4 March 2013

Liberia: Ecobank Suffers Operational Losses - Management Blames It On Armed Robbery, Burglary

The Management of Ecobank-Liberia has disclosed that during the year 2012, the bank has experienced what it referred to as operational losses.

The losses, according to the bank, is also one of the challenges facing the Ecobank.

Ecobank-Liberia Managing Director Kola Adeleke said the operational losses was due to the constant armed robbery and burglary attacks on the bank.

Though failed to disclose how much the bank lost in total as a result of theft and thievery at its various branches across the country, he, however, said more rooms have been created for improvement in the area of customer service.

Speaking further, the Ecobank-Liberia Chief Executive Officer said the bank has identified three main areas on interest and importance to its many customs around the country this year (2013).

According to Mr. Adeleke, those key areas that have been identified include customer service, providing training for talented workers and the issue of focusing on shareholders' value.

He said Ecobank-Liberia has embarked on the process or challenge to make said bank (Ecobank-Liberia) a model for customers and will make sure that the issue of customer service will be model for Ecobank-Liberia.

He also disclosed that the bank will invest million of United States Dollars, its time and resources including hiring of consultants to work with the bank in order to provide more productivity and efficiency among other things for the bank.

"This mood is intended to make a difference as to how Ecobanl-Liberia staff can address their customers, how to talk to their customers and how they can relate to thousands of their customers in and outside of Monrovia," he said.

At the same time, the Managing Director of Ecobank-Liberia has made an open confession that since 2010 shareholders of said bank have not been rewarded accordingly, but promised that plans are underway to make sure that they are given priority this year (2013).

"We are going to focus on the shareholders value. It will interest you members of the press that since 2010, we have not rewarded our shareholders accordingly," he said.

Though the Ecobank-Liberia boss did not state what led to the bank failure to reward its shareholders, Adeleke said while landlords are collecting their rents and the bank workers are receiving their salaries, shareholders have not received any dividend since 2010.

He vowed to work very hard in order for shareholders who have since 2010 never get their needed reward to be rewarded appropriately.

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