Lomé, March 22, 2025 – (©AfreePress)- The Banking Commission of the West African Monetary Union (UMOA) has been officially seized regarding the dispute between Ecobank Transnational Incorporated (ETI) and the company Wilben Trade. In a letter received on Thursday, March 20, 2025, the institution was alerted to serious governance failures and allegedly reprehensible practices within the pan-African bank.
According to the contents of this letter, several major concerns have been raised, including systemic governance deficiencies affecting Ecobank Transnational Incorporated SA (ETI) and its subsidiaries, Ecobank Nigeria (ENG) and ETI Specialized Resolutions Company (ETISRC), collectively referred to as the « Ecobank Parties. »
Allegations of defamation and attempted extortion directly targeting ETI’s CEO, Jeremy Awori. He is accused of alleged misconduct against Wilben Trade and its director, Mr. Wade.
The complainant argues that these actions have undermined the integrity and professionalism of the financial institution and is calling for urgent intervention by UMOA to restore trust in the banking group. Furthermore, the letter asserts that Ecobank’s alleged misconduct violates international corporate governance standards and ethical principles, thereby damaging the bank’s reputation.
The situation has become even more alarming due to extensive regional and international media coverage, which has shed light on significant governance lapses within the group. This increased scrutiny has further highlighted the urgent need for regulatory intervention.
As of today, Mr. Jeremy Awori has yet to issue an official response, and neither he nor ETI’s Board of Directors has taken corrective action to address these allegations. This continued silence, perceived as a lack of responsiveness to such serious accusations, has raised concerns about the corporate culture within the bank.
Given the potential governance and economic stability risks posed by these allegations, UMOA is being urged to thoroughly investigate the matter and take appropriate action.
When contacted by AfreePress, Ecobank denied the accusations and claimed to be the victim in this case. The bank further stated that since the matter is currently before the courts, it would refrain from commenting further on its defense.
Olivier ADJA
