Business Journal


Ecobank Unveils $48.2m Dividend for Shareholders


Pan African bank, Ecobank announced in a statement after its Annual General Meeting [AGM] that it will pay out a dividend of $48.2 million to its shareholders for 2015. The statement revealed that this “dividend follows two years during which ETI did not declare a dividend.”

The general meeting also approved the bank’s accounts for 2015 and a net profit of $60.77 million.

During the meeting which was held in Lome, in Togo, shareholders provided Danial Matjila (representative of the Public Investment Corporation near the Board of Directors) a new three-year term and approved the co-optation of Mr. Abdulla Al Khalifa (representative of Qatar National Bank, Ade Ayeyemi, CEO Ecobank, and Mfundo Nkuhlu, representative of Nedbank Group Limited, as Board members.

Ignace Clomegah and Catherine Ngahu were also elected Board members.

Moreover, at the extraordinary general meeting held alongside the annual general meeting, the decision to increase the nominal value of the firm’s ordinary shares by $2.5 cent per share to 50 cent was approved.

This will be done through the consolidation of 20 ordinary shares into a new ordinary share and through the issuing of new ordinary shares, valued at 50 cent each.

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