Ecobank Group board chairman to resign

The board chairman of Ecobank Transnational Incorporated (ETI), Kolapo Lawson is expected to step down with immediate effect.

This is to restore confidence in the pan African bank hit by corporate governance issues.

ETI, parent company of Ecobank Ghana has seen its image marred by allegations from suspended head of finance, Laurence do Rego. Mrs. do Rego accused the board that she was asked to misstate 2012 results and that assets are being unnecessarily sold at a loss.

Nigeria's Security and Exchange Commission is investigating the allegations, which Ecobank has denied, although its chief executive has said transparency could be improved.

The pan African bank first came into the spotlight in April when Nigeria's Central Bank notified it of Lawson's failure to repay 1.4 billion naira in debts sold to AMCON, the state-owned bank.

Ecobank has since said its board chairman has repaid the debts and no company rules have been broken. Presently an independent group appointed by the bank is investigating the allegations of corruption.