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Togo: Ecobank general assembly resumes after 2-hour disruption

The Extraordinary General assembly of the Ecobank group resumed here Monday after being suspended for more than two hours by Nigerian shareholders who were calling for the resignation of the current Director General, the Ivorian Thierry Tanoh.

An official of the Bank, speaking on condition of anonymity, told PANA that “the Nigerians are orchestrating a move to divert public attention from debate and implementation of audit results at KPMG cabinet that was commissioned by the Securities and Exchange Commission (SEC) and hardly cleared all the former members of management board, including the former President of the Governing Council, Kolapo Lawson and his Nigerian compatriot, the former CEO, Arnold Ekpe.

The official said the Extraordinary General assembly which took place in Togolese capital city Lomé, was convened to adopt an action plan for the implementation of the SEC recommendations on the management of the Pan African bank group.

Shareholders were also due to appoint an interim Board of Directors.

The investigation by the SEC and whose conclusions are available since January, reported several failures in the management of the bank, particularly on Board of Directors which is accused of lacking a clear vision.

Issues bothering on faulty governance, the way decisions are taken by the Board of Directors and the lack of independence were also discussed.

“Ecobank Transnational Incorporated will come out of this stronger,” said the official, adding that reforms will help enhance the efficiency of the banking group, still ranked first in Africa.

Commenting on the bank’s ranking in Africa, CEO Tanoh said “This award confirms that the banking group remains a landmark for African businesses and individuals.”  

However, reforms, including top appointments to the board, will depend on the vote of the heavyweight shareholders, among which are the Public Investment Corporation (the Pension Fund South African officials), which holds 20% stake in the group, the fourth largest bank in South Africa, Nedbank, and the International Finance Corporation (IFC) of the World Bank group.


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