Ecobank clears air on allegation of financial probity against ETI's chairman


July 19 2013/NSE

In its twenty-five years of existence, Ecobank has made huge strides towards its ambition to be the number one pan-African bank. In doing so, it has a clear vision to bring economic benefit and cohesion to Africa and its people. To date, it has been highly successful in achieving its aims, with record financial results revealed in the first quarter of 2013.

Today’s Financial Times (17 July 2013) carries an article which makes allegations about the financial probity of ETI’s Chairman and the way in which his affairs have been handled by ETI management and Board. Ecobank prides itself on dealing with such matters openly and effectively and, in line with good governance practices, the issues raised by the FT have previously been the subject of review by the ETI Board.

In response to the FT’s specific questions, Ecobank has confirmed that the matters concerning Mr Lawson’s dealings with Amcon have been discussed at the Board and, we understand, Mr Lawson has reached an agreement with Amcon on this issue.

The article also raises concerns about Mr Lawson’s financial arrangement with Ecobank. There is no personal loan by Ecobank to Mr Lawson. Companies of which Mr Lawson is a director do have business relations with Ecobank and one of these has a contracted loan facility with the bank. The current repayment schedule is not yet due and the loan is secured.

Ecobank, its management and its Board remain committed to the highest standards of corporate governance. We will therefore continue to be open in our engagement with our stakeholders and to welcome dialogue about our business.

Related News:
Reports of board wrangling at ETI Inc prompts reassessment
Ecobank locked in boardroom battle over outstanding debts

Related News