In a significant development, Justice Akintayo Aluko of the Federal High Court in Lagos has adjourned the ongoing trial involving a major fraud allegation to January 27, 2026, for further hearings. The case centers on accusations that Ecobank Nigeria was defrauded of $42.48 million by a Briton, two Indian nationals, and their associated companies.
The accused individuals, Marcus Wade (Chairman of Wilben Trade Limited), Prem Garg, and Devashish Garg, stand jointly charged with their firms Wilben Trade Limited (Dubai) and Agrico Agbe Limited (Nigeria). Prosecutors allege that between May and September 2015, they conspired to deceive Ecobank by claiming to import Indian parboiled rice using the funds, but diverted the capital instead.
This fresh hearing date was set after the absence of both the prosecutor and the defendants when the matter resumed. Counsel for the accused, Mr. A. A. Akinteye, explained that the prosecutor was engaged in another matter at the Court of Appeal and thus requested the adjournment.
Regarding previously imposed freezing orders on the defendants’ bank accounts, attorneys for Zenith Bank, GTBank, and Citibank revealed that no such accounts are held by the individuals or their companies.
The formal charges, filed under Counts in Suit No. FHC/L/562C/2022, invoke Sections 421 and 422 of the Criminal Code Act (Cap C38, Laws of the Federation of Nigeria, 2004). The indictment reads in part:
“That you, Prem Garg, Devashish Garg, both of Indian nationality; Agrico Agbe Limited (a company registered in Nigeria); Wilben Trade Limited, Dubai … and Marcus Wade … of British nationality … conspired among yourselves … to commit an offence … and thereby committed an offence punishable under Section 422 … ”
To date, the defendants have repeatedly failed to appear in court to enter their pleas. As proceedings resume in January, all eyes will be on whether the accused show up and how the prosecution builds its case.
