By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Ecobank Transnational Incorporated (ETI) Monday said it has appointed independent investigators to investigate recent corporate governance issues regarding the bank.
This is coming on the heels of a communiqué issued at the end of a board meeting of the bank held Friday in Lome, Togo.
According to ETI, with regards to the allegations made by the company’s suspended Executive Director, Finance & Risk, concerning the Chairman, the Group Chief Executive Officer and the board, the board noted the fact that the suspended Director had been repeatedly invited to substantiate her allegations but has so far failed to honour the board’s invitation.
The bank said in order to give the suspended Director a final opportunity and to underscore its commitment to transparency, the board resolved to appoint the distinguished Justice, Monsieur Seydou Ba, Former President of the Common Court of Justice and Arbitration of the Organization for the Harmonization (OHADA), Former President of the International Labor Organization and current President of the Association for the Unification of Law in Africa (UNIDA), to independently investigate the allegations and make a report to it.
ETI said to further strengthen the bank’s Corporate Governance Charter, the board resolved to appoint an internationally reputable firm to immediately carry out a detailed review and make appropriate recommendations to the board.
Apart from these, the board of ETI decided to immediately appoint one of the big four global audit firms to advise it on addressing regulators’ recommendations.
The board of the bank affirms its commitment to maintaining a close and transparent relationship with all stakeholders, including its regulators, shareholders, customers and employees.
This is coming on the heels of recent reports on allegations bordering on issues of corporate governance which was raised by Laurence do Rego, a suspended former head of finance at the bank.
Following this, Nigeria’s Securities and Exchange Commission (SEC) last week said it has sort, the services of KPMG, a leading accounting, audit and management consulting firm to help investigate the Pan African Bank, ETI on issues bordering on corporate governance concerns.
According to the report, SEC had sent queries about Ecobank’s 2012 performance to all the directors, in line with the International Finance Corporation (IFC) corporate governance code.
ETI had in March this year reported a profit after tax (PBT) of $287 million in 2012 end, up 39% from the previous year.
A Reuters report affirmed that the core element (of the allegation) … is on material misstatement of facts on ETI’s performance according to a source at the commission.
