Lomé, July 4, 2025 – (©AfreePress)- In the heart of Lomé, the Togolese capital, stands the headquarters of Ecobank Transnational Incorporated (ETI)—once a proud symbol of an African capitalism liberated from Western tutelage. Founded in 1985 with the ambition to build a truly pan-African bank by Africans, for Africans, Ecobank had every ingredient to embody continental success. But forty years later, the foundations of this banking giant are showing serious cracks.
The group’s outward appearance of stability no longer conceals its internal fractures. Under the leadership of CEO Jeremy Awori, Ecobank is grappling with fragile governance, conflicts of interest, boardroom discord, frustrated shareholders, underwhelming performance, and a creeping crisis of confidence. The most recent warning sign? The April 2025 General Assembly in Lomé concluded without any dividends paid to shareholders—an ominous indicator of the group’s real financial health.
A Major Shareholder Looks to Jump Ship
The shockwave hit Africa’s financial community when Nedbank, a major shareholder holding 20% of ETI, revealed its intention to pull out. Jason Quinn, CEO of South Africa’s Nedbank Group Ltd (JSE: NED), announced that his investors supported the sale of the bank’s stake in Ecobank. “We’ve received overwhelming support to divest from ETI. Performance has been disappointing, and governance is inadequate,” Quinn stated in a letter to shareholders.
This move goes beyond a mere financial transaction. It is a strategic—and arguably existential—blow to a bank whose image as a continental unifier is now deeply tarnished.
Ecobank Nigeria: The Weakest Link
The group’s Nigerian subsidiary has become its Achilles’ heel. After a string of poor performances, the parent company was forced to inject $50 million in Additional Tier 1 (AT1) capital—a desperate and vital bailout. It is the latest in a series of liquidity lifelines ETI has had to extend to Nigeria.
But Nigeria represents nearly 40% of Ecobank’s total assets. Its decline jeopardizes the group’s overall structure. Nigerian investors are increasingly concerned about the growing dominance of South African interests in Ecobank’s capital, fearing the bank may lose its pan-African vision and become a pawn in a clash of foreign agendas.
Adding to the turmoil is a legal dispute involving Ecobank Nigeria and some of its affiliates with Wilben Trade, a Dubai-based company led by Marcus Wade, over a 2014 commercial transaction. This case exemplifies how Ecobank Nigeria is dragging the group into murky waters.
Wilben Trade has filed a lawsuit in Dubai, accusing Ecobank of defamation, abuse of process, and attempted extortion, and is seeking $68 million in damages (about 40.8 billion CFA francs). The company claims Ecobank is unfairly demanding payments after losses incurred in a botched rice import deal and is manipulating the Nigerian justice system to its advantage. For its part, Ecobank maintains it is pursuing a legitimate fraud case that is already before Nigerian courts. However, some analysts believe this reflects a flawed recovery strategy—chasing legacy losses in the wrong places—and raises questions about the group’s priorities.
ETI has stated that the matter is still pending in Nigerian courts and declined to comment further. But the prolonged legal battle suggests the parent company is letting its Nigerian subsidiaries steer the ship—at the cost of severe reputational damage. Now being heard in Dubai, the case could have international consequences for ETI’s credibility.
Crisis After Crisis: Governance in Disarray
Since 2012, Ecobank has been mired in chronic instability. The governance crisis sparked by the controversial appointment of Thierry Tanoh in 2012 marked the beginning of a downward spiral. Internal power struggles, leaks in the international press (notably the Financial Times), allegations of breach of trust, financial misconduct, unjustified bonuses, and conflicts of interest have seriously tarnished the group’s image.
“The board failed to act decisively. It lacked the courage to cut deep,” lamented a former board member.
This turbulent period saw the rise and fall of controversial figures like Laurence do Rego, a once-powerful CFO ousted under intense pressure. Tanoh’s eventual dismissal and the ensuing multi-million-euro legal battle left open wounds. Power within the bank was contested by rival factions, ex-leaders, and external shareholders, resulting in a fractured leadership landscape.
The Shadow of Arnold Ekpe
One name remains synonymous with Ecobank: Arnold Ekpe. The charismatic former CEO (1996–2001 and 2005–2012) is still seen as a dominant, behind-the-scenes figure. He is credited with bringing in major investors like Nedbank and South Africa’s Public Investment Corporation (PIC). His close ties to some current board members and involvement in Ecobank-linked investment funds continue to raise questions.
Ekpe’s thinly veiled criticism of his successors and his enduring influence over strategic partnerships with African and Middle Eastern investors suggest the ghost of his leadership still looms large over the Lomé headquarters.
Fragmented Shareholding, Conflicting Interests
Ecobank is no longer the pan-African cooperative envisioned by pioneers like Djondo and Lawson. Its shareholding structure is now fragmented among players with often conflicting agendas, including:
Qatar National Bank (QNB) – largest shareholder since 2014
Nedbank – poised to exit
PIC (South Africa) – seeking continental dominance
IFC (World Bank) – focused on governance and transparency
AMCON (Nigeria) – defending West African interests
This fragmentation makes it almost impossible to craft a coherent strategy. The combined dominance of QNB and Nedbank—together holding nearly 40%—could spark a new internal power struggle. “The team spirit is gone. It’s no longer a family—it’s a battlefield of competing forces,” confided a senior executive at the Lomé headquarters.
Unfinished Reforms and Outdated Structures
The group’s attempt to implement a 51-point governance reform plan (initiated in March 2014 by the Nigerian Stock Exchange) has failed to fix deep-seated problems. The board was trimmed from 17 to 15 members, but tensions persist.
The rule limiting board tenure to nine years—meant to encourage renewal—has only been partially enforced. The real challenge? Transforming a structure that still operates like a family-run SME into a modern, accountable international banking group.
A Faded Image, a Credibility Crisis
The core issue is not just financial—it is symbolic. Ecobank once embodied the dream of a strong, independent African finance sector. Today, that dream is under siege. Minority shareholders, deprived of dividends, feel abandoned. Customers are beginning to question the bank’s stability. International partners observe with growing concern.
The Moment of Truth
Ecobank stands at a crossroads. Its survival depends on its ability to:
Restore trust among historical shareholders
Strengthen capital buffers, especially in Nigeria and Kenya
Rebuild governance around transparency and efficiency
Reconcile its pan-African ambition with global market demands
Failure to act decisively will relegate the bank to a relic of faded promise—a hollow giant crumbling from within. But if it succeeds, Ecobank could once again become what it briefly was: a beacon of African financial pride.
A story worth watching…
Olivier ADJA
