Ecobank Shareholders Approve $600M Capital Raise Amid Strong Financial Performance

By Abass Ganiyu
Lome, Togo — Ecobank Transnational Incorporated (ETI) shareholders have approved a capital raise of $600 million within the next year, as announced during the bank’s 36th Annual General Meeting and Extraordinary General Meeting held in Lome, Togo. The capital raise will involve senior-ranked debt and Tier 2-qualifying subordinated debt.

The bank also appointed Madiaw Ndiaye as the new chairman, succeeding Alain Nkontchou. Shareholders lauded ETI’s 2023 performance, with net revenues surpassing $2 billion for the first time in a decade and a profit before tax increase to $581 million.

CEO Jeremy Awori attributed the success to Ecobank’s resilient, diversified business model and strategic initiatives aimed at growth and transformation.

New chairman Ndiaye expressed enthusiasm for leading Ecobank through its next growth phase, highlighting the bank's strong foundation and competitive advantages. Ndiaye, CEO of AFIG Funds, brings extensive leadership experience and commitment to Ecobank’s mission.

This strategic move aims to bolster Ecobank’s growth trajectory and enhance its role in driving Africa’s economic development amid rapid technological changes.

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