Banking
Ecobank Attributes Success to Diversified Business Model, Others
By Dipo Olowookere
The chief executive of Ecobank Group, Mr Jeremy Awori, has said last year, the lender “demonstrated strong financial results and performance despite the challenging economic conditions of high-interest rates, inflation, and Ghana’s debt restructuring.”
At the 35th Annual General Meeting (AGM) and an Extra Ordinary General Meeting of the company held in Lomé, Togo, on Wednesday, he attributed this “to the bank’s diversified business model, digital expertise, innovative approaches, growth momentum, and efficiency.”
“These strengths allowed the bank to navigate the adverse economic environment, absorb the impact of the debt restructuring, and continue to thrive,” he added.
Business Post reports that in the 2022 accounting year, Ecobank posted a net profit of $222 million compared with $295 million in 2021.
Its profit before tax, net revenue and total assets increased by 13 per cent, 6 per cent and 5 per cent, to $540 million, $1.8 billion and $29.0 billion, respectively.
In addition, the return on tangible equity of 21.1 per cent in 2022 was the highest Ecobank has achieved in the last decade.
For the first quarter of 2023, the performance results are showing momentum as the firm continues to benefit from its pan-African and diversified business model, efficiency, balance sheet stability, deep customer relationships and the hard and smart work of all Ecobankers.
Also addressing shareholders at the meeting yesterday, the Chairman of Ecobank, Mr Alain Nkontchou, said, “Ecobank is a powerhouse in the African banking landscape and is positioned to support and facilitate the growth and development of African businesses as they grasp the immense single market opportunities created by the African Continental Free Trade Area.
“Quite simply, Ecobank is the solution for SMEs and corporates. The strength of our borderless payment, collection, working capital and financing solutions exemplifies this.”
At the gathering, shareholders approved the accounts and the appropriation of profits for 2022 and voted for the re-election of Mr Simon Dornoo, Professor Enase Okonedo, Dr George Donkor, Mr Deepak Malik and Ms Zanele Monnakgotla as directors of ETI. The co-option of the Managing Director, Mr Jeremy Awori, as a director was also ratified.
Furthermore, shareholders approved the resolution authorising to raise of senior-ranked debt, additional Tier 1, Tier 2-qualifying subordinated debt or a combination of any of these forms of instruments as the board of directors may deem appropriate.
By Modupe Gbadeyanka
A veteran bank and founder of the defunct Diamond Bank Plc, Mr Pascal Gabriel Dozie, has died at the age of 85.
The former chairman of MTN Nigeria, a leading telecommunications firm, died in the early hours of Tuesday, April 8, 2025, just a day to his 86th birthday.
The Nigerian entrepreneur and businessman chairman of Pan-Atlantic University established Diamond Bank in 1990. The company later became one of Nigeria’s most respected financial institutions.
The current Governor of Abia State, Mr Alex Otti, once headed the lender before handing over to the founder’s son, Mr Uzoma Dozie, when he veered into politics.
Diamond Bank merged with Access Bank in 2019.
Mr Pascal Dozie, who was once the President of the Nigerian Exchange Limited, then known as the Nigerian Stock Exchange (NSE), was born on April 9, 1939, in Egbu, Owerri, Imo State, and began his career as an economist at the National Economic Development Office in the United Kingdom.
By Modupe Gbadeyanka
Some food packs have been distributed to residents of the Federal Capital Territory (FCT) Abuja recently by Fidelity Bank Plc as part of its Corporate Social Responsibility (CSR) initiatives under the Fidelity Food Bank.
This is one of the key pillars of the bank’s CSR strategy, focusing on health and social welfare. As a nationwide project, the initiative seeks to provide food relief to underserved communities across Nigeria, with a particular focus on supporting women and children.
Officials of the financial institutions distributed the food items to seven communities in the Mabushi district of the FCT.
One of the beneficiaries, Mr Mukhtar Mohamed, expressed his gratitude to the bank, acknowledging the significant impact of food distribution.
Similarly, the District Head of Mabushi Community, Mr Hassan Danagna, commended Fidelity Bank for its generosity and its impact on the community.
“Fidelity Bank’s support to our community is unprecedented, and we are deeply grateful for this initiative, which provides relief to vulnerable households and less privileged families.
“Given the current economic challenges, this support is timely, particularly as we approach the holy month of Ramadan,” Mr Danagna stated.
Speaking at the distribution event, the Executive Director for North at Fidelity Bank Plc, Mr Sufiyanu Garba, emphasized the lender’s commitment to community development and its alignment with Sustainable Development Goal 2, which seeks to eradicate hunger.
“This initiative stems from our deep-seated responsibility to support underserved communities and contribute to the fight against hunger in Nigeria.
“At Fidelity Bank, we firmly believe that by addressing the root causes of poverty and hunger, we can make a meaningful impact on the lives of those in need.
“While we may not be able to solve all societal challenges, our contributions are making a difference, as evidenced by the positive feedback we continue to receive,” Mr Garba said.
“We recognize the importance of fostering growth and prosperity within the communities where we operate. By investing in their well-being, we contribute to the creation of a more sustainable and equitable society,” he added.
By Modupe Gbadeyanka
The second edition of Oja Oge by Ecobank Nigeria Limited will attract more than 100 exhibitors, who will showcase their products to potential customers.
The 3-day fashion, beauty, wellness, and lifestyle exhibition will take place at the state-of-the-art Ecobank Pan African Centre (EPAC) in Lagos from April 18 to 20, 2025, at 10 am.
The financial institution is organising the 2024 edition following on the immense success of its first edition last year.
This programme will have exhibitors displaying a wide range of fashion, beauty, wellness, and lifestyle products, as well as entertainment offerings.
Oja Oge by Ecobank provides a dynamic platform for businesses to engage with a diverse audience of shoppers and entrepreneurs.
Already, Ecobank Nigeria has partnered with leading corporates in the telecoms, payments, airline and FMCG space – Airtel Nigeria, Flutterwave, Qatar Airways and Maltina respectively to deliver this second edition of its premier fashion pop up event Oja Oge over the Easter weekend.
“Oja Oge by Ecobank offer premium entertainment and provide a platform for local vendors to showcase and sell their products to a wider audience.
Participants will also have the chance to network and build relationships, gaining access to new markets. For us, as a Pan African bank, supporting small businesses in this way is a core part of our mission,” the Head of SME, Partnerships, and Collaborations at Ecobank, Ms Omoboye Odu, stated.
“Participation is free, and we invite everyone to come along with family and friends to enjoy the fair. It’s not just about buying and selling; it’s an opportunity to experience the creativity and luxury of current fashion and lifestyle trends, alongside a variety of music, food, and entertainment,” she added.
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