Banking
Ecobank in Final Lap of 5-year Growth Strategy
By Dipo Olowookere
The growth strategy launched in 2016 by Ecobank Transnational Incorporated, the parent of the Ecobank Group, is already in its final stage.
Chairman of Ecobank, Mr Emmanuel Ikazoboh, while speaking on Monday at the 32nd Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) of the firm in Lagos, said the strategy, Roadmap to Leadership, has achieved most of the goals set out at the beginning.
Business Post reports that four years ago, Ecobank set a target to build a stronger and profitable financial institution in five years.
The lender put up ways to clarify portfolios across countries and businesses, maximize the value of portfolios, defend leadership positions in West Africa.
Also, the financial institution, in the roadmap, aimed to increase market share and improve profitability and return metrics in Nigeria by simplifying its operating model, leading to re-defining business segments and geographical regions.
At the meetings of the leading pan-African bank with banking operations in 33 countries, Mr Ikazoboh, who is retiring from the position, expressed confidence on the ability of his successor, Mr Alain Nkontchou, to sustain the progress recorded so far.
“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, whilst also maintaining our commitment to driving economic development and financial integration across Africa.
“This was my last AGM, as I have now completed my tenure as director and Chairman. 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.
The CEO of Ecobank Group, Mr Ade Ayeyemi, while also speaking the gatherings, paid tribute to Mr Ikazoboh, who he said served the group diligently during his tenure and congratulated the incoming Chairman.
He said the firm recorded substantial progress last year 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,” he said further.
At the AGM, shareholders expressed delight at the company’s progress in 2019 and approved all the resolutions, including 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,
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 EGM 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.
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
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