Ecobank Appoints New CEO, Records Strong Performance

Ade Adeyemi
Ade Adeyeme


Shareholders of Ecobank Transnational Inorporated, parent company of the Ecobank Group, happy with the banks performance in the financial year ended December 31 2014, have approved Ade Adeyemi as the new chief executive of the pan-African bank at its 27 annual general meeting in Dar es Salaam, Tanzania

| By Maureen Chigbo | Jun 29, 2015 @ 01:00 GMT |

Ade Ayeyemi, has been appointed to replace Albert Essien as the chief executive officer of the Ecobank Transnational Incorporated, and will assume office on September 1. His appointment was approved by the shareholders of the bank at the 27 annual general meeting of the Ecobank Group, which took place June 19, in Dar es Salaam, Tanzania. The Shareholders of the Ecobank, the leading pan-African bank with operations in 36 countries across the continent are also happy with the bank’s performance in the financial year ended 31 December, 2014.

At its annual general meeting in the Ecobank had $24.2 billion in total assets and $2.7 billion in total equity, shareholders approved the company’s accounts for 2014 and the appropriation of profit of $5.82 million for the year. A sum of $0.87 million was transferred to special reserves and $4.85 million to retained earnings.

Bashir Ifo, a director representing the ECOWAS Bank for Investment and Development, who completed his term of office, was reappointed for another three-year term. Shareholders also ratified the co-option of Dolika Banda, Graham Dempster and Sheila Mmbijjewe as directors for a term of three years, respectively. Alain Francis Nkontchou was also elected as a director on the board for a three-year term. The firms Akintola-Williams Deloitte Nigeria, and Grant Thornton, Côte d’Ivoire, were appointed as joint auditors for a one year term.

The meeting also approved the issue of bonus shares, out of retained earnings of one ordinary share for every fifteen ordinary shares held on the closure of the company’s share register, in accordance with the rules of the stock exchanges on which Ecobank’s shares are listed. The new shares issued will rank equally with existing ordinary shares of the company. The meeting authorised the board of directors to determine the modalities for the issue as it deems appropriate.

Emmanuel Ikazoboh, Ecobank Group chairman, said: “Our accounts for Financial year 2014, have shown a resurgent Ecobank, which enjoys the confidence of all its stakeholders: shareholders gathered here, customers and its dedicated staff. We can expect similar positive performance for 2015.”

Albert Essien, outgoing Ecobank Group chief executive officer, CEO, said: “Our diversified pan-African business model continues to serve us well, with encouraging underlying performance in our line of businesses and geographic areas of coverage. We are pleased with our cost efficiency gains, which led to our cost-income ratio improving in 2014 to 65.4 percent from 70.1 percent.”

Shareholders recognised the invaluable contributions of Essien, who, having reached the company’s mandatory retirement age of 60, retires from the company on June 30, after 25 years of meritorious service.

Incorporated in Lomé, Togo in 1988, Ecobank Transnational Incorporated, ETI, is the parent company of the leading independent pan-African banking group, Ecobank. It currently has a presence in 36 African countries, namely: Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Côte d’Ivoire, Equatorial Guinea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Malawi, Mali, Mozambique, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Togo, Uganda, Zambia and Zimbabwe. The Group employs over 20,000 people in 40 different countries in over 1,200 branches and offices.