Justice Akintayo Aluko of a Federal High Court, Lagos, has adjourned to January 27, 2026, further hearing of the criminal charge filed against a Briton, two Indian nationals, and their companies for allegedly defrauding Ecobank Nigeria Limited of the sum of $42.48 million.
The Briton and the Indian nationals alleged to have defrauded the bank are Marcus Wade, Chairman of Wilben Trade Limited; Prem Garg and Devashish Garg. They were alleged to have defrauded the bank in 2015 under the false pretence of using the funds to import rice into Nigeria.
The defendants are being prosecuted alongside their companies, Wilben Trade Limited, Dubai, and Agrico Agbe Limited, by the Office of the Attorney-General of the Federation (AGF), under the Federal Ministry of Justice.
However, the court fixed the new date following the absence of the prosecutor and the three defendants yesterday at the resumed hearing of the matter.
When the case was called, Mr A. A. Akinteye, who appeared for the defendants, informed the court that the prosecutor had asked him to request an adjournment since he was handling another matter at the Court of Appeal and could not be present in court. He therefore urged the court to grant another date for hearing.
Meanwhile, in relation to earlier freezing orders placed on the defendants’ accounts, two lawyers, Ademola Abayomi and Victor Adunwa, representing Zenith Bank, GTBank, and Citibank, informed the court that neither the defendants nor their companies maintained any accounts with the listed banks.
Following their submissions, the court adjourned the case to January 27, 2026, for further hearing.
Also, the prosecution alleged that the defendants sometime in May and September 2015, at Ecobank Plc, Lagos, conspired among themselves to commit an offence to wit: cheating, in that they caused Ecobank Plc to release the sum of $42,485,900 intended under contract for the purchase and importation into Nigeria of Indian parboiled rice, but failed to utilise the funds for the stated purpose.
Their offence is punishable under Sections 421 and 422 of the Criminal Code Act, Cap C38, Laws of the Federation of Nigeria, 2004.
Part of the charge in the suit marked FHC/L/562C/2022 reads, “That you, Prem Garg, Devashish Garg, both of Indian nationality; Agrico Agbe Limited (a company registered in Nigeria); Wilben Trade Limited, Dubai (a company registered in the United Arab Emirates, Dubai); and Marcus Wade (Chairman of Wilben Trade Ltd, Dubai), of British nationality, sometime in the months of May and September 2015, at Ecobank Plc, Lagos, within the jurisdiction of this Honourable Court, conspired among yourselves to commit an offence, and thereby committed an offence punishable under Section 422 of the Criminal Code Act, Cap C38, Laws of the Federation of Nigeria, 2004.”
However, despite the pending charges, the defendants have repeatedly failed to appear before the court to take their pleas.