This was revealed in the resolutions adopted at the 36th
annual general meeting and extraordinary general meeting of the bank held in
Lome, Togo, which was filed with the Nigerian Exchange Limited on Thursday.
The bank’s board of directors also appointed Madiaw Ndiaye
as the company’s new chairman, succeeding Alain Nkontchou, who has completed
this term in office.
During the EGM, the shareholders “authorised the board of directors to raise
within a period of one year from the date of this meeting up to six hundred
million United States dollars (US$600,000,000) in senior-ranked debt, Tier
2-qualifying subordinated debt or a combination of these forms of instruments
as the board of directors may deem appropriate.”
Also, shareholders applauded the group’s strong performance
in 2023 with its net revenues exceeding the $2bn mark for the first time in
nearly 10 years.
In 2023, ETI saw its profit before tax rise by eight per
cent to $581m from $540m in 2022.
Commenting on the performance of the banking group in 2023,
the Chief Executive Officer, Jeremy Awori, said, “Ecobank delivered a strong
performance in 2023, demonstrating the competitive advantages of our resilient,
diversified business model and the early results of our new Growth,
Transformation and Returns strategy.
“We demonstrated financial prudence by carefully managing
our shareholders’ capital, ensuring customer satisfaction at every touchpoint,
and making informed decisions about pricing our assets and liabilities. We are
confident that our strategy is paving the way for our continued success and
growth.”
After his appointment, the new chairman, Ndiaye said, “I
have long admired Ecobank Group’s successful development across Africa, and I
am looking forward to working with Jeremy and ETI’s board to steer the bank
through the next and exciting phase of its journey.
“With its strong foundation and numerous competitive
advantages, I see Ecobank as strongly positioned to accelerate its growth
trajectory and play an even greater role in driving the continent’s economic
development in this era of rapid technological changes.”
Ndiaye is the chief executive officer and founding partner
of AFIG Funds, a leading private equity fund management company focused on
Africa.
He has a proven track record of leadership and the creation
of shareholder value and a deep commitment to Ecobank’s mission and strategic
agenda.