Moriah Trust Limited, a customer of Ecobank Nigeria Plc, alongside its principal, David Nwedu, has petitioned the Economic and Financial Crimes Commission (EFCC) to investigate alleged fraudulent activities involving $285,006 in the company’s domiciliary account.
The petition calls for a thorough probe into the transactions and demands accountability for any Ecobank officials implicated in the alleged fraud.
The petition, titled “Criminal Complaint Against Ecobank Nigeria Plc on an Attempt to Defraud Moriah Trust Limited of an Advance Payment Guarantee Bank Bond No. G 00613 for $285,006,”was dated November 13, 2023, and formally received by the EFCC on January 26, 2024.
Signed by Olabanji A. Eniola, Esq., on behalf of Umar, Gimba & Associates, solicitors to the petitioner, it was addressed to the EFCC Executive Chairman in Abuja.
According to the petition, Moriah Trust Limited, which operates a domiciliary account (No. 2230509622) with Ecobank, encountered issues linked to the Abidjan Lagos Transport Corridor project in 2005.
As part of the project, Nwedu requested a 20% Advance Payment Guarantee (APG) of $1,425,032.70. Ecobank approved the request and credited his account with $285,006.
The petition alleges that after the contract awarder, the International Development Association (IDA), advanced $70,000, the remaining $215,006 of the APG sum was transferred to Ecobank for safekeeping.
However, when Nwedu fulfilled the contractual obligations and returned the APG document in January 2006, the bank credited his account with an erroneous sum of $20,060,118, far exceeding the warehoused amount.
Nwedu, described as “an honest and law-abiding citizen,” immediately flagged the error to Ecobank. In response, the bank reportedly claimed the erroneous sum reflected the naira value of the APG funds. Despite this, Ecobank deactivated the account without Nwedu’s consent, leaving the incorrect balance intact.
From 2008 onwards, Nwedu made multiple attempts to reactivate the account, including deposits of $17,000 in March 2008 and $3,000 in November 2009. However, the bank allegedly refused to reconcile or reactivate the account.
The petitioner stated that the contract awarder, IDA (an affiliate of the World Bank), has since 2019 been demanding a project closure report. Nwedu claims his inability to provide the report stems from Ecobank’s refusal to release or reconcile the account details.
“This action has caused our client irreparable embarrassment and is treated by the IDA as a fiduciary breach,” the petition states.
The petition further accuses Ecobank of using the account for unauthorized transactions and calls on the EFCC to investigate the bank’s refusal to reactivate the account.
“We believe Ecobank’s actions are a deliberate attempt to defraud Moriah Trust Limited of its legitimate funds. We humbly urge the EFCC to uncover all fraudulent activities carried out through this account and prosecute all complicit Ecobank officials,” the petition concludes.
The EFCC is expected to act on the complaint and initiate a full investigation into the matter.
