The ruling, delivered unanimously, upholds earlier judgments of the lower courts and affirms Ecobank’s position in the matter.

By this decision, the Court of Cassation brings closure to the case, reinforcing the findings of the UAE’s judicial system throughout the course of the proceedings.

In December 2024, the claimants filed a civil action in Dubai seeking USD 67.8m 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 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.

Taking together, these rulings amount to a comprehensive failure for Mr Wade and Wilben’s legal challenges. The courts found the claim to be misconceived and without any legal or factual foundation.

Ecobank says it welcomes the verdict with satisfaction and reaffirms its full confidence in the strength and fairness of the judicial system of the United Arab Emirates.

The pan-African banking group recorded net revenue of $1.8 billion, supported by strong earnings growth, disciplined cost control, and focused implementation of its Growth, Transformation and Returns (GTR) strategy.

The Group’s earnings per share climbed by 36% to 1.29 US cents ($0.01), revealing solid operating performance across its subsidiaries. 

Ecobank also achieved a record cost-to-income ratio of 48%, showing the benefits of its diversified business model and effective cost management. The bank’s return on tangible equity (ROTE) stood at 31.2%, stressing the sustained profitability and shareholder value creation.

Its balance sheet was firm throughout the period, with gross loans rising to $12.2 billion and customer deposits reaching $24.1 billion. Asset quality improved significantly, with the non-performing loan ratio dropping to 5.3% from 7.0% in the first quarter of 2024. 

Capital strength was maintained, as Ecobank reported a CET1 ratio of 12.9% and a total capital adequacy ratio of 16.8%, both comfortably above regulatory requirements.

Non-interest revenue contributed 42.4% of total revenue, showing the Group’s continued progress in diversifying income streams. 

Payments were a key growth area, accounting for nearly 30% of non-interest revenue and generating $221 million, a 13% year-on-year increase driven by strong performance in wholesale payments and card operations.

Corporate and Investment Banking (CIB) delivered a profit before tax of $526 million, up 43%, while Consumer and Commercial Banking (CCB) posted $354 million, a 21% increase. 

The growth in both divisions was supported by higher deposits, stronger client engagement, and sustained digital adoption across markets.

Commenting on the results, Jeremy Awori, CEO of Ecobank Group, said, “We are pleased to report strong results for the nine months ending September 2025. Our return on tangible equity was 31.2%, tangible book value per share increased by 83%, and profit before tax rose 34% to $657 million. Our cost-to-income ratio (CIR) improved from 54.5% in the same period last year to 48.0%. 

“These results demonstrate the ongoing success of our Growth, Transformation, and Returns (GTR) strategy, the advantages of our diversified and synergistic business model, and a steadily improving economic environment across our key markets.”

Awori also noted the pace of Ecobank’s revenue expansion, “We are encouraged by our group-wide revenue growth of 18% (totalling $1.8 billion), which has been the fastest in a decade, with each line of business performing well. 

“In Corporate and Investment banking (CIB), revenues grew by 18%, supported by focused client account planning, strong origination and execution discipline, and better cross-selling and product offerings. In Consumer and Commercial Banking (CCB), revenues increased by 13%, driven by significant growth in active customers, deposits, and investments in various initiatives aimed at serving our customers better.”

He further outlined the bank’s digital transformation initiative and inclusion strategy:

“We invested in and improved our digital channels and mobile banking, as well as approximately 400 new state-of-the-art ATMs across our network, which will enhance the customer experience and help drive financial inclusion. 

“We have also significantly enhanced our Ellevate program to support women entrepreneurs throughout Africa, renewed focus on the agricultural sector, and improved digital account opening, wealth management services, and lending.”

In the payments and fintech segment, Ecobank saw solid growth and profit:

“In our Payments, Fintech, and Cross-border Remittances business, revenues rose by 13% to $221 million, which accounted for 13% of our group-wide revenues, primarily driven by a 20% increase in Disbursement Services, and a 14% growth in Cards.”

Beyond profit, as Ecobank celebrates its 40th anniversary, Awori acknowledged the role of partners and customers in the Group’s continued success:

“We are pleased about the significant progress we are making on our strategic priorities, transformative initiatives, and partnerships that will enable us to grow faster in the future and provide more efficient and better customer services. 

“As Ecobank begins its 40th anniversary celebrations this October, we are grateful to all those who have helped build the foundation upon which we continue to deliver financial solutions to businesses, governments, and households, fostering economic and financial integration across Africa.”

Chief Executive Officer Jason Quinn said: “We would prefer to own or control all of the operations that we’re involved in. You can execute strategy much more deliberately when you own businesses.

The board has approved a formal plan to dispose of the investment, and we are currently engaging interested parties and, if a sale is concluded, it will be a clean deal.”

Nedbank noted that Ecobank’s operations in Central and West Africa have been negatively impacted by foreign exchange volatility since it acquired the stake in 2014.

Since then, it has earned R6.8 billion ($378.6 million) in associate income, but only R400 million has been realised through dividends. The bank said the Ecobank investment currently carries a value of R1.8 billion, with a market value of R1.9 billion.

The lender added that its board and management weighed the risks of holding the stake, citing regulatory uncertainty, the potential need for additional capital to avoid shareholding dilution, and the exit of several South African clients from the region, which has limited cross-selling opportunities.

Nedbank became Ecobank’s largest shareholder in 2008 through a $500 million investment, formalising the partnership in 2014. The planned sale will mark the end of a 17-year strategic alliance between the two banks.

According to the group’s unaudited financial results, gross earnings surged 24% to N2.3 trillion. Operating profit before impairment charges also recorded an increase, rising to N884.2 billion from N631.5 billion in H1 2024.

Profit before tax increased by 40% to N620.2 billion, up from N443.5 billion, while earnings per share increased to N12.27 from N8.78.

Looking to the bank’s balance sheet, loans and advances to customers increased by 10% to N16.86 trillion, while customer deposits rose  by 16% to N36.6 trillion.

Total assets also recorded a notable improvement, rising by 13% to N49 trillion and total liabilities stood at N45.5 trillion compared to N40.5 trillion at the end of the 2024 financial year.

Net interest income surged by 27% to N971.7 billion, up from N763.5 billion, highlighting improved performance from lending and investment activities.

Non-interest income also rose by 28% to N766.1 billion, supported by a turnaround in net investment income, from a N941.5 million deficit in H1 2024 to N5.5 billion surplus, highlighting the bank’s ability to generate revenue  beyond traditional lending.

In a related development, credit rating agency Moody’s recently upgraded Ecobank Transnational Incorporated’s outlook from negative to stable, reflecting the group’s resilient financial performance, believing Ecobank’s ability to meet recapitalisation requirements ahead of the Central Bank of Nigeria’s March 2026 deadline.

This was disclosed in a regulatory filing with the Nigerian Exchange, signed by the Group Company Secretary, Madibinet Cisse, following an Extraordinary General Meeting (EGM) held by the pan-African banking group.

According to the filing, the capital raise will be open for subscription  on a first-come, first-served basis, limited to 100 shareholders initially, with a secondary option for other interested investors.

The instrument’s conversion price will be set above the 5-day Volume Weighted Average Price (VWAP) of Ecobank’s shares on the Nigerian Exchange at the time of conversion. It will be converted to US dollars using the prevailing exchange rate, with a floor price of $0.01 per ordinary share on the conversion date.

This new fundraising initiative follows Ecobank’s successful issuance of $125 million in Senior Notes in May 2025 at a coupon rate of 10.12%, due in 2029. It also builds on an earlier $400 million issuance in October 2024, which carried the same terms.

Both notes received strong interest from investors,  including financial institutions, asset managers, and development finance lenders.

The move reflects the group’s commitment to reinforcing its financial position and enhancing investor confidence.

The exhibition is organized by Design Week Lagos, in partnership with Ecobank Nigeria and the Ministry of Arts, Culture, Tourism, and the Creative Economy.

During his visit to the exhibition on Saturday, Prof. Osinbajo expressed his admiration for the innovative products and designs on display. He stressed that, with the right support, these young innovators possess the potential to take the nation to new heights.

He also acknowledged Ecobank for its significant role in advancing Nigeria’s design and creative industries and urged for more public-private collaborations to foster further growth in the sector.

“It’s truly inspiring to see these remarkable products and designs created by young entrepreneurs. You can see the vision, potential, ideas, and passion they’ve poured into these projects. This exhibition bridges talent with commerce, and it’s essential that we encourage them. I commend Ecobank and the organizers for supporting these youths and this industry,” he remarked.

Similarly, Gbajabiamila expressed his gratitude to Ecobank for its support of the initiative.

The former Vice President and the Chief of Staff, along with their wives, were given a guided tour of the exhibition by Titi Ogufere, Founder of Design Week Lagos; Bolaji Lawal, managing director/regional executive, Ecobank Nigeria; and other exhibition organizers and partners.

The 2025 edition of the exhibition showcases Nigeria’s top talents in furniture, product, and industrial design. Under the theme “Building a Made-in-Nigeria Brand,” the exhibition celebrates Nigerian designers’ creativity, innovation, and craftsmanship, while also focusing on industrialization and the export potential of locally made products.

The exhibition features the Manufacturer and Designer’s Pavilion, highlighting collaborations between manufacturers and designers, as well as the Designer’s Pavilion, where 50 individual designers present fresh concepts across various disciplines, including furniture, toys, automotive, and industrial design, reflecting Nigeria’s diverse creative landscape.

The exhibition ran through February 25 till March 2, 2025.

The partnership leverages Code 14 Labs’ interactive coding workbooks, including the “Andrew Teaches” coding workbook, along with its network of trained teachers, to offer affordable annual training and proficiency certification to students.

As part of this collaboration, Ecobank will provide nationwide and pan-African access to coding education, utilizing its extensive operational network across the continent.

In turn, Code 14 Labs will supply its educational technology and trusted community to ensure high-quality teaching that delivers tangible learning outcomes for students and reassurance for parents.

Parents and guardians wishing to have their wards participate in the program are encouraged to open Ecobank’s MyFirst Account—a specialized high yield savings product designed for children under 16.

At the signing of the Memorandum of Understanding (MoU) in Lagos, Aeola Ogunyemi, head of Consumer Banking at Ecobank Nigeria, emphasized that the partnership reflects the bank’s commitment to bridging the digital divide, promoting inclusion, and preparing the next generation for a tech-driven future. She also highlighted how the collaboration aligns with Ecobank’s mission to equip children with the skills necessary to thrive in an increasingly digital world.

Adeola Ogunyemi, represented by Victor Yalokwu, head of Consumer Products & Segments, further explained,

“At Ecobank, we recognize that financial literacy and digital education are intertwined. This belief led to the creation of the MyFirst Account, a product aimed at children under 16 to encourage smart financial habits from an early age. By introducing students to coding through Code 14’s innovative mobile app, we’re not just teaching coding skills, but also nurturing problem-solving abilities, creativity, and digital confidence.”

Otaru Daudu, executive director of Research and Technology at Code 14 Labs, praised the partnership and expressed confidence that, with the support of additional partners like the British Council and the Teachers Registration Council of Nigeria (TRCN), they will achieve their goal of training 50,000 learners to proficiency level in HyperText Markup Language (HTML) and Cascading Style Sheets (CSS), essential programming languages for global internet communication.

Daudu emphasized that Code 14 Labs is committed to scaling critical education components through technology-driven inclusion.

These loans can be used to finance a variety of needs, including paying school fees, rent, maintenance costs, medical bills, car purchase & repairs, asset purchase, and more.

The program is available to civil servants and private-sector employees whose salaries are paid through Ecobank.

New customers can also benefit upon presentation of employer undertaking to pay subsequent salaries through Ecobank.

Starting this January, the initiative provides flexible repayment options and a streamlined loan application process.

CrediCorp, a Development Finance Institution (DFI) established by the Federal Government, is focused on enhancing access to consumer credit for Nigeria’s workforce. Under the partnership, CrediCorp will provide funds to Ecobank, for on-lending to qualified customers.

The arrangement covers personal loans, as well as asset financing for items like solar systems, home appliances, phones, laptops etc. and vehicle conversions to compressed natural gas (CNG).

Adeola Ogunyemi, head of Consumer Banking at Ecobank Nigeria, expressed excitement about the collaboration, emphasizing that it would provide salary earners, both in the public and private sectors, with better access to financial products.

She said,

“This collaboration is an excellent opportunity to serve our customers, and we believe it will improve the quality of life for many Nigerians. Eligible customers can use the loans to purchase electronics, solar systems, or CNG vehicle conversions, as well as for other essential expenses like school fees, rent, upkeep, medical bills, and car maintenance. We encourage working-class Nigerians to open an account with Ecobank to benefit from this initiative.”

The loans come with affordable interest rates, a two-year term, and a repayment plan that ensures equal monthly installments, including principal and interest, do not change throughout the life of the facility, regardless of the economic situation of the country.

Ecobank Nigeria is part of the Ecobank Group, a leading pan-African banking organization.

The bank provides a full range of financial services to individuals, businesses, and institutions through its network of over 240 branches and 35,000 Xpress Point agencies across Nigeria.

Key partners include SABA Steel, Nigeria’s largest steel manufacturer; Coleman Wire & Cables, the leading cable producer in West Africa; Donna Spectre, a prominent indigenous oil and gas logistics company; Dulux Paints, a top paint brand in Nigeria; HTL Africa, a forward-thinking architectural firm; ITB Nigeria Limited, leading Construction Company in Nigeria and West Africa; Mota Engil Nigeria, a civil construction company; and Chapel Hill Denham,  Nigeria’s leading investment banking, securities trading, and investment management, and many others.

The five-day event, themed “Building Nigeria Together,” will run from November 27 to December 1, 2024, at the Ecobank Pan African Centre (EPAC) on Victoria Island, Lagos, with daily sessions starting at 10:00 am. More than 60 exhibitors are set to showcase their latest products and innovations during the event.

Omoboye Odu, head of SMEs, Partnerships, and Collaborations at Ecobank Nigeria, expressed her enthusiasm about the strong lineup of partners and exhibitors.

She emphasized Ecobank’s commitment to deliver a seamless and mutually beneficial experience, provide a platform to showcase cutting-edge trends, innovations, and sustainable practices across Architecture, Construction, Building Materials, Household Appliances, Engineering, and Interior Design.

“As a bank committed to fostering industry growth, we aim to use this event to drive conversations around innovation, sustainable practices, and financial solutions tailored for these sectors. Our goal is to use  innovation and creativity to change our narrative as a Nation and to help us in “Building Nigeria Together.

The Ecobank Design & Build Expo is positioned as the go-to hub for empowering businesses, promote economic growth, and strengthening our relationships with key stakeholders,” she stated.

Further, she said the expo serves as a prime opportunity for professionals in the Architecture and building sectors to present and market their products to a broader audience, while encouraging  valuable networking opportunities for entrepreneurs, consumers, and other stakeholders, she highlighted the event’s exciting features, including knowledge exchange sessions by industry experts, creative exhibitions and installations, product displays showcasing the latest in design and innovation, networking opportunities with thought leaders, and inter-school architectural design competition to inspire the next generation,  multi-audience entertainment and food offerings to keep energy high.

She concluded by extending an invitation to Nigerians from all walks of life to visit the expo, as there is something for everyone, while also contributing to the collective effort of Building Nigeria Together.

The partnership is poised to transform the region’s payment landscape by enabling faster and more efficient international transactions for both businesses and consumers.

Nium’s real-time payments infrastructure will be integrated into Ecobank’s existing banking operations, allowing Ecobank to enhance its services for small and medium-sized enterprises (SMEs).

Additionally, Ecobank will connect its current SWIFT workflows to Nium, gaining access to real-time transfers, updates, clearing, settlement, and payment tracking without the need for complicated API integrations.

This integration will significantly reduce waiting times for cross-border payments, enabling businesses to make quicker payments to over 220 markets, including more than 100 countries with real-time capabilities.

Through this partnership, Ecobank’s customers across the region will benefit from an enhanced payment experience that allows faster and more efficient cross-border transactions, unlocking new opportunities for SMEs to connect with global markets.

Anupam Pahuja, General Manager and Executive Vice President for APAC, Middle East, and Africa at Nium, said, “We are thrilled to partner with Ecobank and introduce Nium’s cutting-edge real-time payment capabilities to Africa. This collaboration represents an important step forward in expanding our global payments network, and we are proud to support Ecobank in delivering faster, more efficient payments for its customers across the region.”

“Partnering with Nium allows us to enhance our service offerings and provide our customers with faster, more efficient cross-border payment solutions. By leveraging our unique API-based payment platform, this collaboration is a significant step towards advancing financial inclusion and connectivity across Africa and enabling businesses to thrive in a global marketplace,” said Jeremy Awori, CEO of Ecobank Group.

Ecobank can exchange its existing SwiftMT & ISO20022 messages with Nium to initiate payments on the real-time platform, accelerating business growth and improving the speed and accuracy of cross-border payments for African businesses.

The partnership also aligns with Nium’s broader strategy to enhance global financial inclusion, enabling access to real-time payments in regions where traditional banking systems may be slow or unreliable.

Through this collaboration, Ecobank is now better equipped to provide an unmatched cross-border payment experience for its customers, while Nium continues its mission to democratize access to the world’s largest real-time payments network.