Ecobank To Sell Off Stake In Nigerian Subsidiary By Year End

Ecobank Transnational Corporation(ETI) has said it plans to sell part of its stake in its Nigerian entity, Ecobank Nigeria, by the end of the year.

This development is coming even as ETI may end its battle against its former chief executive officer, Thierry Tanoh, through an out-of-court settlement.

The current chief executive of the Pan-African bank, Albert Essien, said the bank may seek an agreement with Tanoh in 2015 over damages exceeding $35 million awarded by the West African courts against his former employer.'

In an interview in Cape Town, during the World Economic Forum on Africa, on Wednesday, June 3, Essien, said the ETI will sell a stake in Ecobank Nigeria Limited by the end of 2015 to boost the unit’s capital. Ecobank Nigeria is ETI’s biggest subsidiary with $9.4 billion of assets.

“It will be up to Ecobank’s shareholders if they want to buy equity in the Nigerian business,” he said.