Two Ecobank directors resign

Two non-executive directors at Ecobank, have resigned ahead of a meeting that will vote on reforms intended to address criticism by Nigeria’s Securities and Exchange Commission, SEC.

The pan-African bank told Nigeria’s Securities and Exchange Commission (SEC) on Tuesday that non-executive directors Isyaku Umar and Babatunde Ajibade have resigned.

Ecobank is under pressure to reform after the regulator criticised the board’s ability to manage its own activities, monitor management, evaluate performance and oversee ethical behaviour.

SEC said in January there was an absence of clear vision and strategy at the bank, inadequate transparency in recruitment procedures and conflicts of interest.

Ecobank will hold an extraordinary general meeting in Lome on March 3 to vote on setting up a seven-strong interim board. The current board has 12 people following the two resignations, a spokesman said.

Chief Executive Thierry Tanoh will be the only member of the group executive committee that runs the bank to sit on the interim board. The meeting, which will be closely watched by investors, will also consider proposals to raise money and amend the company’s articles of association.