E-Financial
SEC Indicts Ecobank over Corporate Governance Lapses
Security and Exchange Commission (SEC) has told Ecobank Transnational Incorporated to come up with a one-year plan to iron out its governance issues, adding that it expected a quarterly report on progress.
SEC said that the bank 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”.
This is the outcome of an investigation into the alleged breaches and corporate governance practices within ETI in August 2013.
The Commission also engaged KPMG to supplement its efforts and make recommendations on the way forward.
SEC however, advised ETI that its findings constitute an important basis for convening an Extra – Ordinary General Meeting (EGM) of shareholders to deliberate and pass resolutions on the critical findings and recommendations of the corporate governance audit.
The SEC further advises that the EGM should be held before the end of February 2014.
The SEC expects ETI to develop a one year remedial plan with specific measures to address the specific governance gaps observed.
In the public interest, it will also expect a quarterly report from ETI on progress being made.
The Commission believes that ETI will need to appoint a substantive Board Chairman who will lead the effort to attain an improved governance climate. It will be important that such an appointment is the result of a credible selection process.
Such a Chairman also needs to have the relevant experience and skills to guide this remedial plan. The Chairman should have integrity, independence and should not have the potential for conflict of interest in the discharge of the role.
Steps should also commence to ensure that ETI has Board members and a Management team that have the requisite skills and experience to oversee or manage the affairs of ETI at this time.
The SEC is certain that the implementation of the recommended remedial plan will eliminate the governance lapses and will further strengthen ETI.
The Commission also reiterates its commitment to ensuring the integrity of the market and the protection of the investing public.
This is coming against the backdrop of series of publications in the local and international media regarding breaches of corporate governance and allegations against the Board of Directors and certain principal officers of Ecobank Transnational Incorporated (ETI) (A company listed on the Nigerian Stock Exchange), the Securities and Exchange Commission pursuant to its core mandate of fostering the integrity of the Nigerian capital markets and ensuring adequate protection of the investing public.
The gaps identified from the review are the absence of a clear vision and strategy to drive the institution; inadequate transparency in the recruitment procedures and mechanisms for Board members and executive staff which fostered conflicts of interest, weaknesses with respect to the tone – at – the – top; governance culture, communication, remuneration for Board members and executive level personnel, decision making, absence of dedicated channels for whistleblowers to report instances of anomaly, and the often compromised autonomy of governance mechanisms such as Internal Control, and the Audit and Compliance Committee of the Board.
The Board specific weaknesses include; The Board’s ability to manage its own activities;
The Board’s role in monitoring management and evaluating its performance against defined goals;
The Board’s role in overseeing the achievement of ethical behaviour in the organisation; and
The Board’s responsibility towards shareholders and other stakeholders and accountability for their interest.
Sequel to the findings of the audit, SEC held a meeting with members of the Board of ETI on Monday, 16th December, 2013 during which the results of the exercise were presented in order to elicit feedback from them. It was agreed at the meeting that such feedback should be made available to the regulator on or before Friday, 3rd January, 2014 ahead of the audit results being forwarded to ETI for dissemination to the bank’s shareholders.
World Bank has approved an additional $65 million loan for Nigeria to support the Sustainable Procurement, Environmental, and Social Standards Enhancement (SPESSE) project, increasing the total financing for the initiative to $145 million.
The approval was granted on June 24, 2025, according to details posted on the World Bank’s website, which also indicates that the project’s status has moved to “active” following the approval.
The SPESSE project, initially launched with an $80 million loan approved in February 2020, aims to strengthen institutional capacity for managing procurement, environmental, and social standards in both the public and private sectors across Nigeria.
The World Bank described the project’s development objective as the establishment of sustainable capacity in these areas.
This latest approval is part of a broader wave of financing expected from the World Bank to Nigeria in 2025.
The bank is scheduled to approve loans totalling $1.61 billion over the coming months, supporting various development initiatives.
Among these is a $300 million loan for the ‘Solutions for the Internally Displaced and Host Communities Project,’ expected to be finalised by the end of July.
This project aims to improve access to basic services and economic opportunities for internally displaced persons (IDPs) and host communities in selected local government areas in northern Nigeria.
In September, the World Bank plans to approve four additional loans: a $10.5 million facility to support technical assistance for the Central Bank of Nigeria, a $300 million Health Security Program targeting Western and Central Africa (Nigeria – Phase IV), a $500 million project for building resilient digital infrastructure (BRIDGE), and a $500 million loan under the Nigeria Sustainable Agricultural Value-Chains for Growth project aimed at promoting sustainable growth and job creation within key agricultural sectors.
Earlier in March 2025, the bank approved three financing requests amounting to $1.13 billion.
These funds are directed towards projects focused on enhancing quality education, boosting household and community resilience, and improving nutrition.
Among the approved loans were $80 million for the Accelerating Nutrition Results in Nigeria 2.0 project, $552 million for the HOPE for Quality Basic Education for All programme, and $500 million for the Community Action for Resilience and Economic Stimulus Programme.
In February, the Nigerian government announced expectations of new World Bank loans totalling $2.2 billion for six different projects in 2025. This follows a $1.5 billion loan disbursed in 2024 aimed at strengthening Nigeria’s economic stability and resource mobilisation efforts.
Ecobank, a pan-African financial services group, has partnered with Google Cloud in a deal to improve financial services with advanced analytics, AI and driving digital empowerment across Africa.
This collaboration will focus on leveraging Google Cloud’s advanced technologies and AI to enhance Ecobank’s digital offerings to accelerate the digital transformation of the Bank.
The partnership agreement is designed to empower individuals, support the growth of small and medium-sized enterprises (SMEs) in the region, and contribute to the overall economic development of Africa.
“Our collaboration with Google Cloud is a leap forward in Ecobank’s digital transformation journey. We look forward to leveraging Google Cloud’s world-class technology to unlock new possibilities for individuals and businesses to grow and scale across Africa,” said Jeremy Awori, group chief executive officer of Ecobank.
“This collaboration signifies our shared intent to explore building a more connected and financially inclusive future for the continent.”
Thomas Kurian, CEO, Google Cloud, stated that Google Cloud and Ecobank have a shared vision for using technology to help deliver financial empowerment to more people and businesses in Africa.
“We look forward to exploring the ways our cutting-edge AI, powerful data analytics, and scalable infrastructure can support Ecobank’s efforts to fuel the continent’s economic development and digital future.”
The collaboration aims to simplify and streamline money transfers, both domestically and across borders. By leveraging Google Cloud’s capabilities, including its powerful data analytics platform, BigQuery, for AI-driven insights, Ecobank will aim to develop solutions that improve access to finance for SMEs, simplify payment acceptance, and provide valuable data-driven insights to help businesses scale across more than 33 countries in Africa.
Stanbic IBTC Holdings Plc has announced the successful close of the N148.7 billion Rights Issue subscription exercise following the completion of the verification exercise by the Central Bank of Nigeria (CBN) and final clearance by the Securities and Exchange Commission (SEC).
Stanbic IBTC Holdings said the Rights Issue was oversubscribed by 21.9 percent, adding that the holding company has injected N140 billion into Stanbic IBTC Bank.
Kunle Adedeji, acting Chief Executive, Stanbic IBTC Holdings Plc while commenting on the just concluded rights issue programme said that “The turnout and participation of existing shareholders taking up their rights was impressive such that the rights issue was oversubscribed by 21.9percent to the tune of N181.4 billion. Our shareholders’ interest shows the confidence they continue to have in the brand,” he said.
“We appreciate the support of the Central Bank of Nigeria, The Securities and Exchange Commission, the Lead Issuing house, Joint Issuing houses and other stakeholders in the successful completion of the recapitalisation exercise.
“We are optimistic about future opportunities, as the injection of new capital will position us to take advantage of them to enable us to deliver to our shareholders. To all shareholders, we are grateful for your unwavering belief and support for the Stanbic IBTC Brand and your willingness to continue this journey with us,” Adedeji said.
Having received an injection of N140 billion from the parent company, the Chief Executive of the Banking subsidiary, Wole Adeniyi, remarked that “the injection of the new capital into the banking subsidiary is a positive development. This will enable the Bank to seize additional opportunities within the industry and enhance our Single Obligor Limit (SOL).
“We deeply appreciate the dedication and hard work of our regulators, issuing houses, and all other stakeholders. We extend our sincere gratitude for your continued support.”
Global Crypto Heists Surge to $2.1Bn in H1 2025 as Digital Assets is Weaponised
World Bank Approves Extra $65m for Nigeria’s SPESSE
NCC, REA Move to Power Telecoms with Renewable Energy
CAC Launches AI-powered Business Registration Portal
NCC Approves MTN, 9Mobile Roaming Collaboration Deal
E-Financial2 days agoAccess ARM Pensions Advocates Ways to Boost Civil Servants’ Retirement
E-Business2 days agoFirm Warns as Social Media Scams Put Users’ Data at Risk
Telecom1 day agoAVEVA Highlights Climate Impact Gains in 2024 Sustainability Report
General News1 day agoAfCFTA Opens Opportunity for Logistics Sector
Telecom2 days agoMTN Nigeria Launches “Mega Billion Promo” to Reward Customer Loyalty and Drive Financial Inclusion
E-Business2 days agoNigeria Ranks 3rd in Africa for Ransomware Threats –INTERPOL
Telecom1 day agoALTON Explains SIM-related Services Disruption Across Mobile Networks
General News2 days agoNELFund Warns Students Against Fake Loan Portal