Nigeria's SEC tells Ecobank to reinstate former finance chief

Nigeria's Securities and Exchange Commission (SEC) has told Ecobank that it must reinstate former finance director Laurence do Rego pending a probe into her allegations of breaches in corporate governance rules, a spokesman for the SEC said.

SEC DG, Oteh

SEC spokesman, Obi Adindu said on Wednesday that the correspondence sent to the pan-African lender was in line with "a provision in our regulatory laws".
"It's the whistleblower protection element," he said. "The action (removing do Rego) shouldn't have been taken in the season of an investigation."
Neither Ecobank nor do Rego could immediately be reached for comment. The bank, which operates in 33 African countries and is listed in Nigeria and Ghana, is under pressure to reform after the SEC alleged that there were failures in the board's ability to manage its own activities, monitor management and oversee ethical behaviour.
Top Ecobank executives have also asked Chief Executive Thierry Tanoh to step down.
The lender plans to hold an extraordinary general meeting (EGM) on March 3 at which shareholders will vote on governance reforms to address the SEC's criticisms, as well as on recommendations by external bodies hired by the bank to aid its reform programme.