MICROCAPITAL BRIEF: Public Investment Corporation of South Africa Among Those Demanding Resignation of Thierry Tanoh, CEO of Togo-Based EcoBank

Mr Thierry Tanoh, the chief executive officer (CEO) of Togo-based EcoBank Transnational Incorporated (EcoBank), has been called to step down due to allegations of being “unfit to lead” the bank [1]. The demand came from four members of the bank’s executive team and the Public Investment Corporation, an investment manager owned by the government of South Africa that owns 18.25 percent of EcoBank shares. The call for Mr Tanoh’s resignation came ahead of the extraordinary general meeting of the bank that was held in March to discuss governance reforms within the bank. The issue of Mr Tanoh possibly resigning, however, did not appear on the agenda of that meeting [2]. Mr Tanoh was appointed CEO in January 2013.

As of 2012, Ecobank had USD 20 billion in assets, USD 2 billion in equity, 13.7 million customers and 1,200 branches in 29 countries.

By Nisha Koul, Research Associate

About EcoBank: Incorporated in 1985, Ecobank Transnational is a Togo-based bank that provides wholesale, retail, investment and transaction banking services and products. As of year-end 2012, Ecobank had USD 20 billion in assets, USD 2 billion in equity, 13.7 million customers and 1,200 branches in 29 countries.

Sources and Additional Resources:

[1] Reuters, “Exclusive: Ecobank CEO’s contract must be terminated immediately – PIC letter,” http://www.reuters.com/article/2014/03/01/us-ecobank-idUSBREA200MK20140301

[2] Reuters, “UPDATE 2-Ecobank shareholders pass governance action plan, CEO stays,” http://www.reuters.com/article/2014/03/03/ecobank-idUSL6N0M042G20140303

MicroCapital Story, February 14, 2014, “EcoBank to Offer Mastercard in 23 African Countries,” https://www.microcapital.org/microcapital-brief-ecobank-to-offer-mastercard-in-23-african-countries/

MicroCapital Story, May 27, 2013, “Ecobank’s Sierra Leone Arm Refutes Newspaper Report of Money Laundering,” https://www.microcapital.org/microcapital-brief-ecobanks-sierra-leone-arm-refutes-newspaper-report-of-money-laundering/

MicroCapital Universe Profile, Ecobank Transnational Incorporated (Ecobank), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Ecobank

MicroCapital Universe Profile, EB-ACCION Savings and Loans Company Limited, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=EB-ACCION+Savings+and+Loans+Company+Limited

MicroCapital Universe Profile, EB-ACCION Microfinance, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=EB-ACCION+Microfinance

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