By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Ecobank Transnational Incorporate (ETI) is scheduled to hold an emergency board meeting Tuesday at its headquarters in Lome, Togo prior to its forthcoming extraordinary general meeting (EGM).

InvestAdvocate gathered that this may not be unconnected with the March 03, 2014 Nigeria’s Securities and Exchange Commission (SEC) ordered EGM.

Also, it may not be unconnected with a letter written close to two (2) weeks ago to Andre Siaka, chairman of the pan-African lender by four (4) executive directors of the bank who are not up for re-election at the forthcoming EGM seeking that Thierry Tanoh, the chief executive officer (CEO) of the bank to should step down in order to resolve a lingering leadership crisis in the bank.

Nigeria’s SEC had earlier written Ecobank and directed it to reinstate Laurence do Rego, its sacked executive director, risk and finance. Do Rego had been suspended by the bank August 2013; but left the bank in January 2104.

Do Rego’s reinstatement order by SEC some industry analysts faulted saying it maybe illegal because a cursory review of ISA 2007 would suggest that it made no deliberate effort to deal specifically with, or better still, set out provision that makes specific reference to “whistleblowers” or “whistle-blowing.

This is coming on the heels of Nigeria’s SEC investigation into Ecobank on issues regarding corporate governance breaches; which Ernst Young, professional audit firm was contracted to do a corporate governance audit on the bank.

On March 03, 2014, ETI will be holding an EGM on the orders of Nigeria’s SEC to seek new board members that will move the bank forward in a fair and transparent manner.