ETI to focus on ensuring return on equity —Group Chairman

Ecobank Transnational Incorporated (“ETI”), the parent company of the Ecobank Group, the leading pan-African bank with banking operations in 33 countries, concluded its 32nd annual general meeting and extraordinary general meeting in Lagos, Nigeria.

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 speaking at the event  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,” he said.

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.

He said “last year 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 tofamilies, businesses and economies across our sub-Saharan footprint and we continue to provide our unwavering support in these unprecedented and extremely challenging circumstances,” he said.


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