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Ecobank Ousts Group CEO

first_imgThierry Tanoh, the Ivorian Chief Executive Officer of Ecobank Transnational Incorporated (ETI), was forced out of his exalted position last week at a rather quiet board meeting of the bank held in Lome, Togo. Mr. Tanoh joined the Ecobank Group as CEO designate in July 2012 and commenced his executive role in October 2012 prior to being appointed Group CEO in January 2013. Tanoh came under renewed pressure last week after a stormy emergency general meeting of the bank where it was revealed that he had failed to comply with instructions by Nigeria’s Securities and Exchange Commission (SEC) to recall Laurence do Rego, a former executive director of the pan-African bank responsible for finance and risk and whose whistle blowing, some say, brought the rumbling in the Bank into the open.Hints that the CEO may be attending his last board meeting first came the week earlier when it emerged that the directors had been advancing a position that was seen as unfavorable to Tanoh. In the end, this paper has been told, the former CEO did not even bother to attend the crucial meeting.In his place, directors of the board asked one of the deputy managing directors, a Ghanaian, Albert Essien, to occupy the CEO position until a substantive head was found for the Bank in October.Announcing the replacement, ETI Interim Chairman, André Siaka said “Mr. Albert Essien has the experience and knowledge that Ecobank needs to take us forward as we continue to implement our strategy to deliver outstanding customer service, to improve long-term shareholder value and returns and to be the employer of choice in our markets.”He also wished the outgoing CEO, Thierry Tanoh well in his new field of endeavor. “We wish to thank Thierry Tanoh for his service to Ecobank and wish him every success in the future.” At last week’s meeting, this paper has also learnt, it was also decided that do Rego be recalled. South Africa’s Public Investment Corporation (PIC), Ecobank’s single largest shareholder, has for sometime expressed concerns about Tanoh, media reports from the region have said.The PIC, which owns more than 18 percent of Ecobank, according to the Lome, Togo-based lender, was concerned about performance under Tanoh. However, two former directors of Ecobank, Babatunde Ajibade and Kolapo Lawson, who served on a board that now has 12 members, said criticism of Tanoh was rooted in fear by other senior executives that his willingness to reform governance might expose past problems.In recent interviews with Nigerian journalists, both men declined to spell out those alleged failures in detail. But Lawson said in a resignation letter dated February 7, 2014 and seen by Reuters that they stemmed from “the ETI public offering of 2008”, which refers to the bank’s flotation on the Nigerian Stock Exchange.Whatever the case, Mr. Thierry Tanoh, a former International Finance Corporation’s (IFC) vice president for Sub-Saharan Africa, Latin America and the Caribbean and Western Europe, has been ousted by Ecobank and subsequently replaced by Albert Essien as new group Chief Executive Officer (CEO) of the Company.Mr. Essien has been at Ecobank for more than 20 years, rising to the position of Deputy Group CEO two years ago. Prior to becoming Deputy CEO, Mr. Essien was the Regional Head for the Anglophone West Africa (excluding Nigeria) and Eastern and Southern Africa (ESA) regions.According to an ETI statement, Mr. Essien’s appointment follows the departure of the current Group Chief Executive Officer of the Bank, Thierry Tanoh, effectively Wednesday, March 12, 2014. Meanwhile, the Board of Directors of ETI also announced that in line with a directive the Securities and Exchange Commission of Nigeria, Mrs. Laurence do Rego is reinstated as Group Executive Director of Finance and Risk with immediate effect.During their Board meeting, the Directors reaffirmed their commitment to implementing the detailed 51-point Governance Action Plan adopted by shareholders at an Extraordinary General Meeting held at Ecobank’s Pan African Centre in Lomé on March 3, 2014.The plan, which is expected to be implemented by the end of April 2014, aims at strengthening governance within the Ecobank Group.Prior to becoming Deputy CEO Mr. Essien was the Regional Head for the Anglophone West Africa (excluding Nigeria) and Eastern and Southern Africa (ESA) regions. He started his banking career in 1986 with the National Investment Bank in Accra, Ghana and joined the Corporate Banking Department of Ecobank Ghana in 1990. In 1997, he became Country Risk Manager.Essien was appointed Deputy Managing Director in 2001 and became Managing Director in December 2002. Albert Essien has a degree in Economics from the University of Ghana and is an alumnus of the Executive Development Program of INSEAD (France / Singapore). He is also an honorary fellow of the Chartered Institute of Bankers, Ghana.Speaking as the Board nominated him as the new Group CEO Albert Essien said, “I have been working for Ecobank for more than 20 years and I am proud of what we have achieved so far. I am committed to achieving our vision of building a world class pan-African bank which contributes to the economic development and financial integration of Africa and to our mission of providing our retail and wholesale customers with convenient, accessible and reliable financial products and services.ETI is the parent company of the leading independent pan-African banking group, Ecobank. It currently has a presence in 35 African countries, namely: Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Côte d’Ivoire, Equatorial Guinea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Malawi, Mali, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Togo, Uganda, Zambia and Zimbabwe.The Group is also represented in France through its affiliate EBI SA in Paris. ETI also has representative offices in Dubai, United Arab Emirates, London, UK and Beijing, China. ETI is listed on the stock exchanges in Lagos, Accra, and the West African Economic and Monetary Union (UEMOA) – the BRVM. The Group has more than 600,000 local and international institutional and individual shareholders. The Group employs 19,200 people from 40 different countries in 1,250 branches and offices.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

Parents concerned about children’s safety

first_imgSchool of Nations shooting/threats…1 in custodyParents of students attending the School of Nations on New Market Street, Georgetown are now fearful for their children’s safety at the institution in the wake of the recent shooting of the Director, Dr Brian O’Toole and the constant threats posted on social media allegedly by an expelled student.Parents engaged in a meeting on Monday with the school’s administrationTheir distress was clearly voiced during an engagement with the school’s administration on Monday, as questions mounted about the level of security which has been adopted in recent days.Chief Executive Officer (CEO) of School of Nations, Dr Dexter Phillips explained that they were installing additional security cameras at blind spots along with an increased security presence at the entrances.It was indicated that the administration took a decision to not resume classes as per normal today with the assistance of the Guyana Police Force for increased support. Meanwhile, random bag checks will be instituted at the school’s entrance and vehicles are not allowed in the premises.“We did a sweep of the campus…We have also increased security presence. In the coming days, we would continue to discuss more permanent measures with security and more security cameras will be installed. We have also requested some Police presence and when school resumes, we should have two or three Police on campus and in the street,” said Phillips.Director, Dr Brian O’TooleThe school had to implement these measures after the Director was shot on Sunday night about 21:44h at his Prashad Nagar home shortly after returning home from a restaurant. The Police report stated that the 64-year-old man returned home and secured his gate after entering. As he was about to open the door, a male suspect approached him, pointed a gun and discharged three rounds in his direction – -two of which caught him in both forearms.His wife, Pamela O’Toole, heard the shots and upon checking, found her injured husband and rushed him to the Woodlands Hospital, where his condition is said to be stable.ThreatsThis act came with what was considered warning signs from a social media account, believed to be created by students of the institution. The posts started on WhatsApp and moved to Facebook, where threats were made to the lives of students. In one instance, two persons were mentioned in the online posts.Parents shared there has been no training provided to teachers as of recent to deal with any unfortunate incidents.One individual noted that random bag checks did not eliminate the possibility of weapons and chemicals entering the school. Some chemicals can be hidden in water bottles and camouflaged as water or soda.It was questioned as to whether in the planning process, a contingency plan was established in the event of an emergency. This would enable students to determine where they should assemble and highlight the safe spaces. The administration could not provide an answer to these concerns, but reassured that “protocols” were in place.The guardians spared no opportunity to probe the ongoing investigation by the Criminal Investigation Department (CID) of the Police Force. Phillips maintained that he could not divulge any information until the investigation is completed. However, he stated that one individual who made the first threat is with the Police.“We continue to work with the relevant Police authorities for the threats posted on social media and the shooting of Dr O’Toole,” said the CEO.Hints were made that if the posts are linked to the shooting incident, there is a bigger risk at hand since the posts indicated that several persons hold grudges against the school.One of the posts read, “If you feel life was ‘surreal’, I will show what reality is next week…there is a plethora of us who feel the same way.”Meanwhile, a former student of the institution has been taken into Police custody as the probe continues.last_img read more

High snowpack in the Peace Region

first_imgWater Supply Outlook: On average, close to two-thirds of the winter’s snowpack was already accumulated by Feb. 1. However, Environment Minister Barry Penner notes that with two more winter months to go, snow conditions could stillchange before the spring melt.Advertisement The intense, variable weather patterns across the province over the past three months have affected snow conditions in all locations. While early winter storms brought heavy snow to the north, the southern parts of the province remained generally dry until mid-December, when further storms resulted in substantial snowaccumulations in the Interior valleys and at sea level on Vancouver Island and in the South Coast.  These variable weather patterns have resulted in equally variable snow conditions across B.C.: The mountain snowpack stores precipitation in winter, acting as our natural reservoir. Come spring and summer, these accumulations will melt and be released into rivers, lakes and groundwater. – Advertisement -* Vancouver Island, the South Coast, the Lower Fraser, southern portions of the mid-Fraser and the South Interior (Okanagan, Similkameen, Kettle, Nicola and Kootenay basins) have below-normal snowpacks, ranging between 60-75 per cent of normal range.* In the Central Interior, including the Upper Fraser, Nechako, North Thompson, and northern portions of the mid-Fraser, snowpacks are normal, falling within 90-110 per cent of normal range.* In the north (Peace, Skeena, Liard, Stikine), snowpacks are well above normal, generally in the 110-140 per cent of normal range. The above-normal snowpacks in some portions of northern B.C., such as the Skeena, Nass, Stikine and Liard basins, may result in higher than normal streamflows during the May-June freshet. For additional information, including a summary of snow pillow data and conditions, and graphs of snow-water equivalents, log on to www.env.gov.bc.ca/rfc/river_forecast/bulletin.htm.last_img read more

Wilson hands Everton more away day blues at Bournemouth

first_imgThe Toffees have spent big again this summer in a bid to challenge the established ‘top six’ for a European place, but will need to improve on the road to do so.Ryan Fraser’s driven free-kick restored Bournemouth’s lead 23 minutes from time via a deflection off Fabian Delph before Wilson’s cool finish to lob international teammate Jordan Pickford made the game safe.Everton have now picked up just one point from three away games this season after also failing to win at Crystal Palace and Aston Villa.Victory takes Bournemouth above their opponents on goal difference with both sides on seven points from their opening five games.0Shares0000(Visited 5 times, 1 visits today) 0Shares0000Callum wilson (second right) scored twice for Bournemouth against Everton © AFP / OLLY GREENWOODBOURNEMOUTH, United Kingdom, Sep 15 – Callum Wilson scored twice as Bournemouth curbed early season optimism over Everton’s prospects with a 3-1 win on Sunday.The England international took advantage of some sloppy defending from the visitors to head home the opener from close range, but Everton levelled before half-time through Dominic Calvert-Lewin.last_img read more

Lyon teammate tells star to reject move to Arsenal or Liverpool

first_imgNabil Fekir hopes Alexandre Lacazette will decide to stay at Lyon – despite talk of a summer move to Arsenal or Liverpool.The forward has enjoyed a stunning season, smashing 27 league goals and being named French Player of the Year.It has led to the 23-year-old being linked with a move to the Premier League as both Arsenal and Liverpool monitor his situation.Lacazette’s team-mate Fekir has also enjoyed a good season, scoring 13 goals and laying on nine assists in 33 league appearances.And after committing his future to Lyon for the next year, the 21-year-old wants Lacazette to do the same.“We know that he [Lacazette] is a very good player, he has had a very good season,” Fekir told RMC.“He has been recompensed. But it is up to him to see, we would all like him to stay at Lyon.” 1 Lyon star Alexandre Lacazette last_img read more

$70 billion worth of war funding OK’d in Senate

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREWhicker: Clemson demonstrates that it’s tough to knock out the champBut the result on domestic spending created a divide between Republicans who thought it was a good deal, such as Senate Minority Leader Mitch McConnell of Kentucky, and those who said it was too expensive and larded with pork-barrel spending. “We’ve held the line, achieved what everyone thought was the unachievable,” McConnell said. “We are very proud of this bill.” House Republicans and a few Senate GOP conservatives felt otherwise and were disappointed that Bush hadn’t taken a harder line in end-stage negotiations. The omnibus measure held to Bush’s “top line” for the one-third of the federal budget passed by Congress each year, but only through a combination of budget maneuvers that allowed Democrats to restore funding to budget accounts targeted by Bush and finance billions of dollars worth of lawmakers’ homestate projects. “Congress refuses to rein in its wasteful spending or curb its corruption,” said Rep. John Shadegg, R-Ariz. Conservatives estimated the measure contained at least $28 billion in domestic spending above Bush’s budget, funded by a combination of “emergency” spending, transfers from the defense budget, budget gimmicks and phantom savings. WASHINGTON – The Senate on Tuesday night passed a spending bill combining funding for 14 Cabinet departments with $70 billion for U.S. military operations in Iraq and Afghanistan. By a bipartisan 76-17 vote, senators approved the massive bill, which bundles 11 annual appropriations bills funding domestic agencies and the foreign aid budget for the budget year that began Oct. 1. Earlier, by a 70-25 vote in the Senate, President Bush and his GOP allies won a major victory in passing a measure providing $70 billion for the wars in Iraq and Afghanistan – without restrictions that Democrats had insisted on for weeks. The twin votes sealed a budget deal between Bush and Democrats, ending months of battling over the budget. Bush was ready to sign the bill, assuming the war funding cleared the House on Wednesday. Twenty-one Democrats and Connecticut independent Joe Lieberman – who stood with Republicans at a post-vote news conference – voted with every Republican but Gordon Smith of Oregon to approve the Iraq funding. Democrats again failed to win votes to force removal of U.S. troops or set a nonbinding target to remove most troops by the end of next year. With Bush winning the $70 billion infusion of troop funding, other Republicans muted their criticism. “I do think the president has a victory here,” said House Minority Whip Roy Blunt, R-Mo. Still, the win was hardly clear-cut for Republicans hoping the president would emerge from the monthslong battle with Democrats over the budget with a result that would more clearly demonstrate to core GOP voters the party’s commitment to fiscal discipline. While disappointed by ceding Iraq funding to Bush, Democrats hailed the pending appropriations bill for smoothing the rough edges of Bush’s February budget plan, which sought below-inflation increases for most domestic programs and contained numerous cutbacks and program eliminations. “The omnibus bill largely yields to the president’s top-line budget numbers, but it also addresses some of the bottom-line priorities of the American people,” said Sen. Tom Harkin, D-Iowa. “The Grinch tried to steal Christmas, but we didn’t let him get all of it.” Democrats were able to fill in most of the cuts by using the very budgetary sleight of hand lambasted by conservative groups such as the Club for Growth and Citizens Against Government Waste. The White House, which maintained a hard line for months, has been far more forgiving in recent days, accepting $11 billion in “emergency” spending for veterans, drought relief, border security and firefighting accounts, among others. Other budget moves added billions more. The bill passed the House late Monday. Under an unusual legislative two-step, the Iraq portion of the bill would be returned to the House today, with Republicans supplying the winning margin. That vote, if successful, would send the entire omnibus bill to Bush for his signature. Democrats succeeded in reversing cuts sought by Bush to heating subsidies, local law enforcement, Amtrak and housing as well as Bush’s plan to eliminate the $654 million budget for grants to community action agencies that help the poor.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more

GOLF: MARY BETH WINS LETTERKENNY LADIES COMPETITION

first_imgThe Ruth’s Chemist sponsored 18-hole competition was played on June 28th. The young and talented Mary Beth Mc Brearty was the clear winner with 37 pts. The handicap secretary Rena O’Herlihy registered 33pts(bot) to come in second. The third place went to Eileen Harvey also with 33pts.Many thanks to the sponsor Ruth’s Chemist for their continued support.On the last day of June the Breast Cancer 18-hole competition was kindly sponsored by Grainne Hines, Una Doherty, and Bernie Dunleavy. A big thank you ladies. That wizard with the clubs Marian O Sullivan(10) bagged first place with 36pts. Runner-up was Anne Cannon(13) scoring 34 pts.Well done to all the ladies in both competitions, many congratulations. Team newsThe Challenge Cup team captained by Margo Bermingham had a formidable task on their return leg in Barnhill against Enniskillen. They needed to secure five matches to progress in the competition. On Thurs 29th June they did just that, and won all five matches. They now progress to the quarter final , where they meet Belvoir Park Belfast. Heartiest congratulations to the Capt. team and panel.Captained by Ann Condon, the Intermediate team with three matches under their belt travelled to Kilrea on July 2nd. but sadly despite great spirit and effort they were unable to overcome a strong Kilrea team.The Junior Cup team with Marian O Sullivan at the helm played away to Belvoir Park on Fri July 1st. and secured 3 matches. The return leg at Barnhill against a very strong Belvoir Park team proved too much for the brave and spirited Letterkenny ladies.The ladies club would like to thank all the teams and caddies, for their enthusiastic participation in representing our club, the fights fought and the distances travelled. To those remaining in the fray, our very best wishes to them in their upcoming competitions.Finally the deadline for the ladies match play has been extended until Sunday the 10th of July.GOLF: MARY BETH WINS LETTERKENNY LADIES COMPETITION was last modified: July 4th, 2016 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more

DEATH KNELL SOUNDED FOR BUNCRANA CLOTHING COMPANY?

first_imgA CREDITORS’ meeting has been called for one of Buncrana’s most famous companies – the Clubman Omega Limited.The Lisfannon-based business once employed hundreds of local people.Now a creditors meeting has been called for October 7th at the Inishowen Gateway Hotel in the town. A number of local people as well as businessmen from Ballina, Co Mayo and Bearna, Co Galway, are listed as directors.We understand that when the last accounts were filed, the company had more than €640,000 cash. However it has creditors who are owed more than €1.6M, and €440,000 is owed to the Revenue Commissioners.DEATH KNELL SOUNDED FOR BUNCRANA CLOTHING COMPANY? was last modified: September 28th, 2011 by BrendaShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:buncranaclubman omega limitedcreditors meeting Inishowen Gateway HotelLisfannonlast_img read more

TWO CHAPELS TO BE OPENED AT LETTERKENNY HOSPITAL

first_imgTWO chapels – one Catholic and one non-Catholic – are to be opened at Letterkenny hospital.Following ongoing speculation regarding the plans for a Catholic Chapel at Letterkenny General Hospital, members of the Chaplaincy Team (Fr Martin Chambers, RC Chaplain; Ms. Kathleen Doherty, HSE Lay Chaplain; Rev Stewart Wright, COI Chaplain) met today and have issued the following statement:The Chaplaincy Team at Letterkenny General Hospital are delighted to confirm that in the spirit of Christian Unity all denominations will be fully accommodated in the new arrangements for public and private worship in the chapels which are to be created at the hospital. They have outlined that they feel positive about the new facilities and are hopeful that they will now be able to meet the spiritual needs of staff, patients and their families more effectively than they ever did before. The Chaplaincy Team have explained that these new arrangements will include a Catholic Chapel in which the Blessed Sacrament will be present and which will feature the symbols of Catholic faith such as a Tabernacle, Stations of the cross and statues which will be permanently displayed. There will also be an Ecumenical Chapel to cater for other Christian denominations including Church of Ireland, Presbyterian and Methodist Churches. A chaplain’s office and a quiet room for counselling will also be included. Currently members of the Muslim faith have access to a corridor in St Conal’s Hospital for Friday prayers and this arrangement will continue.The Team hope that this clarification will put an end to the unhelpful speculation and misinformation which has been in circulation and has been deeply upsetting for both them and those they minister to. They wish to acknowledge the trauma and distress which was caused to the entire community by the flood at the hospital which resulted in there being no designated area to worship and the Team being displaced so they had to struggle in difficult circumstances to minister to the needs of those under their care.The Chaplaincy Team have, however, been actively engaged in negotiations with hospital management and the design team to ensure that the difficulties which they have been encountered resulted in a positive outcome for all those who wish to worship and have their spiritual needs met within the hospital. They are confident that this partnership approach, has successfully achieved improved and enhanced facilities which will cater for all denominations. They have worked together to represent the views of the entire spiritual community who use the hospital which has been both challenging and rewarding. In doing so they have created accommodation which is superior in design and layout to what existed previously and which respect and honours the spiritual needs of all.The Chaplaincy Team are presently engaged in finalising the proposed layout of the new chapels. They look forward to welcoming all those they minister to in the coming months and they will continue to work to represent and meet their needs now and in the future.  TWO CHAPELS TO BE OPENED AT LETTERKENNY HOSPITAL was last modified: February 17th, 2014 by John2Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:catholic chapelletterkenny hospitallast_img read more

Gardai investigation launched after man exposes himself to mum and child

first_imgGardai have confirmed they are investigating a complaint that a man exposed himself to a mother and daughter at Inch in Inishowen.The incident happened in recent weeks while the mum and daughter were out for an afternoon walk.The mum was left extremely traumatised after the incited which happened on the Inch Lane Walkway. The man also roared obscenities at the woman in a loud voice leaving the one year old child very upset.The man escaped through a local wooded area.Gardai investigation launched after man exposes himself to mum and child was last modified: November 15th, 2016 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more