakwe Ogundipe & Belgore Legal Practitioners (SOOBLP) and media outlets that reported on the Central Bank of Nigeria (CBN) launching an investigation into Ecobank Nigeria.

This action appears to be a clear attempt to suppress freedom of speech and transparency.

In a statement issued by Sofunde Osakwe Ogundipe & Belgore Legal Practitioners (SOOBLP) which was made available to Newsmen states that Ecobank Nigeria’s letter to SOOBLP accuses the lawyers of attacking its reputation and negatively impacting public perception of the bank after it notified the press of the investigation.

In addition to demanding an apology, Ecobank Nigeria has demanded 10 billion naira (circa $6.

25 million USD) in damages. This intimidation tactic has also been used to apply pressure to journalists who have investigated the story.

Following coverage of the story, the investigative news outlet Ripples Nigeria also received an intimidating ‘Cease and Desist’ letter from Ecobank Nigeria. The letter demanded the removal of the article from publication.

The CBN launched an investigation into Ecobank Nigeria in July 2024 following false accusations of fraud made against Wilben and its CEO, Marcus Wade by Ecobank Transnational Inc. Specialized Resolutions Company (ETISRC) and Ecobank Nigeria.

Although the story initially attracted broad coverage, multiple news outlets quickly removed articles after attracting the attention of Ecobank Nigeria.

Lateef Omoyemi Akangbe, Partner, Sofunde Osakwe Ogundipe & Belgore Legal Practitioners who represents Wilben Trade, said:

“Ecobank’s claims that the Central Bank of Nigeria has not launched an investigation is incorrect and we have written proof, directly from the CBN, to the contrary.

Seeking to pressurise independent media outlets by threatening them with legal action and demanding astronomical sums of money, is a desperate resort to bullying in order to suppress facts.

We cannot be intimidated by such efforts. We will continue to act in the best interests of clients and in accordance with the rules of professional conduct. We have communicated this position to the legal practitioners acting for Ecobank Nigeria.”