ETI Holds 32nd AGM –

Some board members at the AGM

ECOBANK TRANSNATIONAL Incorporated (ETI), parent of the Ecobank Group, concluded its 32nd Annual General Meeting (AGM) & Extraordinary General Meeting in Lagos, Nigeria.

In line with preventive measures to curb the spread of Covid-19, attendance at the 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, while 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, would 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 organization.”

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 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.

Shareholders voted for the cancellation of the resolution on the consolidation of shares earlier approved on June 17, 2016.