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Ecobank chairman assures shareholders of greater returns

By BusinessNews Staff on May 23, 2015

The Chairman, Ecobank Transnational Incorporated, Mr. Emmanuel Ikazoboh, has reiterated the commitment of the group to sustained growth, assuring the shareholders of greater returns.

“Through our board, management and staff, we have an unparalleled passion and commitment to excel as a world-class financial institution,” a statement quoted Ikazoboh as telling shareholders at a reception in Lagos before a meeting of the ETI Board.

To ensure the sustained growth of the group, he said the ETI Board of Directors had continued to implement a strict 51-point corporate governance action plan, which was approved by shareholders last year.

The action plan was developed in compliance with the recommendations of a joint report by Nigeria’s Securities and Exchange Commission and professional services firm KPMG.

He said, “We have substantially concluded much of this exercise, and whatever areas there are that are outstanding are receiving adequate attention. We expect to complete them (the outstanding aspects of the plan) as soon as possible.”

He told the shareholders that between June 30, 2014, when the present board of directors was inaugurated and May 11, 2015, their investment in the bank had seen appreciable growth as the share price increased from N16.89 to N23.27 within the period, representing a 37.8 per cent increase.

Ikazoboh added that the group’s non-performing loan ratio had dropped to less than four per cent, and that it intended to lay a solid balance-sheet foundation to ensure that it builds on the strong performance in a sustainable manner.

[Punch]

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