Nigerians shareholders of Ecobank are calling for the resignation of the Director General of Ecobank Group , the Ivorian Thierry Tanoh.

Nigerians shareholders of Ecobank are calling for the resignation of the current Director General of Ecobank Group , the Ivorian Thierry Tanoh. As a result of this, the Extraordinary General assembly of the Ecobank group resumed here Monday after being suspended for more than two hours by these same shareholders. So what is he accused of? 

The investigation by the SEC and whose conclusions are available since January, reported several failures in the management of the bank, particularly on Board of Directors which is accused of lacking a clear vision.

Issues bothering on faulty governance, the way decisions are taken by the Board of Directors and the lack of independence were also discussed.

So how could this affect the bank's ranking in Africa?

'Ecobank Transnational Incorporated will come out of this stronger,' said the official, adding that reforms will help enhance the efficiency of the banking group, still ranked first in Africa.

Commenting on the bank's ranking in Africa, CEO Tanoh said 'This award confirms that the banking group remains a landmark for African businesses and individuals.'

According to en.africatime.com report lately, an official of the Bank, spoke about this turbulent condition and requested anonymity. This official told PANA that 'the Nigerians are orchestrating a move to divert public attention from debate and implementation of audit results at KPMG cabinet that was commissioned by the Securities and Exchange Commission (SEC) and hardly cleared all the former members of management board, including the former President of the Governing Council, Kolapo Lawson and his Nigerian compatriot, the former CEO, Arnold Ekpe.

However, reforms, including top appointments to the board, will depend on the vote of the heavyweight shareholders, among which are the Public Investment Corporation (the Pension Fund South African officials), which holds 20% stake in the group, the fourth largest bank in South Africa, Nedbank, and the International Finance Corporation (IFC) of the World Bank group.