Lagos - Ecobank Transnational Incorporated will later on Monday hold a crucial Extraordinary General Meeting (EGM) to elect new directors.
The elective meeting follows last year’s scathing indictment on the management of by the Nigeria Security and Exchange Commission (SEC).
The meet is scheduled to hold at the bank's Conference Centre in Lomé, the Togolese capital.
Top on the agenda of the meeting is the adoption of an action plan to implement the recommendations of the Securities and Exchange Commission, Nigeria on governance improvement of the company.
Other items on the agenda include adoption of a new resolution on capital raising and the amendment of the Company’s Articles of Association to include the following: provision on mergers, acquisitions and disposals, reduction of the maximum size of the board of directors, limitation of the tenure of directors and revision of the quorum for board of directors’ meetings.
SEC had in December observed that Ecobank lacked a proper corporate governance structure and recommended an extraordinary meeting to correct the problem.
Following the recommendation, two top directors resigned their appointment last month. The two non executive directors of the pan African bank are Isyaku Umar and. Babatunde Ajibade.
Four other directors last month also called for the sack of chairman of the bank, André Siaka, ahead of Monday’s meeting.
– CAJ News
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