The Nigeria’s financial markets have received boost after the Federal Government of Nigeria successfully launched its first domestic dollar-denominated bond, raising over $900 million and marking a significant milestone in the country’s financial strategy.

This groundbreaking bond sale, led by the Africa Finance Corporation (AFC), has generated significant interest from local and international investors, demonstrating confidence in President Bola Ahmed Tinubu’s economic policies and development plans.

A statement by Mohammed Manga, Director of Information and Public Relations explained that the success of the bond sale has bolstered Nigeria’s economic resilience and consolidated its position as a leader in Africa’s financial markets as it has set a new precedent for other African nations.
The statement highlighted the achievement to have signaled a new chapter in Nigeria’s financial strategy, aimed at boosting economic resilience and fostering long-term growth.

This landmark bond sale the statement indicated, has the potential for innovative financial solutions to drive economic growth and development in Africa.

***Failure for which it threatens legal action

A law firm based in Lagos, Sofunde Osakwe Ogundipe & Belgore Legal Practitioners (SOOBLP), has formally written to the Central Bank of Nigeria (CBN) requesting it to retract all social media posts that labelled a previous press release issued by SOOLBP, on behalf of their client, as “fake.”
The letter dated August 13th, 2024, indicated that on Wednesday 7 August, CBN had published social media posts on LinkedIn, X (formerly known as Twitter), Facebook and Instagram, captioned, “This information is misleading and not affiliated with the Central Bank. Please be guided!” and displaying SOOBLP’s previous press release with the word “fake” prominently branded on it.
SOOLBP pointed out that the action of the apex has damaged its reputation as the Press statement in question is factual adding that the CBN had confirmed that the said complain had been forwarded to the Ecobank Nigeria.
The letter reads, “Ofunde Osakwe Ogundipe & Belgore Legal Practitioners finds this act to be damaging to its reputation because: the press release in question is factually correct, the CBN confirmed in writing that the complaint has been forwarded to Ecobank Nigeria and that the outcome of engagement would be communicated to us as soon as possible before the release was issued, and the press release was issued by Sofunde Osakwe Ogundipe & Belgore Legal Practitioners and did not purport to come from the CBN.
Lateef Omoyemi Akangbe, Partner, Sofunde Osakwe Ogundipe & Belgore Legal Practitioners who represents Wilben Trade, further explained that “None of the content found in this release is fake or misleading. In fact, following a letter addressed to CBN on 22 July 2024 regarding the highly questionable conduct of Ecobank Nigeria, ETI Specialized Resolution Company Limited and its Managing Director, Dele Alabi, we received acknowledgment from CBN that the complaint had been forwarded to Ecobank, and that the outcome of engagement would be communicated to us as soon as possible.
“As the national bank regulator, CBN is obligated to investigate matters that could undermine the integrity of Nigeria’s financial system, in line with their mandate to “promote a sound financial system in Nigeria”.
“In response to CBN’s misleading social media posts, we have formally requested a full retraction, as labelling our press release as fake is both untrue and defamatory. Failure to do so may result in legal action.
”As part of its commitment to justice, SOOBLP remains open to transparent and constructive engagement with CBN in the interest of building an enabling business environment in Nigeria.”

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A Company based in the United Arab Emirate has urged the Central Bank of Nigeria to investigate the Ecobank Transnational Incorporated, a subsidiary of Ecobank specialized in recovery of funds, over extortion claims it brought against the organization

The letter alleging extortion by the UAE-based company which was dated 26th July, 2024 and was signed by Patience Onu with the title: “Improper Conduct by Ecobank Nigeria, ETI Specialised Resolution Company Limited,” urged the apex bank to investigate their allegations within its purview as a regulatory body.

Senior executives of Ecobank were involved in the extortion attempt, the UAE Company further alleged

Checks by NationalUpdate on Thursday in Abuja, indicated that the letter has been acknowledged by the Central Bank of Nigeria and a reply has been forwarded to the complainant indicating that the apex bank would investigate the matter.

The CBN’s reply, which was issued by its Consumer Protection Department, CPD, dated Friday 26th July, 2024 partly read: “We write to inform you to acknowledge receipt of your letter dated 22nd July, 2024 on the above subject.

“Your complaint has been forwarded to Ecobank in line with our helpdesk Circular. In view of the involvement of the Consumer Protection Department, your bank may contact you in its efforts to resolve the complaint.

“The outcome of the engagement will be communicated to you as soon as possible.”

Moreso, checks indicated that the letter of complaint has also been published on the website ecobankextorts.com, alleging that Jeremy Awori, the Group CEO of Ecobank Transitional Inc, ETI, is aware of the case but has failed to stop the situation, suggesting that ETISRC’s corrupt actions have ETI’s backing.

A senior official of Ecobank, who pleaded not to be named, when contacted on Thursday, explained that the bank had In July 2021, wrote to the former Attorney General of the Federation through their legal practitioners, Wigwe & Partners, alleging that the UAE-based company were being investigated in connection with an alleged fraud perpetrated by Agrico Agbe.

He declined speaking further as he does have power to give detail of the controversy to journalists, but said further verification can be obtained on Ecobank and CBN’s website.