*Joseph Iriah & Company, a legal representation of Essential Media Group Limited, petitions the Governor of Central Bank of Nigeria over allegations of theft of intellectual property and unethical conduct against Ecobank Nigeria Limited

*We’re awaiting CBN鈥檚 formal letter to respond to company’s complaints –Ecobank Spokesman

Isola Moses | 绿帽献妻

For alleged 鈥渦nfair and unethical practice, circumvention and theft of intellectual property鈥� by Ecobank Nigeria Plc, Essential Media Group Limited, an events management, interior design and exhibitions company, has petitioned Dr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), over a business deal gone awry.

It was gathered the events management firm had resolved to commence legal proceedings against Ecobank Nigeria for the purported act of malfeasance.

The company disclosed this development in a document titled, “Petition Against Ecobank Nigeria Limited for Circumventing Essential Media Group Ltd in the Interior Design Industry鈥�, dated October 9, 2024, and signed by Brian Joseph Eruaga, forwarded to the Governor of CBN.

Essential Media Group sent the document to the CBN through Joseph Iriah & Company, its legal representation.

Accusations of theft of intellectual property, other infractions against Ecobank

The petitioner accused Ecobank of outright theft of intellectual property by withdrawing from a business agreement midstream, and after the events firm had 鈥渄isclosed its trade secrets, confidential information, and strategies to the Management of Ecobank during their discussions.鈥�

In its remarks on the firm’s allegations, the Management of Ecobank it could not make a statement on the issues being a regulated entity under the CBN.

The bank also said the allegations ought to be formally communicated to it by the Central Bank of Nigeria before a statement could be issues in that regard, ThisDay report said.

Austen Asokpor, Head of Corporate Communications at Ecobank, reportedly responded: 鈥淚 have consulted with my Management, and we think the CBN should communicate these allegations to us formally before we can offer any response, as doing so at this point will be counterproductive for us as a bank that works within a regulated environment.鈥�

Reported damage to petitioner鈥檚 business relationships with several partners

The petitioner, however, further alleged that the 鈥渄evelopment is clearly a circumvention of our client鈥檚 partnership with Ecobank Nigeria Limited and resulting in Ecobank鈥檚 initiating direct communication with our client鈥檚 long-standing exhibitors and causing harm to the existing relationship between our client and several exhibitors鈥�.鈥�

The firm, among other demands, urged the Governor of CBN to 鈥渃ause an inquiry into the unwholesome conduct of Ecobank in undermining and circumventing our client鈥檚 business of events management, interior design and exhibitions in the interior design industry.鈥�

Earlier, Ms. Titi Ogufere, Managing Director/Chief Executive of Essential Media Group Limited, reportedly had held extensive discussions with the Management of Ecobank, led by Mr. Bolaji Lawal, Managing Director of the bank, as well as Messrs. Jide Sipe and Falayi Olugboyega.

Both the company and Ecobank had reached a firm understanding after the engagement to collaborate and partner for the hosting of the 2024 Design Week Lagos which was to be held at the Ecobank Pan African Centre October 2024, according to report.

The parties reached the agreement after the commercial bank鈥檚 acceptance of the proposal from the Essential Media Group.

The petition as well explained that based on the understanding between both parties, Ms. Ogufere paid frequent visits to the Ecobank Pan African Centre in the company of potential exhibitors to view the space where the exhibition booths were to be erected for the Made by Design Show, in Lagos.

How bank dumps agreement midway on ‘Ecobank Design & Build Expo 2024’

The petition further noted the Event Managers had already secured firm commitments from about eight exhibitors, as well as sponsorship deals from companies ready to support the exhibition.

However, in a twist of events that ensued May 2024, 鈥淥ur client started receiving reports from their colleagues in the interior design industry that the Management of Ecobank had begun contacting them directly to participate in an event they were planning christened the 鈥楨cobank Design & Build Expo 2024鈥� which was scheduled to take place in November, 2024 at the Ecobank Pan African Centre.”

The petitioner stated: “Shortly thereafter, Ecobank began aggressive promoting and advertising the Ecobank Design & Build Expo 2024 in numerous billboards and various print and social media.

鈥淪imultaneously, our client鈥檚 Ms. Ogufere received an e-mail from Mr. Bolaji Lawal, the Managing Director of Ecobank informing her that the bank was currently reviewing their participation-collaboration model relating to the use of the Exhibition Centre whilst concluding that the Bank will come back to her with clarity as per their preferred business and partnership model.

鈥淭his was done without regard to the fact that Ecobank had the information and knowledge that our client鈥檚 Made by Design Show was scheduled to hold between 23rd October and 27th October, 2024 at the Ecobank Pan African Centre.鈥�

According to the petitioner, that development 鈥渃reated a huge setback, and our client began making frantic efforts to secure an alternative location and eventually settled for the Livespot Entertarium situate at Lekki, Lagos State.

鈥淚t goes without saying that our client disclosed its trade secrets, confidential information and strategies with the management of Ecobank during their discussions.”

Client moves to slam lawsuit on Ecobank Nigeria

The petition said: 鈥淓cobank鈥檚 decision to proceed with the Ecobank Design & Build Expo 2024, after being privy to vital information in our client鈥檚 proposal coupled with the confidential information it received from our client, amounts to unfair and unethical practice, circumvention and theft of intellectual property.鈥�

The petition also reads: 鈥淲e have our client鈥檚 instructions to commence legal proceedings against Ecobank for this act of malfeasance.

鈥淥ur client is particularly worried at this unwholesome development, considering the fact that Ecobank Nigeria Limited is not a holding Company but a Banking Institution, licensed by the Central Bank of Nigeria for the principal objective to take in funds called deposits, pool funds and lend funds to members of the public whilst maintaining a minimum capital ratio and also transmitting monetary policies, currency exchange, forex trading in sync with the policies of the Central Bank of Nigeria.”

The legal representation submitted in the petition: 鈥淚t is humble opinion that it is ultra vires Ecobank鈥檚 power and authority to engage in the business of event management, interior design, architecture and promotion of same by holding expos in the promotion of such objectives.

鈥淲e trust that you will use your good offices to cause an inquiry into the unwholesome conduct of Ecobank in undermining and circumventing our client鈥檚 business of events management, interior design and exhibitions in the interior design industry.鈥�

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