Senegalese financier Papa Madiaw Ndiaye, chairman of Ecobank Transnational Incorporated (ETI), is facing mounting pressure from fellow board members amid allegations of conflicts of interest and growing calls for his removal from the leadership of the pan-African banking group.

The pressure comes as Ecobank’s boardroom dispute escalates, with shareholders scheduled to consider the future of Papa Madiaw Ndiaye and two other directors, Louis Adande and Simon Dornoo, at a general meeting originally planned for October 26, 2026.

However, the meeting was abruptly cancelled following intervention by the Banking Commission of the West African Monetary Union (WAEMU), which directed the bank to allow more time for stakeholder consultations.

Regulatory intervention delays removal process

In a notice to shareholders, ETI confirmed that its Ordinary General Meeting, scheduled to take place by videoconference, would no longer proceed as planned. The bank said the decision was intended to facilitate broader consultations on matters relating to the meeting, following instructions from its primary regulator.

The proposed meeting had a single agenda item concerning the positions of Ndiaye, Adande and Dornoo. Papa Madiaw Ndiaye became chairman on June 6, 2024, while Adande joined the board as an independent director on the same date. Dornoo’s first appointment as an independent director was June 30, 2020.

The cancellation has delayed a decision on the proposed board changes, leaving the leadership dispute unresolved and raising further questions among minority shareholders about governance at the group.

Conflict-of-interest allegations intensify scrutiny

At the centre of the controversy are allegations concerning Papa Madiaw Ndiaye’s links to Nouvelle Mici Embaci (NME), an Ivorian packaging company in which AFIG Funds, the private equity firm he founded and leads, holds a stake.

The allegations suggest that NME received loans and credit facilities from Ecobank on preferential terms, raising questions about whether Ndiaye adequately disclosed potential conflicts of interest arising from his connection to the company.

His concurrent position as a non-executive director at First Atlantic Bank, a competitor of Ecobank in Ghana, has also reportedly drawn scrutiny from fellow directors.

However, people close to Ndiaye have disputed the allegations. They maintain that his position at First Atlantic Bank was publicly known for years and that he neither participated in approving NME’s credit facilities nor knew about the existing lending relationship.

Who is Papa Madiaw Ndiaye?

Ndiaye is a Senegalese financier and founder of Advanced Finance and Investment Group (AFIG), an African-owned private equity firm established in 2005. Through AFIG, he has invested across West, Central and East Africa, backing businesses in financial services, infrastructure and industrial sectors.

Beyond his Ecobank leadership role, Ndiaye has built an equity position in Nigeria’s NEM Insurance Plc, one of the country’s major non-life insurance providers.

His appointment as Ecobank chairman in June 2024 followed the retirement of Alain Nkontchou, marking a leadership transition at a banking group operating in more than 30 countries and serving over 30 million customers.

With the October meeting postponed, Ndiaye’s position remains uncertain as stakeholders await the outcome of further consultations. The dispute has placed renewed scrutiny on Ecobank’s board independence, conflict-of-interest safeguards and corporate governance standards.