Ecobank Transnational Incorporated’s board of directors said there had been no financial impropriety by its Chairman, Mr. Kolapo Lawson, after he repaid loans to the bank.
The Asset Management Corporation of Nigeria, created by Nigeria’s government to buy lenders’ bad loans in 2010, said last week that it reached a repayment agreement with Lawson over outstanding debts owed to the agency.
A statement from the bank said, “The Board of Directors of Ecobank Transnational Incorporated has reviewed issues relating to two financial transactions involving ETI Chairman, Mr Kolapo Lawson. These comprise a personal agreement between him and AMCON and an agreement with Ecobank Nigeria on the part of a company of which he is chairman.
“The board concluded that there had been no financial impropriety and that Lawson had acted in good faith throughout. As a result, the board unanimously reaffirmed its confidence in Lawson.”
It further quoted the Vice-Chairman, Ecobank, Mr André Siaka, as saying, “Kolapo Lawson has been a loyal servant of Ecobank for many years and has been a major contributor to its on-going success. We are happy unanimously to reiterate our full support for Lawson and his leadership and look forward to renewing our focus on continuing the remarkable success of Ecobank.”
The statement quoted Lawson as saying, “I am pleased that we have been able to draw a line under this matter. The Board has made clear that it has no outstanding concerns and I now wish to concentrate once again on leading Ecobank to further success.”