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May 8, 2014

Standard Bank has no immediate plans for Nigerian acquisition

ABUJA, May 8 (Reuters) – Africa’s biggest lender Standard
Bank aims to take advantage of opportunities in Nigeria
by expanding its existing operations and has no immediate
acquisition plans, its group chief executive told Reuters.

Sim Tshabalala also said on Thursday that the South
African-based bank had not bid for Enterprise Bank, one of three
banks held by state-owned Asset Management Corporation of
Nigeria (AMCON).

May 8, 2014

Nigeria’s president at WEF pledges to free kidnapped girls

ABUJA, May 8 (Reuters) – Nigerian President Goodluck
Jonathan pledged on Thursday to find more than 200 schoolgirls
abducted by Islamist rebels, as the hostage crisis overshadowed
his opening address to a major conference designed to showcase
investment opportunities in Africa’s biggest economy.

Speaking at the World Economic Forum (WEF) being hosted in
the capital Abuja, Jonathan thanked foreign nations including
the United States, Britain, France and China for their support
in trying to rescue the girls, who were kidnapped from a
secondary school on April 14 by Boko Haram.

May 8, 2014

Nigeria’s president pledges to free schoolgirls, end ‘terrorism’

ABUJA (Reuters) – Nigerian President Goodluck Jonathan pledged on Thursday to find more than 200 schoolgirls abducted by Islamist rebels, saying their rescue would mark “the beginning of the end of terrorism” in the country.

Speaking at the World Economic Forum (WEF) being hosted in the capital Abuja, Jonathan thanked foreign nations including the United States, Britain, France and China for their support in trying to rescue the girls, who were kidnapped from a secondary school on April 14.

Apr 10, 2014

Ghana hits a roadblock as fiscal instability undermines growth

ACCRA, April 10 (Reuters) – For a decade, Ghana powered
ahead as it started pumping oil, won debt forgiveness, achieved
coveted middle-income status and saw five years of economic
growth above 8 percent that made it the envy of other African
nations.

Now it has hit a roadblock and Ghanaian officials are set to
discuss new policy options at annual meetings of the
International Monetary Fund (IMF) and the World Bank in
Washington this week.

Apr 7, 2014

West African economies need integration -Ghana president

ACCRA, April 7 (Reuters) – West Africa needs to lower
tariffs, enable freer movement of goods and services, and deepen
integration of its 15 countries to promote growth, Ghana’s
President John Mahama said at the Reuters Africa summit.

Mahama, who last month took over as chairman of the Economic
Community of West African States (ECOWAS), said colonial
legacies and the structure of the region’s economies make
liberalization difficult, while some states were also afraid of
exposing themselves to greater competition.

Mar 11, 2014

Ecobank board removes CEO following months of turmoil

ACCRA (Reuters) – The board of Ecobank removed its chief executive, Thierry Tanoh, on Tuesday following months of turmoil at one of the biggest financial institutions in sub-Saharan Africa.

The crisis over corporate governance and leadership that led to Tanoh’s departure is seen as a test case for regulators and has put a spotlight on the integrity of financial institutions on a continent where economies are expanding rapidly.

Mar 7, 2014

Ecobank says to hold board meeting on Tuesday

LOME, March 7 (Reuters) – Pan-African lender Ecobank
will hold a board meeting on Tuesday in the Cameroonian
capital Yaounde two weeks after an injunction blocked a similar
meeting that would have discussed the position of chief
executive Thierry Tanoh.

Ecobank is one of the largest financial institutions in
sub-Saharan Africa with a presence in 35 African countries.
Senior executives are divided over the leadership of Tanoh, an
Ivorian former vice-president of the World Bank’s International
Finance Corporation (IFC).

Mar 3, 2014

Ecobank shareholders pass governance action plan, CEO stays

LOME (Reuters) – Ecobank shareholders passed a governance action plan to address criticism by Nigeria’s securities regulator at an extraordinary general meeting on Monday where the fate of CEO Thierry Tanoh was not on the agenda, a top bank official said.

Tanoh has faced calls to step down in recent days from his top executive team and the bank’s biggest shareholder, Public Investment Corporation of South Africa, but there was no vote on his future at Monday’s meeting as the agenda was set in advance.

Mar 3, 2014

Ecobank shareholders discuss reform amid divisions over CEO

LOME, March 3 (Reuters) – Shareholders in pan-African lender
Ecobank met on Monday to vote on proposals to reform its
governance and to form a new board in the face of pressure from
regulators and calls for chief executive Thierry Tanoh to
resign.

Ecobank, one of the biggest banks in sub-Saharan
Africa, faced criticism in January from Nigeria’s securities
regulator, which cited an absence of clear vision and strategy,
inadequate transparency in recruiting and conflicts of interest.

Mar 2, 2014

Former Ecobank directors defend under-pressure CEO Tanoh

ACCRA (Reuters) – Two former directors of Ecobank defended CEO Thierry Tanoh and said he is under pressure to resign because he is dealing with governance problems that allegedly took place before his tenure began at one of the biggest banks in sub-Saharan Africa.

Their views are likely to be advanced to shareholders by the company on Monday at an extraordinary general meeting (EGM) at its headquarters in the Togolese capital Lome to vote on governance reforms.