PIC’s Matjila rips into Ecobank chief Tanoh

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Johannesburg - Ecobank chief executive Thierry Tanoh had failed to raise any capital, bring stability or extract efficiencies, board member Daniel Matjila said yesterday.

Matjila, the chief investment officer of South Africa’s Public Investment Corporation (PIC), the bank’s largest shareholder, said the state fund manager supported reconstituting Ecobank’s board and would possibly support a change in chief executive. Matjila sits on Ecobank’s 12-member board.

Ecobank’s shareholders are due to vote on March 3 on governance reforms that follow pressure on the bank over corporate governance. Top executives are divided over Tanoh and senior leaders have called for him to step down.

“Tanoh came in to stabilise, extract efficiencies, cut costs and all other things to extract value from the business. We believe he has failed to do so. He hasn’t raised even a single cent of capital,” Matjila said, adding that nonetheless the investment was doing well.

The PIC holds 18.35 percent of Ecobank. The Asset Management Corporation of Nigeria is the second-biggest holder with 8.09 percent. - Reuters

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