Ecobank Whistle-blowing Director Resigns
Ecobank logo
Ecobank Transnational Incorporated (ETI) has revealed that its Group
Executive Director of Risk and Finance, Laurence do Rego who reported
senior management of the bank to Nigerian regulators over alleged fraud
has left the company.
Do Rego “is no longer an employee of the company,” Bloomberg quoted the bank to have said in an e-mail.
The spokesman for Ecobank in Lome, Mwambu Wanendeya couldn’t immediately comment further on do Rego’s departure.
The spokesman for Ecobank in Lome, Mwambu Wanendeya couldn’t immediately comment further on do Rego’s departure.
Do Rego joined Ecobank, Africa’s most geographically diverse lender, in
2002 and was appointed to her position in January 2010 after serving as
chief financial officer from 2005 to 2009, according to the company’s
website. An accountant by training, she also worked for 15 years in
Europe.
The Securities and Exchange Commission (SEC) is investigating Ecobank
after do Rego told the regulator in August that the bank’s former
Chairman, Mr. Kolapo Lawson and Chief Executive Officer, Thierry Tanoh
planned to sell assets below market value.
Do Rego had also alleged that was pressured to write-off debts owed by a
business headed by Lawson and manipulate the bank’s results last year.
Both Tanoh and Lawson had denied any wrongdoing.
The Nigerian regulator will “shortly” provide an update on the
corporate governance audit of Ecobank, a spokesman for SEC, Mr. Obi
Adindu said by e-mail yesterday.
“The audit is institutional and not tied to any individual or office,” he said.
Lawson, who retired on December 31, had said in October that he was stepping down to end uncertainty and “media speculation” over Ecobank.
Lawson, who retired on December 31, had said in October that he was stepping down to end uncertainty and “media speculation” over Ecobank.
The bank had said last September that Tanoh would forgo his $1.14
million bonus for 2012 as the lender reviews corporate governance.
Founded in 1985, Ecobank operates in France and 35 African countries
and has representative offices in Beijing, Dubai and London. The bank
had $21.5 billion in assets at the end of September.
BEIJING:
China's total foreign trade crossed the $4 trillion mark for the first
time last year, growing by 7.6 per cent to $4.16 trillion, but fell
short of the official expected growth figure of 8 per cent.
Its exports rose by 7.9 per cent year-on-year to $2.21 trillion in 2013, while imports increased by 7.3 per cent to $1.95 trillion, according to the customs data released today.
The growth rate, however, is slightly lower than the government's full-year target of 8 per cent ..
Its exports rose by 7.9 per cent year-on-year to $2.21 trillion in 2013, while imports increased by 7.3 per cent to $1.95 trillion, according to the customs data released today.
The growth rate, however, is slightly lower than the government's full-year target of 8 per cent ..
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