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SEC report: Ecobank reinstates whistleblower, replaces CEO

By BusinessNews Staff on March 13, 2014

Ecobank Transnational Incorporated has announced the departure of Group Chief Executive Officer, Mr. Thierry Tanoh, with effect from March 12 (today). Effective the same date, he will no longer be a Director of ETI.

The Board of Directors of ETI also announced that, in line with the directive of the Securities and Exchange Commission, Mrs. Laurence do Rego had been reinstated as the Group Executive Director of Finance and Risk with immediate effect.

The bank stated this in a statement released on Tuesday, after a meeting of its Board of Directors in Yaoundé, Cameroun.

SEC investigated the lender after do Rego told the SEC in August that Tanoh and former Chairman Kolapo Lawson planned to sell assets below market value. Do Rego said she was pressured to write off debts owed by a business headed by Lawson and manipulate the bank’s results. Tanoh and Lawson have denied any wrongdoing.

ETI’s largest shareholder, South Africa’s Public Investment Corporarion, had called for Tanoh to quit after allegations of mismanagement, which he denies.

The board meeting on Tuesday in Cameroon came after an extraordinary general meeting last Monday in Lome.

Shareholders decided to keep the 12-member board and approved a plan to improve corporate governance following recommendations by the SEC.

The statement said during its Board meeting, the directors reaffirmed their commitment to implementing the detailed 51-point Governance Action Plan adopted by shareholders at an Extraordinary General Meeting held at Ecobank’s Pan African Centre in Lomé on March 3.

The plan, which is expected to be implemented by the end of April 2014, aims to strengthen governance within the Ecobank Group.

Tanoh joined the Ecobank Group as CEO designate in July 2012 and commenced his executive role in October 2012 prior to being appointed Group CEO in January 2013.

According to the statement, Tanoh will be replaced by Mr. Albert Essien, currently Deputy CEO/ Group Executive Director for Corporate and Investment Bank, with immediate effect. Essien has been at Ecobank for more than 20 years rising to the position of Deputy Group CEO two years ago.

Announcing the replacement ETI Interim Chairman, André Siaka, said, “We wish to thank Thierry Tanoh for his service to Ecobank and we wish him every success in the future. We believe that Mr Albert Essien has the experience and knowledge that Ecobank needs to take us forward as we continue to implement our strategy which is to deliver outstanding customer service, to improve long-term shareholder value and returns and to be the employer of choice in our markets.”

[Punch]

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