The Board of Directors of Ecobank Transnational Incorporated, parent company of the Ecobank Group, held a special meeting in Accra yesterday to discuss recent court judgments in Côte d'Ivoire and Togo. Those judgments awarded over US$26 million to the company's former CEO, Mr Thierry Tanoh, whose appointment was terminated in March 2014 after he had spent less than two years in the position.
The board evaluated its legal position in regard to these judgments, and resolved to pursue its appeals.
It is confident about the robustness and merits of these appeals, and feels assured that the higher courts will ultimately uphold them.
It also resolved to continue other legal proceedings against Mr Tanoh.
The new board of directors, which was constituted in 2014, is a highly credible and vastly experienced board.
Under its guidance, the group's management has subsequently completed a rigorous 51-point action plan to implement best practice governance controls and systems, including quarterly reporting to regulators.
Since the inception of the new board and the current management team, two institutional investors, Nedbank and Qatar National Bank have both become significant ETI shareholders.
The Ecobank Group reaffirms its financial strength and its commitment to transparent corporate governance as a systemically important banking group in Africa. The bank has total assets of over US$23 billion.
To further streng then its financial position, Ecobank, in the last six months, raised approximately US$1 billion in combined equity and debt capital for both its parent company and its business in Nigeria, the largest of the group's subsidiaries.
Richard Uku
Group Head, Corporate Communications
Tel. +233 540103600
email: ruku@ecobank.com
Twitter: @GroupEcobank or @richard_uku
About Ecobank
Incorporated in Lomé, Togo, Ecobank Transnational Incorporated ('ETI') is the parent company of the leading independent pan-African banking group, Ecobank. It currently has a presence in 36 African countries, namely: Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Côte d'Ivoire, Equatorial Guinea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Malawi, Mali, Mozambique, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Togo,Uganda, Zambia and Zimbabwe. The Group employs over 20,000 people in 40 different countries in over 1,200 branches and offices. Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organisations, medium, small and micro businesses and individuals.
