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Shareholders approve all resolutions at

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Ecobank Transnational Incorporated (ETI)’s 36th Annual General Meeting and its Extraordinary General Meeting

Following the General Meetings, the Board of Directors appoints Papa Madiaw Ndiaye as ETI’s new Chairman.

Lomé, Togo, 6 June 2024 – Ecobank Transnational Incorporated (“ETI”), the parent company of the Ecobank Group, today held its 36th Annual General Meeting in Lomé, Togo, which was followed by an Extraordinary General Meeting. Shareholders applauded the Group’s strong performance in 2023 with its net revenues exceeding US$2 billion mark for the first time in nearly 10 years. They also noted that this performance was achieved in the face of significant macro-economic headwinds such as high inflationary and interest rate environment, local currency depreciation, and geopolitical tensions.

(L-R) Jeremy Awori, Chief Executive Officer, Ecobank Group; Papa Madiaw Ndiaye, incoming Chairman of Ecobank Group and Alain Nkontchou, outgoing Chairman, Ecobank Group,

The Group achieved profit before tax of US$581 million, up 8 per cent from US$540 million in 2022. In constant currency (i.e. excluding the adverse effects of translating local currencies into ETI’s reporting currency the US dollar), the increase in profit before tax is 34 per cent. The Group recorded a record low cost-to-income ratio of 54.9 per cent.

Alain Nkontchou, Chairman, Ecobank Group, said: “2023 was an encouraging year for our Group. Our organisation has shown resilience in a rapidly changing operating environment. The Board is proud of what our employees around the continent and in our affiliates in other regions have achieved, collectively and individually.”

Jeremy Awori, Chief Executive Officer, Ecobank Group, commented: “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.”

The AGM also approved the appointments of Papa Madiaw Ndiaye, Louis Adande and Terence G. Sibiya as Non-Executive Directors succeeding the retiring Directors. Alain Nkontchou, Mfundo Nkuhlu and Hervé Assah stepped down from the Board after completing their terms of office.

Immediately after the General Meetings, the Board of Directors appointed Papa Madiaw Ndiaye as the incoming Chairman of Ecobank Transnational Incorporated. He is taking over from Alain Nkontchou. Papa 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.

Papa Ndiaye, ETI’s new Chairman, 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.”

Jeremy added that: “With his strong experience and knowledge, particularly in investing in financial services, Papa Ndiaye’s appointment as ETI’s Chairman is a significant step in reinforcing our position as the leading pan-African banking Group. We are excited about the future under his guidance and look forward to achieving our Growth, Transformation and Returns strategy, while enhancing our service delivery.”

Ecobank has recently implemented its new Growth, Transformation and Returns strategy to create shareholder value and deliver sustainable growth. The strategy’s multiple initiatives and actions include entrenching its leadership position in affiliates in which it has high market shares; transforming its business performance in Nigeria and in subscale markets; solidifying its leadership in Corporate and Investment Banking; growing its Commercial Banking and Consumer Banking businesses; and growing volumes and total value on its payment ecosystem.

The Shareholders approved all the resolutions presented at the AGM, including the Approval of the Accounts, the Appropriation of the Profits, the renewal of mandates of Directors, and the election of Directors.

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Gov AbdulRazaq Announces Minor Cabinet Reshuffle

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Kwara State Governor AbdulRahman AbdulRazaq has effected a minor cabinet reshuffle involving four commissioners.

Those affected are the Commissioner for Social Development Hon. Afolashade Justina, who moves to Women Affairs; and the Commissioner for Women Affairs Hon. Bosede Olaitan Buraimoh who switches to Social Development.

Hon. Commissioner for Youth Development Nafisat Buge moves to the Ministry of Environment, whose Commissioner Hon. Shehu Ndanusa Usman moves to the Ministry of Youth Development.

The cabinet reshuffle takes immediate effect.

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Kwara Gov excited as Nigerian Army launches CBT Centre in Igbaja

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  • Gov hails Army’s support for internal security, seeks respect for security agencies
  • Army Chief lauds Gov’s support in Kwara, North Central • Gov attends Igbaja Day, now Taiyese of Irese Land

Kwara State Governor AbdulRahman AbdulRazaq on Thursday advocated more appreciation for the sacrifices of the security agencies, including the Nigerian Army.

He said the military has played important roles to support civilian authorities at all times, including at a time when the country was under intense pressure from hostile non-state actors.

The Governor spoke in Igbaja, Ifelodun LG of the state, at the commissioning of a Computer Based Testing (CBT) center, a special intervention project of the Chief of Army Staff (CoAS), Lieutenant General T. A. Lagbaja.

The project was executed by Major General Adelokun Eyitayo, a serving military officer and native of Igbaja Land, who also launched his three books, titled: ‘Life of Prince Daud and Spirituality; Tears for Suni and Titi; and The Boy on the Highland’.

“This Computer Centre means a lot for the socioeconomic growth of this community. Not only does it nudge members of the community towards acquisition of necessary skills for this age; it opens up new frontiers of socioeconomic benefits for Igbaja and communities around it,” the Governor said.

“I am also fascinated by the spirit behind this project. It is timely and necessary. The need for better military-civil relations cannot be over-emphasized. Recent developments in our country again suggest a need to deepen citizens’ appreciation of the sacrifices that our security forces make to keep us safe, stabilise the fabric of our society, and ward off every threat against the Nigerian state.

“Over the last two decades, the military has played very important roles to support civilian authorities at all times, including at a time when our country came under intense pressure from hostile non-state actors.”

AbdulRazaq commended the Federal Government and the Chief of Army Staff for establishing the CBT centre that he said will aid skill acquisition and boost socioeconomic growth of the area.

“We therefore cannot thank the federal government and our military enough. We must appreciate and honour members of our security forces, including military personnel deployed in internal operations and during emergencies, and cease all attacks on them,” he added.

The commissioning attracted various dignitaries, including the CoAS Lieutenant General T. A. Lagbaja, who was represented by Maj Gen Obinna Onubogu; the Elese of Igbajaland Oba Ahmed Awuni Arepo III; and Igbaja CBT Project Executor Major General Adelokun Eyitayo; among others.

Lagbaja, for his part, said the execution of the project further affirms the transformational drive of the Nigerian Army towards achieving its constitutional responsibility through a non-kinetic line of operations.

The Army Chief thanked Governor AbdulRazaq and the people of the state for their continued support for the operations of the Nigerian Army.

“The Nigerian Army has received tremendous support from your government. It is also gladdening to note that we have enjoyed cordial working relationships with you over the years, and your support has contributed immensely to our operational success within the state and the entire North Central region,” he said.

Maj Gen. Eyitayo thanked CoAS for the approval of the project and his unwavering support for its delivery.

He also appreciated the Governor for directing the purchase and supply of his three books for the use of students of public secondary schools in the state.

The Governor, meanwhile, attended the 2024 Igbaja Day celebration, where he urged the people of Igbaja to continue to recognise the rich cultural heritage and diversity that makes the community to be unique.

He congratulated the Elese of Igbaja, the Jagunmolu of Igbaja and founder of Al-hikmah University Chief Oladimeji Igbaja, and all sons and daughters of Igbaja community on the celebration, requesting them to continue to unite for accelerated growth.

“Let us embrace and celebrate our diversity, and continue to build bridges of understanding and empathy,” the Governor said.

“As you are aware, our administration has embarked on various projects that touched the lives of everyone across the state, including Igbajaland. We will continue to do more to improve the lives of our people.”

Chief Oladimeji, who was excited by the Governor’s culture of arriving early for events, praised AbdulRazaq for time management, and how the administration has executed many laudable programmes and projects in the town and elsewhere.

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Africa needs to be competitive, says Chike-Obi, Fidelity Bank’s Chairman

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Africa needs to be competitive and efficient in its area of strength, according to Mustafa Chike-Obi, the Chairman of Fidelity Bank, who spoke with CNBC Africa’s Kenneth Igbomor on the sidelines of the AFREXIMBANK Annual meetings in Nassau, the Bahamas.

Chike-Obi emphasized the importance of focused and sharp leadership in harnessing the continent’s strengths to achieve prosperity. He highlighted the need for Africa to identify areas of competitive advantage in producing goods and services efficiently to unlock its full potential.

He pointed out that success stories in areas like sports demonstrate Africa’s potential when leveraging advantages. However, he stressed the crucial role of collaboration and seamless interaction among African nations and regions for sustainable development.

The chairman urged for enhanced integration to facilitate the movement of goods and services across the continent, emphasizing the necessity to work collectively towards common goals.

Chike-Obi also addressed the importance of prioritizing Africa’s strengths, such as power supply, through cohesive policies and agreements to drive economic growth. He emphasized the need for coordinated banking policies to promote financial integration within Africa and with external partners, emphasizing the significance of streamlined banking services and transactions.

The Chairman highlighted the African Continental Free Trade Area (AfCFTA) as a significant opportunity for economic advancement but called for more practical implementation to ensure its effectiveness. He underscored the importance of execution in translating policies into tangible outcomes for the African people.

Reflecting on the annual meetings and the discussions on trade and investment, Chike-Obi reiterated the critical importance of collaboration for Africa’s progress, emphasizing that unity and concerted efforts are essential for realizing the continent’s potential.

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