We are taking very seriously the press release issued on Thursday 9 January, 2014 by the Nigerian Securities and Exchange Commission (SEC).Changes have indeed already been made and the initiatives under way to strengthen further ETI’s corporate governance.
We continue nonetheless to be committed to work with the SEC and our other regulators in this important task. We are in contact with the SEC and hope to meet with them again very soon.
In order to further improve its governance practices, ETI has indeed engaged the Global Board Center of the renowned Swiss business school, the International Institute for Management Development (IMD), to undertake a review of its corporate governance, including the size and constitution of ETI’s Board, its procedures for managing related party transactions as well as its committee structures and incentive policies. We expect this report to become available by the end of this month and to serve along with the SEC report as a basis to make the improvements needed to strengthen our governance further.
Previous lapses in internal control and audit have been identified by the board and management and have been addressed. The potential impact of these lapses is also being reviewed by EY, the global international professional services firm formerly known as Ernst and Young.
When we have received all reports (within the next few weeks), the Company will convene a meeting of its shareholders as implementation of some of the recommendations could require their approval. The Nigerian SEC and each of our other regulators in Ghana and Cote d’ Ivoire are fully aware of the foregoing.
We wish to reiterate that ETI has a focused strategy which has enabled us to grow into one of the largest banks on the continent. The strong performance of the institution in 2013 is a successful demonstration of the implementation of this strategy.
Our last published financial results were for Q3 2013 show strong growth over the year. Year-on-year revenues were up by 24% and earnings per share up by 40%.
Similarly, we have continued our expansion across Africa through the acquisition of new banking licences in three countries over the past few months. We will soon be operating in 35 countries across the continent. And our vision to build a world class pan-African bank and to contribute to the economic development and financial integration of Africa and our commitment to promoting long-term shareholder value remain unchanged.
Media Relations:
Mwambu Wanendeya: Group Head of Communications: mwanendeya@ecobank.com, Tel: +228 22 23 80 84
Investor Relations:
James Etherington: jetherington@ecobank.com, Ato Arku: aarku@ecobank.com, Tel: +44 20 3582 8803
Notes to Editors
About Ecobank: Incorporated in Lomé, Togo, Ecobank Transnational Incorporated (ETI) is the parent company of the leading independent pan-African banking group, Ecobank. It currently has a presence in 35 African countries,namely: Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Côte d’Ivoire, Equatorial Guinea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Malawi, Mali, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Togo, Uganda, Zambia and Zimbabwe. The Group is also represented in France through its affiliate EBI SA in Paris. ETI also has representative offices in Dubai, United Arab Emirates, London, UK and Beijing, China. ETI is listed on the stock exchanges in Lagos, Accra, and the West African Economic and Monetary Union (UEMOA) – the BRVM. The Group has more than 600,000 local and international institutional and individual shareholders. The Group employs 19,200 people from 40 different countries in 1,250 branches and offices. Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals. Additional information may be found at: www.ecobank.com.
