Ecobank Group gets new board chairman after Ikazoboh bows out
Chairman of Ecobank Group Chairman Emmanuel Ikazoboh bowed out of office at the end of the pan-African 32nd Annual General Meeting (AGM) & Extraordinary General Meeting in Lagos and has been replaced by Alain Nkontchou, according to a statement by the bank.
The meeting was conducted mainly by proxies in accordance with the Articles of Association of the Company and in line with preventive measures to curb the spread of COVID-19.
In his speech, the outgoing chairman said “it has been a privilege for me to have served this great institution and I am particularly proud of what we have achieved.”
“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,” Ikazoboh told shareholders at the AGM.
Chief Executive Officer of Ecobank Group, Ade Ayeyemi 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,” the CEO said.
He said 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,” Ayeyemi said,
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.