Nigerian Exchange Limited (NGX) and Ecobank Transnational Incorporated (ETI) have expressed mutual interest on sustainability initiatives and overall market development.
This was stated at the Closing Gong Ceremony introducing the new Group Chief Executive Officer (GCEO) of ETI to the capital market held at the Exchange on Tuesday, 25 April 2023.
The CEO, NGX, Mr Temi Popoola while delivering his remarks commended ETI for its market leadership and focus on Small and Medium Enterprise banking.
“This aligns with our goal at NGX to do more for SMEs as we believe they are the engine of economic growth,” Popoola said. “This has led to a few of our partnerships including the Memorandum of Understanding with the Bank of Industry (BoI). I also want to commend ETI for its work on sustainability and for playing an important leadership role in setting an example for the market.”
The CEO stated that the Exchange had notable plans in sustainability, especially around carbon emissions reduction and was exploring partnerships with organisations like ETI to move the capital market further on the path to Net-Zero.
Mr Jeremy Awori, the GCEO, ETI explained that Nigeria, being the largest economy in the African region was a core market for SMEs. “As a pan-African bank, we are working on tapping value from the African Continental Free Trade Area Agreement (AfCFTA). We will continue to create more value in the country amidst the developments in technology, payments and SMEs.” Awori added.
Commending NGX for its leadership role and innovations including the NGX Technology Board, Exchange Traded Funds market development, and sustainability drive, the GCEO stated that ETI would actively work with the Exchange on developmental initiatives. “We will be building up our corporate and SME banking businesses as we are focused on growth transformation and maximising value for shareholders and investors.”
Awori said: “Participating in the closing gong ceremony at the Nigerian Exchange is a great honour for me and the Ecobank Group. We commend the great work the Exchange has accomplished to forge a vibrant capital market. As a listed company on the NGX, we must continue delivering value to our shareholders, while remaining accountable to stakeholders. We are excited about the growth opportunities in Nigeria. We have the largest pan-African footprint across 35 countries in Africa and are uniquely positioned to seize these growth opportunities for the benefit of our customers and clients. Furthermore, we recognize that responding to the evolving needs of the Nigerian customers and clients is critical to delivering our pan-African strategy. We are therefore determined to double down our efforts to support the growth of Ecobank Nigeria, which is a core business for the Ecobank Group”.
He added: “Ensuring we bring the market and the entire investment community to a clear understanding of our strategy and progress, as well as ultimately delivering returns to shareholders above the cost of equity, is fundamental for the market to reward us with a stock price that reflects Ecobank’s intrinsic value”.
The Chairman, Ecobank Nigeria, Mrs Bola Adesola, and the Managing Director, Ecobank Nigeria, Mr Bolaji Lawal both stated that the domestic business would partner with NGX and was open to more collaborations.
The shares of Ecobank Transnational Incorporated, parent company of the Ecobank Group, are traded on three stock exchanges: the NGX, the Ghana Stock Exchange in Accra, Ghana, and the Bourse Régionale des Valeurs Mobilières in Abidjan, Côte d’Ivoire. In 2022, ETI’s share price rose on all three exchanges, with its shares gaining 22% on the NGX, significantly above the 3% rise of the NGX’s Banking 10 Index over the same period.
Ecobank’s attendees at the event also included Bola Adesola, Chairman of Ecobank Nigeria; Bolaji Lawal, Regional Executive & Managing Director, Ecobank Nigeria; Carol Oyedeji, Deputy Managing Director Ecobank Nigeria; Ayo Adepoju, Group Chief Financial Officer; Madibinet Cisse, Group General Counsel, Cecilia Akintomide, Special Executive Advisor to the Group CEO and Dr. Bunmi Bajomo, Group Head, Corporate Bank & Chief Operating Officer of Corporate and Investment banking, Ecobank Group.
