Ecobank Group Gets Shareholders’ Approval to Raise $250 Million

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The Ecobank Group has received shareholders’ approval to raise up to $250 million through an Additional Tier 1 (AT1) capital qualifying instrument. The approval was given at the company’s 37th Annual General Meeting and Extraordinary General Meeting held in Lome, Togo.

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The planned capital raise is part of the bank’s strategy to strengthen its Tier 1 capital base, enhance financial resilience, and support growth across its pan-African operations. The conversion price of the AT1 capital will be the higher of the five-day volume-weighted average price on the Nigerian Exchange at the time of conversion and a floor price of $0.01 per ordinary share.

Group Chairman Papa Madiaw Ndiaye said the bank achieved over $2 billion in revenue for the second consecutive year and generated $333 million in profit in 2024. “As we cast our eye into the future and re-imagine all possibilities: rising competition from banks, fintechs, and non-bank financial institutions, as well as factors such as geopolitics, regulations, and capital markets, we can afford complacency,” Ndiaye said. “This means it is imperative that we embrace our ongoing transformation agenda with renewed urgency to achieve sustainable growth.”

The bank’s Group Chief Executive Officer, Jeremy Awori, said the bank is working to capture a greater portion of the approximately $20 billion in annual remittances sent to Nigeria. “The bank is leveraging its extensive pan-African presence and advanced digital infrastructure to streamline the remittance process for Nigerians abroad, making cross-border money transfers faster, more accessible, and cost-effective,” Awori said.

The initiative follows ETI’s successful $75 million AT1 issuance in 2021, which marked a pioneering effort in Sub-Saharan Africa. The bank’s earnings per share increased by 16% to $0.014, while total assets on the balance sheet grew by 3% to $28.0 billion

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