By Yakubu LAAH InvestAdvocate
Lagos INVESTADVOCATE)-Ecobank Transnational Incorporated (ETI) Monday said it has engaged the services of Global Board Centre of the renowned Swiss business school, the International Institute for Management Development (IMD) and EY, the global international professional services firm formerly known as Ernst and Young.
This is contained in a Press Release by Mwambu Wanendeya, Group Head of Communications at ETI and made available to InvestAdvocate in Lagos Nigeria.
ETI said in order to further improve its governance practices, it engaged IMD to undertake a review of the Pan-African Bank’s corporate governance, including the size and constitution of the Bank’s Board, its procedures for managing related party transactions as well as its committee structures and incentive policies.
‘’We expect this report to become available by the end of this month and to serve along with the SEC report as a basis to make the improvements needed to strengthen our governance further,’’ the Bank said.
According to ETI, previous lapses in internal control and audit have been identified by the board and management and have been addressed.
It said the potential impact of these lapses is also being reviewed by EY, the global international professional services firm formerly known as Ernst and Young.
‘’When we have received all reports (within the next few weeks), the Company will convene a meeting of its shareholders as implementation of some of the recommendations could require their approval. The Nigerian SEC and each of our other regulators in Ghana and Cote d’ Ivoire are fully aware of the foregoing,’’ the Bank said.
ETI affirmed that it has a focused strategy which has enabled it to grow into one of the largest Banks on the continent.
The Bank further affirmed that its strong performance in 2013 is a successful demonstration of the implementation of this strategy.
‘’Our last published financial results Q3 2013 shows strong growth over the year. Year-on-year revenues were up by 24% and earnings per share up by 40%,’’ ETI said.
The Pan-African Bank said it has continued to expand across Africa through the acquisition of new banking licences in three (3) countries over the past few months. ‘’We will soon be operating in 35 countries across the continent. And our vision to build a world class Pan-African Bank and to contribute to the economic development and financial integration of Africa and our commitment to promoting long-term shareholder value remain unchanged’’ ETI said.
This is coming on the heels of corporate governance concerns raised by Nigeria’s Securities and Exchange Commission (SEC) on ETI and the recommendations of its recently concluded audit report on the bank.
