Business
Ecobank Boss To Stand Down
Ecobank (ETI) said its
chairman Kolapo Lawson will stand down with immediate effect in a bid to restore confidence in a bank rocked by governance issues.
Ecobank has seen its image take a hit from allegations by suspended head of finance Laurence do Rego that she was asked to misstate 2012 results and that assets were being unnecessarily sold at a loss.
Nigeria’s Security and Exchange Commission is investigating the allegations which Ecobank denies, although its chief executive has said transparency could be improved.
The African lender first came into the spotlight in April when Nigeria’s central bank notified it of Lawson’s failure to repay 1.4 billion naira in debts sold to AMCON, the state-owned “bad bank”.
There is also a further 1.6 billion naira owed to Ecobank by businesses associated with him.
Ecobank has since said Lawson has repaid the debts owed to it and no company rules were broken.
AMCON declined to comment on the basis of confidentiality.
Banking analysts have highlighted that these loans only account for 0.1 per cent of ETI’s total loan book.
ETI shares are up 22 percent so far this year and closed at 13.80 on Tuesday. Nigerian markets open at 0930 GMT.
Lawson said on Wednesday that independent parties would investigate allegations and review corporate governance.
“I decided that it wasn’t appropriate for me to preside over the (review) process so I thought it was best to step aside.
“It’s something I’ve been thinking about for a long time,” Lawson told newsmen by telephone, last Wednesday.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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