Ecobank shareholders vote to allow investors who don’t subscribe to bank’s pan African ideals

Plans by Ecobank Transnational Incorporated (ETI) to restrict ownership of the institution to investors who subscribed to the pan African ideals of the company has been thrown out by shareholders.

ECOBANK in a special resolution tabled at its Extraordinary Meeting in Lome, Togo, proposed an amendment  its Article of Association to ensure that the bank is owned and managed by Africans.

The bank maintained that  its ‘pan African’ ideals will ensure that the conduct of ECOBANK business will be guided by  principles  of unity and solidarity of the all African people everywhere as a basis for economic, social and  political  and prosperity  of the African  continent.

Some of the shareholders at  the meeting argued that looking at  the bank’s rate  expansion to become a  global financial institution, it might not be prudent to approve this proposal.

Speaking to Joy Business in Lome after the meeting, Group Chief,  Albert Essien, said he respects the decision of shareholders adding that it was prudent to table the proposals before them.

Meanwhile shareholders have  appointment of Mr. Emmanuel Ikazoboh as the Group’s new Chairman.

An Accountant by training, Mr. Emmanuel Ikazoboh, has over 35 years’ experience of international business management and corporate advisory roles in both the private and public sectors, having spent much of his career with Deloitte and Touche in West and Central Africa. 

In accordance with the Governance Action Plan approved at Ecobank’s Extraordinary General Meeting in March of this year, there has been a significant reorganization of the Group’s Board of Directors.

Messrs. Sena Agbayissah, Kwasi A. Boatin, Assad Jabre and Sipho Mseleku have retired as Directors.

The new Board comprises three executive directors (Group CEO, Mr. Albert Essien, Deputy Group CEO and Group COO, Mrs. Evelyne Tall-Daouda, and Mrs. Laurence do Rego, Executive Director, Finance) and nine Non-Executive Directors. In addition to the Group Chairman, the Non-Executive Directors include: Mr. André Siaka, representing shareholders in CEMAC, Dr. Adesegun Akinjuwon Akin-Olugbade, representing Nigeria and Anglophone minority shareholders, Mr. André Boboé Bayala, representing UEMOA and Francophone minority shareholders, Mr. Tei Mante, representing WAMZ, Mr. Kadita Tshibaka, representing the IFC, Mr. Hewett Adegboyega Benson, representing AMCON, Mr. Bashir Mamman Ifo, representing EBID, and Dr. Daniel Matjila, representing the Public Investment Corporation (‘PIC’).

Ecobank Transnational Incorporated profits for last year declined by 58 percent  to reach 103 million dollars.

This was mainly due to its high  cost of operations. Its revenue  hit 2 billion dollars .The bank however  did not declare  divided for shareholders because of the  bank’s performance for last year.

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