Ecobank Nigeria’s CEO, Resigns

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EcobankThe Board of Ecobank Nigeria Limited on Wednesday announced that the managing director of the bank, Mr. Jibril Aku, will step down on December 31, 2015.

By the bank’s internal policy, Aku, having concluded his five-year tenure as managing director, will step down from his current role.

A statement from Ecobank however explained that Aku will take on another senior role in the parent company of the bank -Ecobank Transnational Incorporated (ETI) in the first quarter of 2016.
Aku, started his banking career with Citibank (Nigeria International Bank), before joining former Afribank Nigeria Plc as Executive Director, Operations and Technology from 2003 to 2005. Thereafter, he joined Ecobank Nigeria in 2006 as Executive Director responsible for the bank’s Treasury and Financial Institutions business, following which he was subsequently elevated to the position of Managing Director of Ecobank Nigeria in 2010.

The Chairman of the Ecobank Nigeria board, Mr John Aboh, congratulated Aku, saying that he looked forward to the bank improving on the good work that the team had accomplished. He said the board will immediately activate the process of selecting a successor. The successful candidate will be announced before the end of December 2015.

On his part, the Group’s Chief Executive Officer, ETI, Mr Ade Ayeyemi, said: “Jibril has been instrumental in leading the Ecobank franchise to its position in the Nigeria banking industry. With the Oceanic Bank acquisition, Jibril positioned the bank from number 13 to its current position of number six in the industry.”

In his comment, Aku said: “I am proud of what the Ecobank Nigeria team and I have achieved together, and I thank them for the good work and their unwavering commitment to Ecobank. Our board stood with us, and was steadfast in its support. I must therefore extend my sincere appreciation to the Board and the team. Despite some of the market challenges that we faced over the years, our customers have been loyal, and it is their patronage that led to the achievements we see today.”

Ecobank Nigeria contributes 42 per cent of group revenues and Ayeyemi, who took over in June, recently said he expected marginal loan growth in the second half. The Nigerian unit has a capital ratio of 16.9 per cent, above a regulatory requirement of 16 per cent and Ayeyemi had said the decision to deploy more capital would depend on a business review. Ecobank last month suspended plans to sell shares to raise capital for its Nigerian unit because market sentiment was weak and loan growth in Africa’s biggest economy was slow.

Ayeyemi said he expected the group to see total loan growth across all markets of just five per cent this year, down from 15 per cent last year.