The Dubai Court of Cassation has unanimously dismissed the final appeal of Wilben Trade Limited and its promoter, Mr Marcus Akroyd Wade, and ruled in Ecobank’s favour,  over a negative media campaign linked to a trade finance dispute with Ecobank, embarked upon by the claimants, and which the claimants sued the bank in Dubai, and cast the Ecobank Group, its subsidiaries and officers in a poor light.

 

In December 2024, the claimants filed a civil action in Dubai seeking USD 67.8m for alleged reputational harm and loss of profits, arguing that criminal proceedings in Nigeria, opened after Ecobank Nigeria reported suspected fraud, were malicious and an abuse of their rights.

 

The dispute arose from fraudulent activities carried out by the claimants in relation to the trade in parboiled rice. As any regulated bank would, Ecobank escalated the issue to the authorities, rather than treat it as a simple commercial dispute.

 

The Dubai Court of First Instance rejected the case on April 21, 2025, finding no misuse of rights or bad faith by Ecobank and holding that the claimants had not established the elements of liability. The Court of Appeal upheld that result in full on September 29, 2025, relying in part on the claimants’ own expert evidence. The Court of Cassation, the highest court in the UAE, reconfirmed those conclusions on November 13, 2025.

 

The bank, in a statement, noted that the claimants’ decision to take  together the rulings amount to a comprehensive failure for their legal challenges. The courts found the claim to be misconceived and without any legal or factual foundation.

 

 

“Ecobank welcomes this verdict with satisfaction and reaffirms its full confidence in the strength and fairness of the judicial system of the United Arab Emirates. This decision further reinforces Ecobank’s commitment to upholding the highest standards of governance, compliance, and respect for the rule of law everywhere it operates,” the statement read.