Ecobank describes new ED’s appointments as strategic to future success

Ecobank Nigeria has described the appointment of two new Executive Directors, as strategic and in line with the bank’s drive to be one of the top three banks in the country by 2020.

The bank recently announced the appointment of two new Executive Directors, Mr. Akin Dada who now heads the bank’s Corporate Banking business and Mrs. Carol Oyedeji for Consumer Banking.

Commenting on the new appointments, the Managing Director, Ecobank Nigeria, Charles Kie said that the new appointments are in line with the bank’s Roadmap to Leadership Transformation Programme which it initiated in 2016.

The bank noted that Mr. Akin Dada has over 27 years of banking experience which spans various segments including energy, business development, public sector, infrastructure, telecoms, corporate finance, oil and gas.

However, before his appointment as an Executive Director in Ecobank, he was Country Officer (Managing Director) at CitiGroup, Cameroun. Prior to that, Akin Dada worked in various capacities in Citibank Nigeria.

The new executive director, was briefly with Access Bank as Group Head, Energy, Oil and Gas. Akin Dada is a graduate of Political Science from University of Ibadan and also holds an MBA from University of Warwick.

Similarly, Mrs. Carol Oyedeji, has not less than 25 years banking experience with over 18 years in Consumer/Retail Banking.

But before joining Ecobank Nigeria she was Regional Head of Acquisition & Client Relationship for Africa & the Middle East at Standard Chartered Bank Group.

She also, held various positions at Standard Chartered Bank, namely – Head, Business Clients (Africa); Regional Head, Consumer Banking (West Africa); Regional Head, Shared Distribution (West Africa) and General Manager, Wealth Management & Distribution.

Carol Oyedeji is a graduate of Chemistry, who also holds an MBA in Banking and finance both from the University of Lagos. She further has an MSc in Financial Management from the University of London.

Just recently, Standard & Poor’s (S&P) ratings revised its outlook on the lender to stable from negative and affirmed its ‘B/B’ long- and short-term counterparty credit ratings on the lender.

The ratings agency explained that Ecobank Nigeria is considered to be a core subsidiary within the Ecobank Group, adding that as a result, its ratings on the lender reflect the wider group credit profile.

It further stated that outlook revision reflects its view : “Ecobank Group’s management has addressed the significant liquidity risks and is improving the capitalization and asset quality of the Nigerian business, while implementing a wider strategy of improving asset quality and financial performance around the group.”

According to S&P: “Ecobank Nigeria is considered to be a core subsidiary within the Ecobank Group; as a result, our ratings on ENG (Ecobank Nigeria) reflect the wider group credit profile.

On Dec. 31, 2016, ENG accounted for approximately 30per cent of total assets and loans and 46per cent of total adjusted capital (TAC) of the group. Furthermore, a large percentage of the group’s asset quality issues emanated from Nigeria because of ENG’s legacy problem loans and its concentrated lending in U.S. dollars to the oil and gas sector.”

The agency also stated that the financial year ending December 2016 was difficult for the group in terms of asset quality, profitability, and ultimately capitalization, adding that risk costs were significantly higher than it (S&P) expected at year-end 2016, when loan-loss provisions reached 7.95per cent of average customer loans, up from 4.33per cent a year earlier.