Ecobank Compensates Ex-Chairman, Kolapo Lawson

Ecobank Compensates Ex-Chairman, Kolapo Lawson

Revelations have emerged that Ecobank Transnational Incorporated plc, ETI has compensated its ex-Chairman, Kolapo Lawson. Kolapo embattled in a long drawn legal tussle with ETI after exposing breach of corporate governance at the bank.

It would be recalled that Kolapo Lawson had step down in 2013 after alleging that various illegal and fraudulent activities were allegedly perpetrated at Ecobank.

After his departure, he sued the bank to get the authorities compel Ecobank to answer queries about his allegations.

It turned out the in 2014, the Deputy CEO of Ecobank, Albert Essien, a Ghanaian national took on Thierry Tanoh, the bank’s CEO in a leadership crisis. Lawrence do Rego, Ecobank’s financial director had petitioned Nigeria’s Securities and Exchange Commission, SEC alleging that Tanoh did pressure her to misstate the 2012 full year financials of the bank. In the ensuing battle, Tanoh saw the removal of do Rego.

Tanoh was later sacked by the board after his loyal board members defected and key shareholders of the bank campaigned against him. Lawrence do Rego was reinstated, Essien was also appointed as the new CEO of the bank.

Two years after the storm, ETI said it appreciated its former Chairman’s role in using whitleblowing to expose corporate governance missteps at the bank.

Ecobank is based in Togo, a country that plays a major role in its administration. The bank’s major shareholder is the Public Investment Corporation of South Africa, the organisation has 18.35% of the bank’s shares.