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ECOBANK Appeals Us$26 Million Judgment …Confident Of Strength Of Appeal   
 
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17-Feb-2015  
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Ecobank Transnational Incorporated, (ETI) has revealed its intentions of appealing against a US$26 million shocking judgment awarded against it in favour of its former Chief Executive Officer (CEO), Mr. Thierry Tanoh, in the coming days.

This was after the board of directors of the bank held a special meeting in Accra last Thursday to delve into the recent court judgments in Cote d’Ivoire and Togo.

The board believes that the judgment against the bank was in bad taste, especially when the company’s former CEO’s appointment was terminated in less than two years of office.

After evaluating the bank’s legal position with regards to the judgments, the board resolved to seek appeal and was confident the higher courts will ultimately uphold them.

It also resolved to continue other legal proceedings against Mr Tanoh.

The new board of directors, which was constituted in 2014, is a highly credible and vastly experienced board.

Under its guidance, the group’s management has subsequently completed a rigorous 51-point action plan to implement best practice governance controls and systems, including quarterly reporting to regulators.

Since the inception of the new board and the current management team, two institutional investors, Nedbank and Qatar National Bank have both become significant ETI shareholders.

The Ecobank Group reaffirms its financial strength and its commitment to transparent corporate governance as a systemically important banking group in Africa.  The bank has total assets of over US$23 billion.

To further strengthen its financial position, Ecobank in the last six months has raised approximately US$1 billion in combined equity and debt capital for both its parent company and its business in Nigeria, the largest of the group’s subsidiaries.

Incorporated in Lomé, Togo, Ecobank Transnational Incorporated (‘ETI’) is the parent company of the leading independent pan-African banking group, Ecobank. It currently has a presence in 36 African countries, namely: Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Côte d’Ivoire, Equatorial Guinea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Malawi, Mali, Mozambique, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Togo, Uganda, Zambia and Zimbabwe. The Group employs over 20,000 people in 40 different countries in over 1,200 branches and offices. Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals.
 
 
Source: The New Crusading Guide
 
 

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