Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, has secured approval from its shareholders to raise up to $250 million through an Additional Tier 1 (AT1) capital instrument. The approval was granted at the bank’s 37th Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) held in Lomé, Togo, on Tuesday.
The fundraise is aimed at strengthening the bank’s capital adequacy, enhancing its financial stability, and supporting its expansion strategy across Africa. According to the bank’s directors, the additional capital will help Ecobank maintain a strong buffer against economic shocks while meeting regulatory requirements and diversifying funding sources.
The bank stated that the conversion price of the proposed instrument will be the higher of:
The five-day volume-weighted average price of Ecobank shares on the Nigerian Exchange (NGX) at the time of conversion (converted into USD), and
A floor price of $0.01 per share on the conversion date.
The move follows Ecobank’s earlier $75 million AT1 issuance in 2021, which was a groundbreaking capital raise in Sub-Saharan Africa at the time. That issuance enhanced the bank’s capital position and laid the groundwork for the current expansion of its capital base.
Group Chairman Papa Madiaw Ndiaye, while addressing shareholders, disclosed that Ecobank generated over $2 billion in revenue in 2024, maintaining that figure for the second consecutive year. The bank also recorded $333 million in profit within the period, underscoring the effectiveness of its diversified business model.
Ndiaye noted that earnings per share (EPS) rose by 16% to $0.014, while the total assets on the bank’s balance sheet increased by 3% to $28 billion. He attributed the growth to Ecobank’s ability to stay resilient in the face of economic headwinds, thanks to its presence across multiple markets on the continent.
He also highlighted the bank’s commitment to digital transformation, stating that Ecobank is continuously improving its data-driven platforms and cross-border payment solutions to better serve customers across Africa’s 33 countries where it operates.
“As we look to the future and consider rising competition from other banks, fintechs, and non-bank institutions — along with challenges from regulations, geopolitics, and capital markets — there is no room for complacency,” Ndiaye said.
He urged stakeholders to support Ecobank’s Transformation Agenda, which is aimed at achieving sustainable long-term growth through innovation, customer-centric strategies, and capital market efficiency.
Group CEO Jeremy Awori, also spoke at the meeting, revealing that the bank is intensifying efforts to tap into the $20 billion annual remittance market sent to Nigeria by the diaspora community.
Awori said Ecobank is using its wide pan-African network and advanced digital infrastructure to simplify the remittance process. He noted that this strategy will help Nigerians abroad send money home faster, more securely, and at lower costs — in line with national goals to increase foreign inflows and boost economic development.
He added that the bank’s cross-border capabilities are being optimized to make it easier for customers to access financial services and connect to markets and opportunities across the continent.
The bank reiterated its commitment to maintaining investor confidence, expanding its presence in key African markets, and becoming a leading force in Africa’s financial integration.
