Lawson steps down as Ecobank chairman

Ecobank Transnational Incorporated, ETI,
yesterday, said its chairman, Mr. Kolapo
Lawson, will step aside from the bank with
immediate effect, while he is expected to
retire from the Board of Directors by
December 31, 2013. This was even as the Securities and Exchange
Commission, SEC, said its investigation into the
alleged breach of corporate governance in the
bank is still ongoing, despite the stepping down
of Lawson. SEC, in a statement yesterday, 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.” Ecobank, in a statement signed by Nabi
Ouedraogo, Head, Media Relations, Group
Communications, ETI, said Lawson will hand
over to André Siaka as interim Chairman with
immediate effect 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. “His family is inseparable from Ecobank and
Kolapo’s contribution to Ecobank is second to
none. Over 20 years, as a director of Ecobank
Nigeria, Ecobank Togo and ETI, he has made a
truly outstanding contribution to this great
pan-African company. He has our very sincere thanks for all of his hard work and
commitment, his leadership and his good
works.” Kolapo said his decision to step down from the
Board is hinged on the need to allow for proper
investigation of the issue and to ensure that
the issue is resolved amicably. 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. “I am very conscious of the uncertainty that
current media speculation has cast over the
institution. I therefore wish to take the
necessary steps to bring this to an end. “As the head of such a respected global
institution, I must act when there is even the
slightest perception that the interests of that
institution might be at risk. I therefore step
aside as Chairman of Ecobank Transnational.” The Public Investment Corporation, the biggest
shareholder in ETI, had in July, urged the bank
to resolve a dispute involving businesses
associated with Chairman Kolapo Lawson. The PIC had noted that it has written a
confidential letter to the Board of Directors,
requesting the Board to quickly find time and
space to discuss the matter and resolve it
properly. Mr. Daniel Matjila, Chief Investment Officer,
PIC, however, said the bank did not ask that the
chairman be replaced.