Ecobank Transnational Incorporated holds its 32nd Annual General Meeting (AGM) and Shareholders approve resolutions

Content provided by APO Group. CNBC Africa provides content from APO Group as a service to its readers, but does not edit the articles it publishes. CNBC Africa is not responsible for the content provided by APO Group.

Ecobank Transnational Incorporated (“ETI”), the parent of the Ecobank Group (http://www.Ecobank.com), the leading pan-African bank with banking operations in 33 countries, concluded its 32nd Annual General Meeting (AGM) & Extraordinary General Meeting in Lagos, Nigeria, today. For the first time in the history of ETI and in line with preventive measures to curb the spread of COVID-19, attendance at the General Meetings was mainly by proxies in accordance with the Articles of Association of the Company.

Ecobank Group Chairman Emmanuel Ikazoboh said: “We are in the final lap of our five-year ‘Roadmap to Leadership’, having laid and achieved much improved business and operational foundations, leadership in digital products with scalability, strong corporate governance and continued expense discipline. We continue to focus on making substantial strides towards ensuring a return on equity above the cost of capital across the Group despite the challenging economic conditions especially with the COVID-19, whilst also maintaining our commitment to driving economic development and financial integration across Africa. This was my last AGM, as I have now completed my tenure as director and Chairman. As I retire, it has been a privilege for me to have served this great institution and I am particularly proud of what we have achieved. I am further assured and confident that my able successor as Chairman, Mr. Alain Nkontchou will continue to lead the Board in our journey to leadership. The world has its eyes on Africa, and we are positioning our Bank in a way that continues to ensure its commitment to, and development of the continent. I will remain a strong ambassador of this great institution and its ideals”.

Ade Ayeyemi, Chief Executive Officer of Ecobank Group, said: “I must first and foremost, pay tribute to our outgoing Chairman, Mr. Emmanuel Ikazoboh, who has served the group diligently during his tenure. On behalf of Management, I extend our immense admiration for the invaluable stewardship, counsel, strategic expertise and oversight that he so willingly provided. I also seize the opportunity to congratulate and welcome on board our incoming Chairman Mr. Alain Nkontchou and look forward to working with him as he leads the Board. 2019 was a year of substantial progress for the Group on multiple fronts as we broadened our innovative product range with our upgraded core banking application platform, increased customer numbers, established new partnerships and initiated programmes to transform customer experience and embed the desired conduct, culture and ethics throughout the organisation. Each of our three business lines improved their profitability and positioned Ecobank for sustainable long-term success. Post-year end, the effectiveness of our digital ecosystem came into sharp focus amid the current global challenges of the Covid-19 pandemic, enabling us to provide seamless continuity of service to our customers. The virus is having devastating effects and is causing severe disruption to families, businesses and economies across our sub-Saharan footprint and we continue to provide our unwavering support in these unprecedented and extremely challenging circumstances.”

Shareholders were pleased with ETI’s progress in 2019 and approved all the resolutions at the AGM, which included the election of two new directors – Professor Enase Okonedo and Mr. Simon Dornoo. Professor Enase Okonedo will replace Ms Arunma Oteh who has resigned from the Board.

Shareholders also ratified the co-option of Mr. Deepak Malik, a nominee of Arise B.V, Ms. Zanele Monnakgotla, a nominee of Public Investment Corporation and Dr. George Agyekum Donkor, the representative of Ecowas Bank for Investment & Development as directors,

The mandates of the firms – Deloitte & Touche, Nigeria, and Grant Thornton, Côte d’Ivoire as Joint Auditors were renewed.

The AGM was followed by an Extraordinary General Meeting at which Shareholders voted for the cancellation of the resolution on the consolidation of shares earlier approved on June 17, 2016.

Shareholders also voted for the amendment of Articles of ETI including a provision for the option of electronic general meetings going forward.

Distributed by APO Group on behalf of Ecobank.

Media Contact: Adenike Laoye Group Head Communication Email: [email protected] Tel: +228 22 21 03 03

About Ecobank Transnational Incorporated (‘ETI’ or ‘The Group’): Ecobank Transnational Incorporated (‘ETI’) is the parent company of the Ecobank Group (http://www.Ecobank.com), the leading independent pan-African banking group. The Ecobank Group employs over 15,000 people and serves about 24 million customers in the consumer, commercial and corporate banking sectors across 33 African countries. The Group has a banking license in France and representative offices in Addis Ababa, Ethiopia; Johannesburg, South Africa; Beijing, China; London, the UK and Dubai, the United Arab Emirates. The Group offers a full suite of banking products, services and solutions including bank and deposit accounts, loans, cash management, advisory, trade, securities, wealth and asset management. ETI is listed on the Nigerian Stock Exchanges in Lagos, the Ghana Stock Exchange in Accra, and the Bourse Régionale des Valeurs Mobilières in Abidjan.

For further information please visit http://www.Ecobank.com

Media filesDownload logo

Related Content

Up to 50,000 South Africans could die this year of COVID-19

President Ramaphosa also admitted that there was a shortfall of 12000 healthcare workers. Despite this there were 28000 hospital beds as well as 37000 private quarantine beds for those unable to isolate at home, along with 1700 ventilators.

Sudan’s 37 dry years are over for its non-Muslims

Non-Muslims will no longer be criminalised for drinking alcohol in private, Justice Minister Nasredeen Abdulbari told state television. For Muslims, the ban will remain. Offenders are typically flogged under Islamic law.

One of the influential fathers of power in Africa dies aged 90

There is no doubt that his integrity, credibility, drive, inherent humility and care for people, also profoundly helped to motivate Eskom staff during many difficult times.

Building Africa’s Prosperity EP7: Addressing infrastructure challenges in SA’s municipalities

Building Africa's Prosperity places the spotlight on economic growth and filling the infrastructure gap on the African continent. In this episode, CNBC Africa's Chris Bishop and his guests talk about Infrastructure Challenges in Municipalities....

Subscribe to our newsletter

Sign up for free newsletters and get more CNBC AFRICA delivered to your inbox

More from CNBC Africa

Up to 50,000 South Africans could die this year of COVID-19

President Ramaphosa also admitted that there was a shortfall of 12000 healthcare workers. Despite this there were 28000 hospital beds as well as 37000 private quarantine beds for those unable to isolate at home, along with 1700 ventilators.

Sudan’s 37 dry years are over for its non-Muslims

Non-Muslims will no longer be criminalised for drinking alcohol in private, Justice Minister Nasredeen Abdulbari told state television. For Muslims, the ban will remain. Offenders are typically flogged under Islamic law.

One of the influential fathers of power in Africa dies aged 90

There is no doubt that his integrity, credibility, drive, inherent humility and care for people, also profoundly helped to motivate Eskom staff during many difficult times.

Building Africa’s Prosperity EP7: Addressing infrastructure challenges in SA’s municipalities

Building Africa's Prosperity places the spotlight on economic growth and filling the infrastructure gap on the African continent. In this episode, CNBC Africa's Chris Bishop and his guests talk about Infrastructure Challenges in Municipalities....

Partner Content

Uber launches its largest region-wide initiative in partnership with Mastercard

Uber, in partnership with Mastercard to provide 120,000 free trips to frontline workers in MEA, including South Africa, Nigeria, Kenya, Ivory Coast...

Maktech’s Godwin Makyao: Now Is A Time of Entrepreneurial Opportunity in East Africa

As an executive decision-maker in both the telecommunications and tourism industries, Godwin Makyao could not have experienced a more diverse set of...

Trending Now

COMMENT: AfCFTA is economic medicine Africa needs to recover from the covid-19 pandemic

he vast market created by AfCFTA will provide an immediate boon to nascent plans being guided by the African CDC, NEPAD and others to produce various critical healthcare items such as pharmaceutical compounds, PPE and ventilators in countries such as Nigeria, South Africa and Kenya.

More than 70 workers test positive for COVID-19 on an English farm

The number of new confirmed COVID-19 cases across Britain each day has been falling from a peak of more than 6,000 in April to 650 in the latest figures released on Sunday, despite wider availability of testing.

African born tycoon Elon Musk Tesla slashes prices as pandemic weighs heavily

The company headed by Elon Musk this month posted a smaller-than-expected fall in car deliveries in the second quarter, resilient results despite the pandemic that hit the global auto industry.

COVID-19: No more booze for now says Ramaphosa

"We have to make sure there are sufficient beds in hospital and they are not occupied by people who have been taking alcohol,"says Ramaphosa.
- Advertisement -