By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Pan-Africa Bank Ecobank Transnational Incorporated (ETI) Wednesday announced the resignation of two (2) non- executive directors of the bank, Isyaku Umar and Babatunde Ademola M. Ajibade.
The bank in a notice to the Nigerian stock exchange (NSE) and made available to InvestAdvocate in Lagos Nigeria said the resignation of the two directors took effect from February 08, 2014.
André Siaka, interim chairman of the board of directors of the pan-Africa lender while announcing the resignation said “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 endeavours.”
According to ETI, Umar became a non-executive director of the bank in 2006. He started his career with UAC of Nigeria and later worked with the Government of Nigeria in various capacities before rejoining the private sector.
He holds a Bachelor’s degree in Economics from Ahmadu Bello University Zaria and a Master of Public Administration degree from Pittsburgh University (USA) and an Honorary Doctorate Degree by Nnamdi Azikiwe University Awka Anambra State Nigeria.
While Ajibade joined the Board of the pan-Africa lender in 2010 as a non-executive director. He is a legal practitioner engaged in private commercial legal practice and is a Senior Advocate of Nigeria. Since 1996 he has been the Managing Partner of S. P. A. Ajibade & Co, a leading commercial legal practice in Nigeria.
He holds a Ph.D. in Private International Law and an L.L.M. in Corporate and Commercial Law both from King’s College, University of London, and a L.L.B. from the Obafemi Awolowo University, Ile-Ife, Nigeria. He is a Notary Public and a Solicitor and Advocate of the Supreme Court of Nigeria.
This makes it three (3) non-executive directors that has resigned from the board of the pan-Africa lender in less than a month
Late January 2014, ETI announced the resignation of Paulo Gomes as a non- executive director of the Board of the bank with effect from 22 January 2014.
ETI had on Friday last week said it will reconstitute its board of directors coming on the heels of a proposed extraordinary general meeting (EGM) of the bank scheduled for Monday, March 03, 2014 in Lome, Togo.
Apart from reconstituting its board, the pan-Africa lender said it will adopt an action plan to implement the recommendations of the Nigeria’s securities and exchange commission (SEC), on governance improvement of the bank.
