Ecobank Board: Shareholders Elect Okonedo To Replace Arunma Oteh  

* Pix source: The Bridge News

 

…Showers Encomium On Ikazoboh

 

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

A statement issued by the bank’s Group Head Communication, Adenike Laoye, stated that the election took place at the Bank’s 32nd Annual General Meeting (AGM), held in Lagos on Tuesday, adding that at the meeting stakeholders elected Okonedo replaces Ms Arunma Oteh, who has resigned her appointment as a  board member.

The shareholders, the statement stated 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.

Laoye further stated 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.

The shareholders, the statement explained renewed the mandates of the firms :Deloitte & Touche, Nigeria and Grant Thornton, Côte d’Ivoire, as joint Auditors.

Laoye said that the AGM was followed by an Extraordinary General Meeting (EGM), where shareholders voted for the cancellation of the resolution on the consolidation of shares earlier approved on June 17, 2016.

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

Spaeking at the event, the outgoing Ecobank Group Chairman, Emmanuel Ikazoboh expressed happiness with the successes recorded by the bank in 2019.

In his words, “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.

He continued, “We also maintained our commitment to driving economic development and financial integration across Africa.’’

He pointed out 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.’’

On his part, the Chief Executive Officer of Ecobank Group, Ade Ayeyemi, commended Ikazoboh, who, according to him, has served the group diligently

The year 2019, Adeyemi said was a year of substantial progress for the group on multiple fronts.

According to him, “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.

Speaking further, he lamented that COVID-19 had devastating effects and caused severe disruption to families, businesses and economies across our sub-Saharan footprint.

 

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