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SEC resolves dispute between ETI, Renaissance Direct

Category: Investors NewsBeat

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SEC resolves dispute between ETI, Renaissance Direct

The Securities and Exchange Commission has resolved the dispute involving Ecobank Transnational Incorporated Plc and Renaissance Direct Investment Limited over the authentic shareholding position in the bank.


According to a statement by the Head of Corporate Affairs, SEC, Ismaila Muhammed Ville, on Tuesday the dispute was resolved at a final meeting between the two groups, held in the Commission recently.


The statement explained that the meeting, which was presided over by the Chairman of the SEC’s Board of Directors, Chief John Edozien, also led to the signing of the settlement agreement and a Memorandum of Understanding between ETI and RDIL.


“In line with the final agreement, Ecobank, which was represented by the Group Managing Director, Mr. Arnold Ekpe has released RDIL’s dividend warrant for the 2006 financial year, as well as its bonus share certificate, which were initially withheld, pending the resolution of all issues in dispute, to Mr. Reid Robert, the Managing Director of Renaissance Capital in Africa,” the statement said.


Other complainants against ETI, but who are now covered in the financial agreement, include ICAP Securities Limited and Stanbic Nominees Limited, who have also collected their dividend warrants and bonus share certificates.


ETI, a company quoted on the exchanges in Nigeria, Ghana and Cote D’Ivoire and RDIL were involved in a dispute on the authentic shareholding position of RDIL in the bank, and ETI’s purported suspension of RDIL’s shareholding rights. - Punch

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