Following the General Meetings, the Board of Directors appoints Papa Madiaw Ndiaye as ETI’s newChairman.
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.
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 HervéAssahstepped down from the Board after completing their terms of office.
Immediately after the General Meetings, the Board of Directors appointed Papa Madiaw Ndiayeas 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 inreinforcing 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.
Papa Madiaw Ndiaye
Chairman, Non-Executive Director
Papa Madiaw Ndiaye
Papa Madiaw Ndiaye is the CEO and Founding Partner of AFIG Funds, a leading
African private equity fund management company. AFIG Funds is the first African
controlled major fund management company, has USD 270 million assets under
management and is one of the few exclusively investing in indigenous African
companies.
Papa has 3 decades of experience in emerging market investing, one of the longest
track records in African private equity. At AFIG Funds, Papa leads the strategic
direction of the Fund, the development and maintenance of investor relationships.
He is Chair of the Investment Committee.
Prior to AFIG Funds, Papa was Co-Founder and Investment Director at Emerging
Markets Partnership in Washington (EMP, now ECP). Before EMP, he worked in IFC’s
investment department covering financial institutions in Africa between 1996 and
2000 and helped launch several landmark banks, insurance companies and funds
across Africa. Papa spent the early part of his career on Wall Street at Salomon
Brothers and later joined JP Morgan’s Emerging Markets Group in 1992.
In 2000, Papa was named Special Advisor for Economic and Financial Affairs to the
President of the Republic of Senegal and Chairman of the Senegalese Presidential
Economic & Financial Advisory Council.
He holds a joint M.B.A. degree from the Wharton School of Business and an M.A. in
International Affairs from the University of Pennsylvania’s Lauder Institute, as well as
a B.A. in Economics from Harvard College. In 2004, he was selected as a ‘Young
Global Leader’ by the World Economic Forum of Davos.
