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Published On: Wed, Sep 10th, 2014

NDIC tasks Ecobank on operational independence

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Ecobank-logoBy Etuka Sunday

The Nigeria Deposit Insurance Corporation (NDIC) has enjoined Ecobank Transnational Incorporated (ETI Group) to ensure operational independence of its Nigerian entity in order to benefit fully and consolidate on the gains achieved from the on-going restructuring of the bank.

A statement by NDIC quoted its Managing Director/Chief Executive, Umaru Ibrahim to have gave the advice when the Chairman of the Ecobank Transnational Incorporated (ETI), Mr. Emmanuel Ikazoboh led other members of the Board as well as the MD of Ecobank Nigeria Plc, Mr. Jibril Aku, on a courtesy visit to the Corporation in Abuja.

Alh. Ibrahim stressed the need for arm’s length relationship between the ETI Group and its Nigerian subsidiary.

He maintained that the fact that the Nigerian entity constituted about 45 per cent of the total assets of the Ecobank Group meant that its significance in the group could not be overemphasized.

He pointed out that the Supervisory Authorities would like to see a transparent shared services agreement in which the Group’s operational activities would not continue to be at the expense of the Nigerian entity.

The NDIC MD expressed delight with the recent restructuring recomposition of the ETI’s Board.

He also noted the recent divestment of the Assets Management Corporation of Nigeria’s (AMCON) investment from the Nigerian subsidiary which had been successfully taken over by the Qatar National Banking Group.

He expressed the hope that the development would go a long way in enhancing the operations of the Ecobank Group.

In his remarks, the Chairman of the Ecobank Transnational Incorporation, Mr. Emmanuel Ikazoboh assured that Ecobank Group would continue to operate efficiently, transparently and comply with all requirements of the Supervisory and Regulatory Authorities.

 He also assured that with the restructuring of the Group’s Board, all the Corporate Governance issues that were of concerns in the past had been addressed.

 He added that the Board of Ecobank Nigeria was also being restructured to bring about more effective risk management, improved processes and procedures that would translate into more profitable performance for the bank.

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