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Ecobank’s CEO foregoes $1.14m bonus

By BLAISE UDUNZE

Pan-African bank, Ecobank Transnational, on Wednesday disclosed that its Chief Executive Officer, Thierry Tanoh, would relinquish a $1.14 million bonus he was supposed to get for the 2012 financial year, as part of efforts to rebuild confidence after Nigeria’s SEC said it was investigating corporate governance breaches in the bank.

Tanoh told the governance committee of the board about his choice of relinquishing his entire bonus for the period.

Confirming the development to Daily Sun yesterday, a source from the bank’s Lagos subsidiary admitted that the bank’s helmsman and the management have agreed that $1.14million due to him be relinquished for the period.

Laurence Do Rego, the finance director who was recently relieved of his job had petitioned regulators claiming that Tanoh’s bonus was $935,967 and exceeded his entitlement.

Do Rego also claimed that the bonus was also awarded for a period before Tanoh was appointed CEO of the bank, which has operations in 34 African countries.

The former finance director also doubted processes applied to alter critical working indicators in Tanoh’s pay package.

Ecobank had on Monday announced that it had kick-started an in-house probe into claims of maladministration. It said this was in an effort to tackle the problem of confidence in the bank’s management.

But Tanoh stated that Ecobank’s governance committee would call on Do Rego to verify the allegations. Do Rego made the claims about Tanoh in a note to Nigeria’s Securities and Exchange Commission (SEC) in August this year. The Ecobank chief had rejected claims made against him by Do Rego, pointing out that his bonus had been increased for the 2012 period.

 

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1 Comment

  1. kola amodu September 5, 2013 at 10:56 am

    It is known fact that Nigeria elites are responsible for most of de problems we have in this country. A case study ECO bank CEO incident.

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