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Okonedo in, Oteh out on Ecobank Board

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Shareholders of Ecobank Transnational Incorporated (ETI) have elected Prof. Enase Okonedo and Mr Simon Dornoo as board members of the bank.

A statement issued by the Group Head Communication, Adenike Laoye, explained that the election took place at the Bank’s 32nd Annual General Meeting (AGM), held in Lagos on Tuesday.

The replacement followed Mrs Oteh’s resignation from the board.

Ecobank further noted that shareholders were pleased with ETI’s progress in 2019 and approved all the resolutions at the AGM, which included the election of the two new directors.

The statement added that shareholders 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 Donkor, the representative of Ecowas Bank for Investment and Development as directors.

Also, the bank’s shareholders renewed the mandates of the firms – Deloitte & Touche, Nigeria, and Grant Thornton, Côte d’Ivoire, as joint Auditors, revealing that 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.

According Laoye, “Shareholders also voted for the amendment of Articles of ETI including a provision for the option of electronic general meetings going forward”.

The outgoing Ecobank Group Chairman Emmanuel Ikazoboh expressed gladness with the successes recorded by the bank in 2019.

“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 pandemic.

“We also maintained our commitment to driving economic development and financial integration across Africa,’’ he said

Ikazobor said that it was a privilege for him to have served the institution and “I am particularly proud of what we have achieved.

“I am further assured and confident that my 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.’’

Ade Ayeyemi, Chief Executive Officer of Ecobank Group, paid tribute to Ikazoboh, who, according to him, has served the group diligently

“On behalf of Management, I extend our immense admiration for the invaluable stewardship, counsel, strategic expertise and oversight that he so willingly provided.’’

Adeyemi described 2019 as a year of substantial progress for the group on multiple fronts.

“We broadened our innovative product range with our upgraded core banking application platform, increased customer numbers, established new partnerships.

“We 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,’’ he added

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