Justice Akintayo Aluko of the Federal High Court in Lagos has adjourned further hearing in the $42.48 million fraud case filed against a Briton, two Indian nationals, and their companies for allegedly defrauding Ecobank Nigeria Limited.
The defendants, Marcus Wade, Chairman of Wilben Trade Limited, alongside Prem Garg and Devashish Garg, are being accused of conspiring to obtain the funds in 2015 under the false pretext of importing rice into Nigeria.
They are being prosecuted by the Office of the Attorney-General of the Federation (AGF) alongside their firms, Wilben Trade Limited (Dubai) and Agrico Agbe Limited (Nigeria).
At the resumed hearing of the matter, the case could not proceed due to the absence of both the prosecutor and the defendants.
While the proceedings lasted, a defence lawyer, A. A. Akinteye, informed the court that the prosecution had requested an adjournment, citing engagement at the Court of Appeal.
The court also received updates from Ademola Abayomi and Victor Adunwa, who represented Zenith Bank, GTBank, and Citibank, respectively, wherein they disclosed that neither the defendants nor their companies maintained accounts with the listed banks, despite previous freezing orders issued by the court.
Consequently, Justice Aluko adjourned the matter to January 27, 2026, for continuation of proceedings.
The charge, marked FHC/L/562C/2022, accused the defendants of conspiring between May and September 2015 to obtain $42,485,900 from Ecobank under the guise of importing Indian parboiled rice, but allegedly diverted the funds for other purposes.
According to the Attorney-General’s Office, the offences contravene Sections 421 and 422 of the Criminal Code Act, Cap C38, Laws of the Federation of Nigeria, 2004.
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