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Mar01272015

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Nigerian shareholders disrupt Ecobank Group meeting in Lome

A group of Nigerian shareholders on Monday disrupted the Ecobank Group extraordinary general meeting (EGM) at its headquarters in the Togolese capital, Lome, demanding reforms in the administration of the bank.

PANA reports that about 100 Nigerian shareholders in the conference room, carried placards referring to the departure of the Group's general manager, Ivorian Thierry Tanoh, who assumed duty only in June 2013, following the departure of his predecessor, Arnold Ekpe, and the president of the Board of Directors, the Kolapo Lawson of Nigeria.

The protesting group succeeded in disrupting the extraordinary general meeting, accusing the chairman of meeting, André Siaka, of being responsible for embezzlement within the banking group.

PANA reports that Ecobank Group, created on the initiative of Nigerian and Togolese businessmen, was rocked by a scandal in 2013 which claimed Mrs. Laurence do Rego, a former finance director of the bank.

The bank's main shareholder, the Public Investment Corporation of South Africa, said in a letter on Saturday that Tanoh should be dismissed immediately, accusing him of management breaches and of failing to raise capital.

The extraordinary general meeting of the Bank was convened to discuss, among other things, improved management of the Bank, bank reforms which should see a reduction in the number of managers and the reconstitution of the Board of Directors.

Pana 04/03/2014