Article length: 198 words
Ecobank chairman quits over governance issues
Ecobank chairman Kolapo Lawson was forced to stand down in late October after concerns were raised about corporate governance. Media reports said Lawson agreed to go after board members meeting in Ghana decided his departure was necessary to restore confidence among customers and shareholders following a battle over governance issues. The Nigerian central bank wrote to the pan-African lender in April, notifying it of Lawson’s failure to repay $8.79m (N1.4bn) in debts sold to state-owned Asset Management Corporation of Nigeria and a further N1.6bn owed to Ecobank by businesses associated with him.
Credit value: 1