A branch of Ecobank in Nigeria. (Photo: Waldo Swiegers / Bloomberg via Getty Images) 
As Daily Maverick previously reported, Ecobank, the pan-African banking group, and Wilben Trade, a UAE-based commodities firm, have spent years locked in a cross-border dispute that began when a 2014 trade finance deal collapsed after rice cargoes failed to reach Nigerian ports.
The latest development in this saga came on 13 November 2025 when the Dubai Court of Cassation, the UAE's highest court, dismissed the final appeal in Wilben Trade’s $67.8-million civil claim.
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Ecobank hailed the outcome in a statement released on 20 November and described the decision as an “ultimate victory”. A source close to Wilben also confirmed that all appeals tied to the claim had been thrown out.
How the partnership curdled
The conflict dates back to 2014 when Ecobank Nigeria financed rice imports for businessman Prem Garg. The shipments never arrived and later alleged forged documents and suppliers tied to Garg were uncovered.
With Garg out of reach, Ecobank turned to Wilben Trade, which had apparently acted as an intermediary by discounting the bank’s letters of credit to Garg.
Wilben maintains it simply facilitated payments. Ecobank insisted Wilben helped divert funds. Wilben countered that Ecobank’s own internal review had cleared it and that the bank later resumed business with Wilben, allegedly opening a $100-million credit facility in 2020.
However, the relationship collapsed again in 2022 when Ecobank filed a criminal complaint in Nigeria naming Wilben and its CEO, Marcus Wade. Wilben then filed a $67.8-million civil claim in Dubai, arguing that the Nigeria complaint was malicious and coercive.
Ecobank celebrates clean sweep
The Court of First Instance dismissed Wilben’s Dubai case on 21 April after finding no misuse of rights or bad faith by Ecobank, and the Court of Appeal affirmed the outcome on 29 September.
Ecobank called the string of judgments a comprehensive failure for Wilben, and said the courts found the claim “misconceived and without any legal or factual foundation”.
The bank added that it “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.”
Key issues remain untouched
Wilben’s claim accused Ecobank of malicious prosecution in Nigeria and said the criminal complaint was used as leverage to force payment for losses linked to the 2014 rice shipments. The company sought $67.8- million for reputational damage, lost profits and alleged coercion.
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A source close to the firm said the dismissal of the appeal leaves central questions about Ecobank’s conduct unresolved. According to this source, Wilben intends to keep pursuing legal options to “protect its interests”.
A verdict seemingly settling little
The Dubai judgment might resolve only one issue of a broader contest that has jumped between Nigeria, India and the UAE.
The conflict grew from forged shipping documents and rice consignments that never appeared, and 10 years later it continues to shape the reputations and strategies of both sides, with little sign of a clean conclusion. DM