Ecobank Nigeria
TypePublic Company
NSE: EBN
IndustryFinancial services
Founded1989[1]
HeadquartersLagos, Lagos State, Nigeria
Key people
Bola Adesola
Chairman (Nigerian)
Bolaji Lawal
Managing Director (Nigerian)
ProductsLoans, savings, investments, debit and credit cards, mortgages
Total assetsUS$8.1 billion (NGN:1.32 trillion) (2011)
Websiteecobank.com/ng/

Ecobank Nigeria Limited, commonly referred to as Ecobank Nigeria, is a commercial bank in Nigeria. It is one of the commercial banks licensed by the Central Bank of Nigeria, the national banking regulator.[2]

Overview

The bank began operations in 1989. It operates as a universal bank, providing wholesale, retail, corporate, investment and transaction banking services to its customers in the Nigerian market. The bank divides its operations into three major divisions: (a) Retail Banking, (b) Wholesale Banking and (c) Treasury & Financial Institutions. The bank also offers capital markets and investment banking services.[3] During the fourth quarter of 2011, Ecobank Nigeria through its parent company Ecobank Transnational Inc. (ETI) acquired 100% of the shareholding in Oceanic Bank, creating the expanded Ecobank Nigeria Limited.[4] As of December 2011, the expanded Ecobank Nigeria controlled total assets valued at approximately US$8.1 billion (NGN:1.32 trillion), making it one of the five largest banks in Nigeria at the time.[5] At that time the bank had 610 freestanding branches, making it the second-largest bank in the country by branch network.[6]

Ecobank network

Ecobank Nigeria is a member of Ecobank, the leading independent pan-African bank, headquartered in Lomé, Togo, with affiliates in West, Central and East Africa. Ecobank, which was established in 1985, has grown to a network of over 1,000 branches, employing over 10,000 people, with offices in 32 countries including Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, the Central African Republic, Chad, the Republic of Congo, the Democratic Republic of Congo, Côte d'Ivoire, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Mali, Malawi, Niger, Nigeria, Rwanda, Sao Tome, Senegal, Sierra Leone, Togo, Uganda, Zambia and Zimbabwe.[7] Ecobank also maintains a banking subsidiary in Paris and representative offices in Johannesburg, Dubai and London.[8]

Parent company

Ecobank Transnational Inc. (ETI) is the parent company of the Ecobank Group, which includes the following specialized subsidiaries:[9]

  • Ecobank Development Corporation (EDC) – Lomé, Togo
  • EDC Investment Corporation – Abidjan, Ivory Coast
  • EDC Investment Corporation – Douala, Cameroon
  • EDC Securities Limited – Lagos, Nigeria
  • EDC Stockbrokers Limited – Accra, Ghana
  • Ecobank Asset Management – Abidjan, Ivory Coast
  • e-Process International SA – Lomé, Togo
  • ECV Servicios – Praia, Cape Verde

The stock of ETI is traded on three African stock exchanges: the Ghana Stock Exchange (GSE), the Nigerian Stock Exchange (NSE) and the BRVM stock exchange in Abidjan, Ivory Coast.[10]

Branch network

As of December 2011, the expanded Ecobank Nigeria Limited. is projected to have in excess of 600 branches, in all parts of the Federal Republic of Nigeria, following the merger of Oceanic Bank.[11]

See also

References

  1. ↑ "Ecobank Nigeria Founded In 1989". BusinessWeek. Archived from the original on 12 July 2012. Retrieved 30 December 2011.
  2. ↑ "List of Licensed Commercial Banks in Nigeria". Cbn.gov.ng. 7 January 1959. Retrieved 30 December 2011.
  3. ↑ "Overview of Ecobank Nigeeria Plc". BusinessWeek. Archived from the original on 12 July 2012. Retrieved 30 December 2011.
  4. ↑ "Ecobank Nigeria Acquires Oceanic Bank". Allafrica.com. 24 December 2011. Retrieved 30 December 2011.
  5. ↑ "Ecobank Nigeria's Total Assets Over NGN:1.32 Trillion". Allafrica.com. 27 December 2011. Retrieved 30 December 2011.
  6. ↑ "Ecobank's long serving CEO steps down". newvision.co.ug. Retrieved 29 August 2017.
  7. ↑ "The Ecobank Network". Ecobank.com. Retrieved 18 June 2012.
  8. ↑ "Ecobank Has Banking Presence in Africa, Europe & The Middle East". Businessdailyafrica.com. 18 June 2012. Retrieved 18 June 2012.
  9. ↑ Ecobank Subsidiaries
  10. ↑ "Ecobank Shareholding & Investment Matters". Ecobank.com. Archived from the original on 18 April 2009. Retrieved 30 December 2011.
  11. ↑ "Ecobank Nigeria With Over 600 Branches". Allafrica.com. 2 January 2011. Retrieved 30 December 2011.
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