Ecobank $42m Fraud: Court adjourns case against Briton, Indians to Jan 27

The Federal High Court in Lagos has fixed January 27, 2026, for further hearing in the $42.48m, fraud case filed against a Briton, two Indian nationals, and their companies over alleged defrauding of Ecobank Nigeria Limited.

The defendants, who are Marcus Wade, a British national and chairman of Wilben Trade Limited; Prem Garg and Devashish Garg, both Indian nationals, are being prosecuted alongside their firms, Wilben Trade Limited (Dubai) and Agrico Agbe Limited (Nigeria).

The case, instituted by the Office of the Attorney-General of the Federation, alleged that the defendants conspired to defraud Ecobank under the false pretext of using the funds to import parboiled rice into Nigeria in 2015.

At the resumed hearing of the case recently, Justice Akintayo Aluko adjourned the matter following the absence of both the prosecution and the defendants.

A lawyer, A. A. Akinteye, who represented the defendants, informed the court that the prosecutor had requested an adjournment, citing engagement in another matter at the Court of Appeal.

 The defence did not object and asked the court to fix another date for the continuation of the case.

Meanwhile, in compliance with earlier freezing orders placed on the defendants’ bank accounts, representatives of three banks, Zenith Bank, Guaranty Trust Bank, and Citibank, informed the court that neither the defendants nor their companies maintained accounts with their institutions.

Justice Aluko subsequently adjourned the matter to January 27, 2026, for further hearing.

In the charge marked FHC/L/562C/2022, the defendants were alleged to have, between May and September 2015, conspired to commit the offences punishable under Sections 421 and 422 of the Criminal Code Act, Cap C38, Laws of the Federation of Nigeria, 2004.

One of the counts read “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), and Marcus Wade (Chairman of Wilben Trade Limited, Dubai) of British nationality, between May and September 2015, at Ecobank Plc, Lagos, within the jurisdiction of this Honourable Court, conspired among yourselves to cause Ecobank Plc to deliver monies to the tune of $42,485,900, which was intended for the importation of Indian parboiled rice, but which you failed to utilise for the contract.”

The defendants have yet to appear in court to take their pleas despite multiple summons.

Several applications filed by them to halt their arraignment, prosecution, and to set aside bench warrants issued for their arrest have been dismissed by the court.