Business EcoBank Nigeria Should Be Granted Operational Autonomy in Order to be 100% Efficient - NDIC



Ecobank Transnational Incorporated (ETI) has been urged to ensure operational independence of its Nigerian subsidiary, Ecobank Nigeria, in order to benefit fully from the bank and also consolidate on the gains achieved from the on-going restructuring of the bank.

The Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim gave the advice while receiving the Chairman, ETI, Mr. Emmanuel Ikazoboh, and other board members on a courtesy visit to the Corporation,says THISDAY.

According to him, the fact that the Nigerian entity constituted about 45 per cent of the total assets of Ecobank Group means that its significance in the group could not be overemphasised.

He pointed out that the supervisory authorities would like to see a transparent shared services agreement in which the Group’s operational activities would not continue to be at the expense of the Nigerian entity.

He also expressed delight over the recent restructuring and re-composition of the ETI’s Board, noting that the recent divestment of the Asset Management Corporation of Nigeria’s (AMCON’s) investment from the Nigerian subsidiary, which had been successfully taken over by the Qatar National Banking Group.

Ikazoboh in his remarks asssured that the Ecobank Group would continue to operate efficiently, transparently and comply with all requirements of the supervisory and regulatory authorities.

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