The Dubai Court of Cassation on November 13, 2025, unanimously dismissed the final appeal filed against Ecobank by the duo of Wilben Trade and Marcus Akroyd Wade.
For two years, Wilben Trade Limited and its promoter, Mr Marcus Akroyd Wade, claimed they were right to sue the lender in Dubai over a trade finance dispute.
In December 2024, the claimants filed a civil action in Dubai seeking $67.8 million 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 alleged 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 courts found the claim by the claimants to be misconceived and without any legal or factual foundation.
In a statement, Ecobank welcomed the verdict with satisfaction, reaffirming its full confidence in the strength and fairness of the judicial system of the United Arab Emirates (UAE).
The lender said this decision further reinforces its commitment to upholding the highest standards of governance, compliance, and respect for the rule of law everywhere it operates.