ETI appoints Ex-ILO president to investigate allegation of accounts misrepresentation

ECOBANK Transnational Incorporated, ETI, has notified the Nigerian Stock Exchange, NSE, of the appointment of Justice Monsieur Seydou Ba, the former President of the International Labour Organisation, ILO, to independently investigate the allegations of misrepresentation of its 2012 accounts and make a report to it.

The bank in the statement to the Exchange stated that the appointment of Mr. Ba, who is the current President of the Association for the Unification of Law in Africa,UNIDA, was to give the suspended Executive Director, Finance & Risk, Laurence do Rego, a final opportunity to substantiate her allegations against the bank’s Chairman.

The statement added that, “to further strengthen the company’s corporate governance charter, the board resolved to appoint an internationally reputable firm to immediately carry out a detailed review and make appropriate recommendations to the board”.

In addition, the bank’s board said it has “decided to immediately appoint one of the big four global audit firms to advise it on addressing regulators’ recommendations”.

The board also affirmed that it remained committed to maintaining a close and transparent relationship with all stakeholders, including its regulators, shareholders, customers and employees.

The lender noted that the suspended Finance Director has been given a final opportunity to underscore its commitment to transparency

The bank stated that the suspended Executive Director, Finance & Risk had been repeatedly invited to substantiate her allegations but had so far failed to honour the board’s invitation.

However, the Securities and Exchange Commission, SEC, apex regulator of the market has since appointed KPMG, a leading accounting, audit and management consulting firm to complement its efforts on the investigations.