CAJ News Agency (Johannesburg)

13 February 2014

Nigeria: Ecobank Hit By Directors' Resignation

Lagos — TWO non-executive directors have quit Ecobank reportedly in the wake of a scathing indictment by the Security and Exchanging Commission (SEC).

Ecobank's Chairman, Andre Siaka, confirmed Isyaku Umar and Babatunde Ajibade had quit the pan African banking firm.

He described the resignations as “regrettable.”

“I sincerely regret the resignations of Mr Isyaku Umar and Dr Babatunde Ajibade. On behalf of the Board I would like to thank them for their valued contributions over the years.

"Their skills and experience have made a great difference to Ecobank and we wish them well in their future endeavors,” said Siaka.

He said the resignation of the two directors takes effect from February 8 when their request was granted.

SEC last month released a damning report on massive lapses in the bank's corporate governance policy insisting on reforms.

The bank has scheduled an Extra-ordinary General Meeting in Lome on March 3, 2014 to vote on setting up a seven-strong interim board to correct the lapses in the bank.

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