Statement Issued on Behalf of Kolapo Lawson in Response to Press Speculation
LAGOS, Nigeria -- July 18, 2013
Kolapo Lawson, Chairman of Ecobank, commented: “I was disappointed to read the
speculation about Ecobank in the media yesterday morning, July 17^th 2013
relating to boardroom matters at Ecobank Transnational (ETI) and wish to state
“With regard to the letter from the CBN, documents have been provided to the
CBN that show clearly that the information in their hands at the time the
letter was written was incomplete.
“The loan to Agbara Estates, which is not yet due to be paid, was contracted
between two management teams acting at arm’s length in the ordinary course of
business, and was completed well before I became Chairman of the ETI Group.
Furthermore, it is fully secured by a real estate project which has since
increased in value and the overall value of the project is significantly
higher than the loan. The Board has every assurance that the loan will be paid
off before its due date.
“As you would expect, in accordance with good governance, these issues were
discussed fully at the board in an open and transparent way. I provided my
fellow directors with all of the information they required and there are no
“ETI remains one of the most exciting stories on the African continent. It is
an ongoing honour to chair ETI and to be part of the team dedicated to serving
our customers and delivering growth for our shareholders. The management and
staff remain motivated and ambitious and continue to meet obligations to all
stakeholders in the most professional and timely manner. We continue to focus
on the sterling performance of the bank, which includes a rise of 33% in its
share price since January 2013. We look forward to continuing to develop this
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