Ecobank Group holds 32nd AGM, reaffirms commitment to African development

Ecobank Group holds 32nd AGM, reaffirms commitment to African development

By Dapo Falade

Ecobank Transnatiomal Incorporated (ETI), the parent body of the Ecobank Group, on Tuesday, held its 32nd Annual General Meeting (AGM) and Extraordinary General Meeting in Lagos.

Various shareholders at the meeting reaffirmed the commitment of the bank, which is operating on 33 countries, to enhancing the growth and development of the African Continent.

For the first time in the history of the bank, attendance at the two meetings were by proxies, in line with the preventive measures to curb the spread of COVID-19, and in accordance with the Articles of Association of the Company.

As contained in a release by its Group Head Communication, Adenike Laoye, stakeholders of ETI resolved to continue to focus on making substantial strides towards ensuring a return on equity above capital cost across the Ecobank Group, in spite of the prevailing challenging economic situation.

Speaking at the meetings, Ecobank Group Chairman, Mr Emmanuel Ikazoboh, whose tenure came to an end with the AGM, said the bank was in the final lap of its five-year ‘Roadmap to Leadership’.

He said the Group had laid and achieved an 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.

“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.

Also speaking Chief Executive Officer of Ecobank Group, Ade Ayeyemi, appreciated Ikazoboh for his invaluable contributions to the bank and also welcomed on board the incoming chairman, Nkontchou.

“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 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 to families, businesses and economies across our sub-Saharan footprint and we continue to provide our unwavering support in these unprecedented and extremely challenging circumstances,” Ayeyemi said.

Shareholdeed also expressed their pleasure with the progress recorded by ETI 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 Enase Okonedo will replace Ms Arunma Oteh who has resigned from the Board.

They 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 and Development as directors, respectively.

The mandates of the firms – Deloitte & Touche, Nigeria and Grant Thornton, Côte d’Ivoire as joint auditors were renewed and the AGM was followed by an Extraordinary General Meeting at which shareholders voted for the cancellation of the resolution on the consolidation of shares earlier approved on June 17, 2016.

The shareholders also voted for the amendment of Articles of ETI, including a provision for the option of electronic general meetings, going forward.