Two Ecobank directors quit over dirty board room politics

Ecobank Transnational Incorporated (ETI) Wednesday announced the resignations of two members of its Board of Directors. But what they won't tell you was how dirty board room politics orchestrated from the top forced the two directors to quit their plum jobs.

SHOWBIZPLUS gathered that the affected men are Mr. Isyaku Umar and Dr. Babatunde Ajibade who until their resignations were non- executive directors on the board of the pan-African bank. Their resignations became effective from February 8th, 2014.

Making the announcement in a statement obtained on the bank’s website, the Interim Chairman of the Board of Directors of ETI, Mr André Siaka, said: “I sincerely regret the resignations of Mr. Isyaku Umar and Dr Babatunde Ajibade. On behalf of the Board I would like to thank them for their valued contributions over the years.

“Their skills and experience have made a great difference to Ecobank and we wish them well in their future endeavours.”

Umar became a non-executive Director of ETI in 2006. He started his career with UAC of Nigeria and later worked with the federal government of Nigeria in various capacities before rejoining the private sector.

On the other hand, Ajibade joined the Board of ETI in 2010 as a non-executive director. He is a legal practitioner engaged in private commercial legal practice and is a Senior Advocate of Nigeria.

Ecobank is under pressure to reform after the Securities and Exchange Commission criticised the board of corporate governance breaches. The bank will hold an Extra-ordinary General Meeting in Lome on March 3, 2014 to vote on setting up a seven-strong interim board.