Energy Commercial Bank, promoted by Nigerian investor in oil and gas, Dr. Jimoh Ibrahim has concluded plans to float and list shares on the Ghana Stock Exchange (GSE) to allow Ghanaian investor participation in the future direction of the bank.
This is based on the fact that the lender is now a strategic player in Ghana’s emerging oil and gas industry
Dr Ibrahim, Board Chairman of the Bank, who made the announcement, said details of the initial public offering would be out in the next few weeks to open up the banks to investors from all segment of the Ghanaian society.
Speaking in an interview with a cross-section of journalists including Business Hilights Ghana Bureau chief, at a customer appreciation event in Accra shortly after a meeting of the Board of Directors, he said the Board was not opening up the bank to the public because of the recapitalisation issue.
According to him, “Recapitalisation should not be a problem for Energy Commercial Bank because it is a member of a group of conglomerates. The group asset is about two billion dollars. The net value of the Bank in Ghana is huge following seven continuous years of profit”.
“While the Bank had received three offers to completely buy it out, the Board had chosen the option to list to offer an opportunity for Ghanaians to own a part of the company.
“On successful execution of the IPO, he would resign his position as Board Chairman after seven years of being in the helm of affairs and give the chance to a new person to inject freshness in the running of the Bank.
In her remarks, Managing Director and Chief Executive Officer, Mrs Christiana Olaoye, said the Energy Commercial Bank would meet the new minimum capital requirement before the December deadline.
