Ecobank secures N50bn 10-year subordinated loan

Ecobank Nigeria’s $300 bond

Ecobank secures N50bn 10-year subordinated loan   Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has announced that one of its significant subsidiaries, Ecobank Nigeria, secured N50 billion, 10-Year bilateral subordinated loan. According to a statement signed by Adenike Laoye, group head, corporate communications, the bilateral funding provides stable medium-term liquidity to the balance sheet of Ecobank Nigeria and positively improved its balance sheet ratios, especially the capital adequacy ratio by circa 300 basis points. The transaction proceeds would be deployed to support Micro, Small and Medium Scale…

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Honeywell vows to drag Ecobank to Supreme Court.

Honeywell Ecobank

Counsel to Honeywell Group, Mr Olabode Olanipekun (SAN), has hinted that his client will be seeking the apex court’s intervention and review of the Court of Appeal’s judgment on its protracted case with Ecobank. The Court of Appeal, in a judgement delivered today had reversed the judgement of the Federal High Court, Lagos delivered in May 2019, where the lower court in its judgement affirmed that operating companies of Honeywell Group were not in any way indebted to Ecobank. In a reaction to the decision of the Court of Appeal,…

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Ecobank, NB, Zenith Bank lead in N38bn loss as equities open week

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Trading in the Nigerian equities market closed in the red on Monday as following 8.5 per cent sell-offs in the stocks of Ecobank (ETI), 1.8 per cent in Nigerian Breweries (NB) and 1.0 per cent decline in Zenith Bank. Thus, the benchmark index which tracks share price movement at the Nigeria Stock Exchange (NSE) declined by 0.2 per cent as it shed 63.63 points to 35,064.36 basis points; while market capitalization shed N38 billion to close the week’s opening session at N18.327 trillion. Consequently, Month-to-Date (MtD) and Year-to-Date (YtD) gains…

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Ecobank 9M 2020 Results: A Tale of One-Offs, Restructuring, and Resilience

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By Proshare Research Ecobank Transnational Inc. (ETI) result has been resilient in the face of harsh continental macroeconomic challenges caused by the COVID-19 pandemic. The growth in the banking group’s gross earnings and profit before tax was severely affected by a  couple of one-off charges to its P&L account, especially the one-off goodwill charge off on its Oceanic Bank acquisition in 2011. The group’s cost-to-income ratio declined in Q3 2020 year-on-year (Y-o-Y) while asset quality also crept up a few basis points. However, there are niggling issues about its foreign…

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Ecobank to empower 100,000 entrepreneurs with SME agency banking campaign

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Ecobank Nigeria has launched Smart Small And Medium Enterprise (SME) Agency Banking campaign targeted at empowering 100,000 entrepreneurs under the Ecobank SME and Agency Banking proposition. Emeka Agada, head of SME, Ecobank Nigeria, said the initiative was introduced in line with the bank’s commitment to support the Federal Government and Central Bank of Nigeria’s (CBN’s) vision for financial inclusion across the country. Aside improving financial inclusion, he said the campaign also aims to create self-employment for new entrepreneurs and help diversify income streams of existing small businesses across Nigeria. Agada…

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US, ESPartner, Ecobank Move To Empower 300 African SMEs With Loan

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Target 300 entrepreneurs from Ghana, Ivory Coast, Kenya, Nigeria, Rwanda, Senegal, Uganda Agri-Business, Manufacturing, Energy and Renewables, Essential Services targeted 70% quota set for women-owned enterprises Entrepreneurial Solutions Partners (ESPartners), in collaboration with the United States African Development Foundation (USADF) and Ecobank, has launched the African Resilience Initiative for Entrepreneurs (ARIE) – a pan-African initiative to provide financial and technical assistance to 300 entrepreneurs. The sponsored of ARIE have also revealed their intention to use the initiative to empower more women by setting 70 per cent quota for women-onwed businesses…

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