By Aduragbemi Omiyale
The chief executive of the Ecobank Group, Mr Jeremy Awori, has expressed the organisation’s excitement over the growth opportunities in Nigeria, its core market, despite the several headwinds, noting that the leading pan-African banking group will “double down its efforts to support the growth of Ecobank Nigeria, which is a core business for the Ecobank Group.”
Speaking at the closing gong ceremony on the floor of the Nigerian Exchange (NGX) Limited on Tuesday, the bank executive assured that Ecobank would continue to deliver “value to our shareholders while remaining accountable to stakeholders.”
Mr Awori was introduced to the market today after he succeeded Mr Ade Ayeyemi, who retired from the position. He was given the honoured of closing the stock market by beating the gong.
He was accompanied to the event by the chairman of Ecobank Nigeria, Bola Adesola; the Regional Executive & Managing Director of Ecobank Nigeria, Bolaji Lawal; the Deputy Managing Director of Ecobank Nigeria, Carol Oyedeji; and the Chief Financial Officer of Ecobank Group, Ayo Adepoju; among others.
“Participating in the closing gong ceremony at the Nigerian Exchange is a great honour for me and the Ecobank Group. We commend the great work the Exchange has accomplished to forge a vibrant capital market.
“As a listed company on the NGX, we must continue delivering value to our shareholders while remaining accountable to stakeholders.
“We are excited about the growth opportunities in Nigeria. We have the largest pan-African footprint across 35 countries in Africa and are uniquely positioned to seize these growth opportunities for the benefit of our customers and clients.
“Furthermore, we recognize that responding to the evolving needs of Nigerian customers and clients is critical to delivering our pan-African strategy.
“We are, therefore, determined to double down our efforts to support the growth of Ecobank Nigeria, which is a core business for the Ecobank Group,” Mr Awori said.
Speaking further, he said, “Ensuring we bring the market and the entire investment community to a clear understanding of our strategy and progress, as well as ultimately delivering returns to shareholders above the cost of equity, is fundamental for the market to reward us with a stock price that reflects Ecobank’s intrinsic value.”
The shares of Ecobank Transnational Incorporated, the parent company of the Ecobank Group, are traded on three stock exchanges: the NGX, the Ghana Stock Exchange in Accra, Ghana, and the Bourse Régionale des Valeurs Mobilières in Abidjan, Côte d’Ivoire.
In 2022, ETI’s share price rose on all three exchanges, with its shares gaining 22 per cent on the NGX, significantly above the 3 per cent rise of the NGX’s Banking 10 Index over the same period.
