The Public Investment Corporation has asked Ecobank’s chief executive, Thierry Tanoh, to resign immediately over concerns he has abused his position.

The bank has nine months to decide on whether it wants to convert a $285-million loan to the Togo-based Ecobank into an equity holding.

The director who reported alleged fraud by executives at Ecobank has left the pan-African financial institution.

Nedbank plans to buy a fifth of Ecobank Transnational, which has extensive presence in Africa, for more than $500-million.

The chief executive of Ecobank, a major partner of Nedbank in Africa, has denied allegations of fraud.

Nedbank and Ecobank have entered into a deal to provide customers access to a pan-African banking network covering 30 countries.