Ecobank shareholders hold 32nd AGM, describe 2019 as successful year

02Jul 2020
The Guardian Reporter
Dar es Salaam
The Guardian
Ecobank shareholders hold 32nd AGM, describe 2019 as successful year

LAST year was a period when Ecobank Transnational Incorporated made substantial progress on multiple fronts such as broadening innovative product range with upgraded core banking application platform, increased customer numbers, among others.

Ecobank Group Chairman, Emmanuel Ikazoboh (C), Group CEO, Ade Ayeyemi (R) and incoming Chairman, Alain Nkontchou pose for a souvenir photo before the 32nd AGM held in Lagos this week.

Ecobank Group’s CEO, Ade Ayeyemi told shareholders during the 32nd annual general meeting held in Lagos, Nigeria earlier this week that the Pan African bank also 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-yearend, 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,” Ayeyemi said.

While paying tribute to outgoing Ecobank Group Chairman, Emmanuel Ikazoboh, Ayeyemi noted that the departing leader had served the group diligently during his tenure with invaluable stewardship, counsel, strategic expertise and oversight.

“I also seize the opportunity to congratulate and welcome on board our incoming Chairman, Alain Nkontchou and look forward to working with him as he leads the board,” he added while pointing out that the Covid-19 is having devastating effects and causing severe disruption to families, businesses and economies across the group’s sub-Saharan footprint.

In his final speech, Ikazoboh said the group which is in the final lap of a five-year ‘Roadmap to Leadership,’ 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,” he said.

During the AGM, ETI shareholders were pleased with progress made in 2019 and approved all the resolutions, which included the election of two new directors - Professor Enase Okonedo and Simon Dornoo. Professor Enase Okonedo will replace Arunma Oteh who has resigned from the board.

Shareholders also ratified the co-option of Deepak Malik, a nominee of Arise B.V, Zanele Monnakgotla, a nominee of Public Investment Corporation and Dr George Agyekum Donkor, the representative of Ecowas Bank for Investment and Development as directors,

The mandates of the firms - Deloitte &Touche, Nigeria, and Grant Thornton, Côte d’Ivoire as joint auditors were renewed. 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.

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