January 9, 2014 / 4:56 PM / in 4 years

Nigeria SEC warns Ecobank over corporate governance

LAGOS, Jan 9 (Reuters) - Nigeria’s securities regulator said on Thursday that Ecobank Transnational had shown a lack of transparency in its recruitments that fostered conflicts of interest, and recommended it pick a new chairman who can tackle its “governance gaps”.

The Securities and Exchange Commission (SEC) also told the pan-African lender to come up with a one-year plan to iron out its governance issues, adding that it expected a quarterly report on progress.

It recommended that Ecobank communicate findings of its inquiry to shareholders at an extraordinary meeting. (Reporting by Tim Cocks; Editing by Mike Collett-White)

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