The Public Investment Corporation has asked Ecobank’s chief executive, Thierry Tanoh, to resign immediately over concerns he has abused his position.
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The bank has nine months to decide on whether it wants to convert a $285-million loan to the Togo-based Ecobank into an equity holding.
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The director who reported alleged fraud by executives at Ecobank has left the pan-African financial institution.
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Nedbank plans to buy a fifth of Ecobank Transnational, which has extensive presence in Africa, for more than $500-million.
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The chief executive of Ecobank, a major partner of Nedbank in Africa, has denied allegations of fraud.
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/ 9 December 2008
Nedbank and Ecobank have entered into a deal to provide customers access to a pan-African banking network covering 30 countries.