Ecobank Chair to step down

Ecobank Chair, Kolapo Lawson

The Chairperson of Ecobank Transnational Incorporated (ETI), Kolapo Lawson is to step down with immediate effect.

The move is to restore confidence in the bank which has been rocked by governance issues.

Ecobank has seen its image take a hit from allegations by suspended head of finance over assertions that she was asked to misstate 2012 results and that assets were being unnecessarily sold at a loss.

Nigeria's Securities and Exchange Commission is currently investigating the allegations.

But the bank has denied any wrongdoing.

Ecobank Transnational Incorporated (ETI) first made news in April this year when Nigeria's central bank notified it of Lawson's failure to repay 1.4 billion Naira in debts sold to AMCON and a further 1.6 billion naira owed to Ecobank by businesses associated with him.

Ecobank has since said Lawson has repaid the debts owed it and no company rules were broken.

Early on, the Governor of the Central Bank of Nigeria hinted to Citi Business News, a special college of supervisors will soon be setup to specifically regulate the bank.

Governor of the Central Bank of Nigeria, Sanusi Lamido told Citi Business News, the setting up of the college of supervisors will also increase supervision and improve on information flow among regulators.

Source: CitiFM Online