Ecobank Displays Public Offer at Uyo Roadshow

Mr. Offiong Amba, managing director, Ecobank Nigeria Plc, has described the bank’s $2.5billion public offer as the first multi-level structure that comes in three levels: the right issue, offer for subscription and Global Depository Receipt (GDR).

He stated this in Uyo, Akwa Ibom state when the bank took it roadshow of its offer to the state.

He said that the need for raising $2.5 billion was to capitalize its affiliates including Ecobank Nigeria and to use part of the money to expand new markets as well as create a home in Africa.

He was optimistic that the banks presence would be felt in 72 counties before the end of 2008.

To achieve this feat, he said the bank would need to make acquisition in other counties, upgrade technology, process and apply the capital raised towards these objectives.

He further explained that investors can participate in the offer with Naira as such monies would be converted with regulatory authorities of Central Banks in the participating countries.

Mr. Amba also disclosed that ETI has a good dividends history in the past five years which and has consistently paid such dividends in dollars to its customers.

Also speaking, Mr. Godwin Eton, regional manger, Ecobank Plc said that the mission of the bank is to build a world-class African bank and contribute to the economy as well as the financial development of the continent.

He said that the bank which is listed on three stock exchanges in West Africa (Nigeria, Ghana, Ivory cost) is the leading Pan African bank with operations in 25 counties across the continent.

Eton also maintained that Ecobank has been a pioneer in various aspects of financial development including institutionalizing corporate governance principles as part of its public culture, adoption of international financial reporting standards (IFRS) and reporting in international currency (Dollars).

According to him, Ecobank is a full service bank providing a broad range of products and services to governments, financial institutions, multi-nationals, international organizations, medium, small, and micro businesses and individuals.

Engr. Patrick Ekpotu, deputy governor, who represented governor Godswill Akpabio commended the management of Ecobank for building a super brands and services for upgrading businesses in Africa.

He urged the bank to establish more presence in the state assuring that, the state government has provided adequate security for investment as well as charged it to explore other investment opportunities in the state as part of partnering with the government in its development efforts.