By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Board of Directors of Pan African Bank, Ecobank Transnational Incorporated (ETI) Tuesday reaffirmed its confidence in Kolapo Lawson, Chairman of the bank.

ETI in a Statement made available to InvestAdvocate said its Board of Directors has reviewed issues relating to two financial transactions involving Lawson.

“These comprise a personal agreement between him and AMCON and an agreement with Ecobank Nigeria on the part of a company of which he is Chairman,” ETI said.

According to them, the   Board concluded that there had been no financial impropriety and that Lawson had acted in good faith throughout. “As a result, the Board unanimously reaffirmed its confidence in Lawson,” ETI said.

André Siaka, Vice-Chairman of the Board said Lawson has been a loyal servant of Ecobank for many years and has been a major contributor to its on-going success.

“We are happy unanimously to reiterate our full support for Lawson and his leadership and look forward to renewing our focus on continuing the remarkable success of Ecobank,” Siaka said.

Siaka said he was pleased that the Board has been able to draw a line under the matter. “The Board has made clear that it has no outstanding concerns and now wish to concentrate once again on leading Ecobank to further success,” he affirmed.

This is coming on the heels of a recent report by Financial Times that Lawson engaged in financial mismanagement of the bank by having unsecured loans.

This the bank has come to debunk that and said there was  no personal loan by Ecobank to Lawson and the company to which he is a director do  have business relations with Ecobank and one of these has a contracted loan facility with the ETI and the current repayment schedule are not yet due and the loan is secured.