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Banking

How Ecobank washed its dirty linen in public



Timeline
2012
July:  Thierry Tanoh is appointed CEO designate of Ecobank Group.
2013
January:  Arnold Ekpe steps down as CEO (for the second time) and Tanoh is appointed substantive Group CEO.
July 2:  Tanoh asks Laurence do Rego, ETI’s executive director of finance and risk, to step down, accusing her of falsifying some of her qualifications.
July 16:  The Financial Times reports that Nigeria’s Central Bank (CBN) told Ecobank in April of then Chairman Kolapo Lawson’s alleged failure to pay N1.4 billion naira ($8.79 million) owed to the Asset Management Corporation of Nigeria (Amcon) and that Tanoh had failed as CEO to inform the board of this.
July 17:  In response, Ecobank states: “The matters concerning Mr Lawson’s dealings with Amcon have been discussed at the Board and, we understand, Mr Lawson has reached an agreement with Amcon on this issue.”

“The article also raises concerns about Mr Lawson’s financial arrangement with Ecobank. There is no personal loan by Ecobank to Mr Lawson. Companies of which Mr Lawson is a director do have business relations with Ecobank and one of these has a contracted loan facility with the bank.



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