The banking group with the largest footprint in Africa has doggedly tried to recoup losses from fraudulent transactions stretching back to 2014.

The banking group with the largest footprint in Africa has doggedly tried to recoup losses from fraudulent transactions stretching back to 2014.

When Nedbank confirmed in August that it would sell its 21.2% shareholding in Ecobank Transnational Incorporated (ETI) to Bosquet Investments for $100-million, it marked the end of a 17-year partnership between two of Africa's largest banking names.

The South African lender described the decision as a natural conclusion of its strategic review. Chief executive Jason Quinn praised ETI's professionalism, saying the sale marked the end of "a significant chapter" in their history and aligned with Nedbank's focus on core growth areas in southern and East Africa.

However, as Ecobank adjusts its ownership and direction, stories emerging from inside its network shed light on the challenges the bank has been facing - among them, a costly fraud that began with rice shipments that never arrived and a continuing legal fight in Lagos and Dubai.

In 2014, Ecobank Nigeria thought it was entering a straightforward trade finance deal. Its client, Indian businessman Prem Garg, was no stranger to controversy. Court filings in India, Dubai and Nigeria would later tie Garg and his companies to a string of fraud allegations.

Ecobank...