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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.

Mar 1, 2014

Exclusive: Ecobank CEO’s contract must be terminated immediately – PIC letter

ACCRA (Reuters) – The main shareholder in Ecobank (ETI.LG: Quote, Profile, Research, Stock Buzz), one of the biggest banks in sub-Saharan Africa, called on Saturday for its Ivorian chief executive Thierry Tanoh to be dismissed immediately.

The South African government-owned Public Investment Corporation’s (PIC) demand was made in a letter to the interim chairman of the bank, which is headquartered in Togo and is listed in Nigeria and Ghana and on the West African regional bourse BRVM.

Feb 26, 2014

Ecobank CEO Tanoh has ‘failed’, top shareholder says

JOHANNESBURG/ACCRA, Feb 26 (Reuters) – Ecobank’s top
shareholder piled pressure on chief executive Thierry Tanoh on
Wednesday, saying he had failed to bolster the bank’s capital
and stabilize one of sub-Saharan Africa’s largest financial
institutions.

Daniel Matjila, the chief investment officer of South
Africa’s Public Investment Corporation (PIC), said it supported
reconstituting Ecobank’s board and might back a change of chief
executive.

Feb 25, 2014

Ghana steps to stabilize currency won’t work immediately-finmin

ACCRA, Feb 11 (Reuters) – New measures by Ghana’s government
to stabilize the cedi currency, which has fallen sharply
so far this year, will take time to have an effect and inflation
may rise further in the short term, Finance Minister Seth
Terkper said on Tuesday.

Many economists say the currency’s decline is a leading
indicator of broader fiscal problems in a country that exports
gold, oil and cocoa and has acquired a reputation for strong GDP
growth coupled with stable democracy.

Feb 24, 2014

Ecobank execs in spotlight at board meeting on Tuesday

ACCRA, Feb 24 (Reuters) – Pan-African lender Ecobank
will hold a hastily arranged board meeting on Tuesday,
nearly two weeks after the bank’s executive leaders wrote to the
chairman calling for Chief Executive Thierry Tanoh to step down.

A bank spokesman said the agenda would not be disclosed in
advance but the meeting comes at a time of division in the
leadership of one of Africa’s largest financial institutions and
pressure over the status of the bank’s former finance director.

Feb 19, 2014

Nigerian watchdog tells Ecobank to reinstate ex-finance chief

LAGOS/ACCRA (Reuters) – Pan-African lender Ecobank was told by Nigeria’s financial watchdog to reinstate its former finance director pending the result of a probe into her allegations of breaches in corporate governance rules.

The Securities and Exchange Commission’s (SEC) order piles more pressure on the leadership of one of sub-Saharan Africa’s largest financial institutions a week after top executives called for the resignation of Chief Executive Thierry Tanoh.

Feb 16, 2014

Exclusive: Top Ecobank executives call for CEO to stand down: email

ACCRA (Reuters) – Top executives at pan-African lender Ecobank have asked CEO Thierry Tanoh to step down to resolve a crisis of leadership, according to an email sent by the bank’s deputy chief executive to its interim chairman.

The email, reviewed by Reuters, does not specify any grievance against Tanoh but alleges negative effects of long-running governance problems at the bank.

Feb 16, 2014

Top Ecobank executives call for CEO to stand down -email

ACCRA, Feb 16 (Reuters) – Top executives at pan-African
lender Ecobank have asked CEO Thierry Tanoh to
step down to resolve a crisis of leadership, according to an
email sent by the bank’s deputy chief executive to its interim
chairman.

The email, reviewed by Reuters, does not specify any
grievance against Tanoh but alleges negative effects of
long-running governance problems at the bank.

Feb 11, 2014

Ghana steps to stabilize currency won’t work immediately-finmin

ACCRA, Feb 11 (Reuters) – New measures by Ghana’s government
to stabilize the cedi currency, which has fallen sharply
so far this year, will take time to have an effect and inflation
may rise further in the short term, Finance Minister Seth
Terkper said on Tuesday.

Many economists say the currency’s decline is a leading
indicator of broader fiscal problems in a country that exports
gold, oil and cocoa and has acquired a reputation for strong GDP
growth coupled with stable democracy.