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Indicted Ecobank plans way forward

06 March 2014, 13:22

Lome-  Ecobank will next week meet to discuss future plans following resolutions reached at a just-ended Extraordinary General Meeting (EGM).

The crucial EGM was held in Lome, Togo earlier this week.

Daniel Matjila, Chief Investment Officer of South Africa’s Public Investment Corporation (PIC), which owns more than 18 per cent shares of Ecobank, was quoted as saying the meeting scheduled for Cameroon on next Tuesday would “critically” look at the action plans passed by the shareholders at the EGM.

“The current board urgently needs to meet to map a way forward. The board will discuss the implementation of resolutions approved at the Extraordinary General Meeting on March 3,” Matjila said.

Ecobank shareholders voted earlier this week to retain the management of the bank, headed by Chief Executive Office, Thierry Tanoh.

PIC had before the event called for the immediate resignation of Tanoh.

The resignation call followed allegations that Tanoh used "strange tactics" to stop Ecobank's board meeting on February 25 and continued to use the bank's platform to pursue his political and personal interests.

Four other directors of the bank had also called for his resignation following serious indictments on the bank by the Nigeria Security and Exchange Commission (SEC).

SEC, in a report of investigation held in December, indicted the bank over serious corporate governance breach and insisted on an EGM to bring about reforms.

Tanoh's anticipated sack at the EGM was thwarted as PIC was said to have withdrew its earlier motion to create a smaller interim board, which would have overseen the implementation of measures to improve corporate governance.

The bank's spokesperson, Mwambu Wanendeya, said investors instead decided to retain the existing 12-person board including Tanoh. Wanendeya also said shareholders approved a governance action plan following recommendations by SEC.

– CAJ News

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