Ecobank’s board chair steps down after heated boardroom clash

The embattled chairman of the Ecobank Transnational Incorporated (ETI), Mr Kolapo Lawson, has been forced to stand down after a heated board meeting of the bank in Accra.
This was after the board members had concluded that Mr Lawson’s departure was necessary to restore confidence among depositors and shareholders after a drawn out controversy, and board room battle, about governance issues.

Ecobank, in a statement signed by Nabi Ouedraogo, Head, Media Relations, Group Communications, ETI, said Lawson would hand over to André Siaka as interim Chairman with immediate effect.

This was even as the Securities and Exchange Commission (SEC) of Nigeria said its investigation into the alleged breach of corporate governance in the bank was still ongoing, despite the stepping down of Lawson.

SEC, in a statement said, “In the face of persistent inquiries from domestic and foreign investors and stakeholders, we wish to state that the ongoing investigation of allegations of corporate governance breaches at ETI has not been concluded because of the announcement by ETI that Mr. Kolapo Lawson will be stepping down as Chairman.

“In line with its investor protection mandate therefore, SEC wishes to inform the investing public that the investigation being carried out by SEC complimented by KPMG Professional Services is progressing satisfactorily.”

Speaking on behalf of the Board, Mr Siaka, the newly appointed Interim Chairman, said, “Kolapo Lawson has been a loyal servant of Ecobank for very many years and has played a major part in shaping the successful organisation we know today.

He said, “The last few months have seen huge pressure on the organisation, and on me personally, in the media. These have culminated in allegations, which are untrue, made to the Nigerian Security and Exchange Commission, SEC, on issues of corporate governance. During this time, I led constructive discussions on the need for independent review of these allegations.

“The board has now taken the necessary decisions to appoint independent parties who, I am confident will investigate these allegations and review our corporate governance with the utmost professionalism. “In order to give total credibility to these reviews, I have decided it would not be appropriate for me to be the person leading this process. The Board has assured me of its commitment to seeing these investigations through and I will continue to monitor this as an interested party.

An official connected to the bank said Mr Lawson would remain on the board until the end of the year before stepping down altogether.

Turmoil at the bank has resonated across the region because of the bank’s emblematic role as a champion of pan-African business and regional integration.

Ecobank is present in 34 African countries with assets worth more than US$20 billion.

By Suleiman Mustapha/Graphic Business/Ghana