The Central Bank of Nigeria (CBN) has launched an investigation into allegations of extortion leveled against Ecobank Transnational Incorporated by Agrico Agbe, a United Arab Emirates-based company.
The complaint, dated July 26, 2024, accused Ecobank of improper conduct and extortion, involving senior executives.
Agrico Agbe urged the CBN to investigate the claims, which have been acknowledged by the apex bank. In a reply dated July 26, 2024, the CBN’s Consumer Protection Department stated that the complaint had been forwarded to Ecobank and would be investigated.
The controversy has also been published on the website (link unavailable) Ecobank has denied the allegations, claiming that Agrico Agbe is being investigated for alleged fraud. A senior official of the bank revealed that a letter was written to the former Attorney General of the Federation in July 2021, alleging that Agrico Agbe was involved in a fraud investigation.
The CBN’s investigation is ongoing, with the outcome to be communicated to the complainant soon. The development highlights the apex bank’s commitment to protecting consumers and ensuring fair business practices in the banking sector.
