Ecobank Transnational Incorporated holds its 32nd Annual General Meeting (AGM) and Shareholders approve resolutions
Shareholders were pleased with ETI’s progress in 2019 and approved all the
resolutions at the AGM, which included the election of two new directors
LAGOS, Nigeria, June 30, 2020/ --
Ecobank Transnational Incorporated (“ETI”), the parent of the Ecobank
Group (http://www.Ecobank.com), the leading pan-African bank with banking operations in 33 countries, concluded its 32nd Annual General Meeting (AGM) & Extraordinary General Meeting in
Lagos, Nigeria, today. For the first time in the history of ETI and in
line with preventive measures to curb the spread of COVID-19, attendance at the General Meetings was mainly by proxies in accordance with the
Articles of Association of the Company.
Ecobank Group Chairman Emmanuel Ikazoboh said: “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”.
Ade Ayeyemi, Chief Executive Officer of Ecobank Group, said: “I must first and foremost, pay tribute to our outgoing Chairman, Mr. Emmanuel
Ikazoboh, who has served the group diligently during his tenure. On
behalf of Management, I extend our immense admiration for the invaluable stewardship, counsel, strategic expertise and oversight that he so
willingly provided. I also seize the opportunity to congratulate and
welcome on board our incoming Chairman Mr. Alain Nkontchou and look
forward to working with him as he leads the Board. 2019 was a year of
substantial progress for the Group 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.”
Shareholders were pleased with ETI’s progress in 2019 and approved all
the resolutions at the AGM, which included 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.
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 Agyekum Donkor, the representative of Ecowas
Bank for Investment & 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 Extraordinary General Meeting 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.
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