IMF welcomes Ecobank’s governance strides

Enterprise Information of Wednesday, eleven February 2015

Supply: Graphic On-line

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Officers of Ecobank Transnational Included (ETI) have said that the considerations raised by the Worldwide Financial Fund (IMF) on governance points on the financial institution have been conclusively tackled.

The pan-African financial institution maintains it has tackled the problems raised by the IMF and instituted some company governance buildings and reforms which had culminated within the dismissal of the then Group CEO, Mr Thierry Tanoh, and his alternative by Mr Albert Essien in March final yr.

Earlier this month, IMF launched a report titled: ‘Pan-African Banks – Alternatives and Challenges for Cross-Border Oversight.’ The report made references to governance points at Ecobank, which some readers might understand as being present.

However ETI, (in an e-mail), in response to enquiries by the Every day Graphic, stated the knowledge utilized by IMF close to inner governance on the financial institution dates again 18 months in the past to the interval between the mid-2013 and early 2014.

IMF as we speak issued a media assertion acknowledging that references to governance at Ecobank within the report have been from the 2013/2014 interval and never references to governance at Ecobank right now.

The assertion famous that IMF was conscious of the steps Ecobank had taken to strengthen governance and keep away from dangers to monetary stability.

It acknowledged current information that Ecobank had raised fairness capital for the group and introduced an fairness capital improve to satisfy regulatory capital necessities in Nigeria.

The IMF welcomed these developments as steps in the suitable path.

The Ecobank Group reaffirms its monetary power and powerful governance as a systemically essential banking group in Africa.

ETI has complete belongings of over US$23 billion. Because the IMF assertion alluded to, within the final six months, Ecobank has raised roughly US$1 billion in mixed fairness and debt capital for its mum or dad firm and its enterprise in Nigeria, the most important of the group’s associates.