ACCRA Feb 11 Two non-executive directors at
Ecobank, one of sub-Saharan Africa's largest financial
institutions, have resigned ahead of a meeting that will vote on
reforms intended to address criticism by Nigeria's securities
The pan-African bank told Nigeria's Securities and Exchange
Commission (SEC) on Tuesday that non-executive directors Isyaku
Umar and Babatunde Ajibade have resigned.
Ecobank is under pressure to reform after the regulator
criticised the board's ability to manage its own activities,
monitor management, evaluate performance and oversee ethical
The SEC said in January there was an absence of clear vision
and strategy at the bank, inadequate transparency in recruitment
procedures and conflicts of interest.
Ecobank will hold an extraordinary general meeting in Lome
on March 3 to vote on setting up a seven-strong interim board.
The current board has 12 people following the two resignations,
a spokesman said.
Chief Executive Thierry Tanoh will be the only member of the
group executive committee that runs the bank to sit on the
The meeting, which will be closely watched by investors,
will also consider proposals to raise money and amend the
company's articles of association.
(Reporting by Matthew Mpoke Bigg; Editing by Erica Billingham)