Ecobank Presents 2013 Dividend To SSNIT

Samuel Ashitey Adjei, MD, Ecobank Ghana and Van Lare Dosoo, Board Chairman, in a chat with Ernest Thompson, SSNIT Boss after the presentation.

Ecobank Ghana recently presented a cheque for GH¢20,410,962.22 to the Social Security & National Insurance Trust (SSNIT) as its dividend for 2013.

Lionel Van Lare Dosoo, Board Chairman of Ecobank Ghana, who presented the cheque to Ernest Thompson, Director-General of SSNIT at a short ceremony in Accra, said his outfit had paid total dividends of GH¢40 million to SSNIT within the last three years. SSNIT has 16.19 per cent shares in Ecobank Ghana.

According to Mr Thompson, Ecobank Ghana’s dividend is the highest SSNIT has received this year from its investments in listed equities.

He added that SSNIT’s investments were performing very well except those in the manufacturing sector, adding that SSNIT would consider re-directing the non-performing investments into high yielding investments.

Mr. Thompson commended management of Ecobank and urged it to sustain the bank’s excellent performance.

The SSNIT boss further asked Ecobank to make room for a representative of SSNIT on its board since discussions had already started.

SSNIT also has shares in Ecobank Ghana’s mother company, Ecobank Transnational Incorporated, which is headquartered in Togo.

In mid 2011, SSNIT, the largest shareholder of TTB, transferred its 61 per cent shares to ECOBANK, the pan-African bank.

Ecobank Ghana posted a 44 per cent growth in 2013 net profits to GH¢190.633 million compared to GH¢132.557 million for the same period in 2012.

The bank additionally recorded a 52 per cent growth in loans, with revenue growth increasing by 40 per cent to GH¢589.7 million.

A business desk report

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