ETI

Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, has announced that a new Chief Executive Officer, Jeremy Awori will succeed Ade Ayeyemi upon his retirement at age 60 in line with ETI policy.

A statement issued by the Bank in Accra yesterday said the relevant effective dates would be communicated in due course.

Alain Nkontchou, Ecobank Group Chairman, thanked Ade for his immense contribution during his seven years at the helm of the Ecobank Group as Group CEO.

He added that, “Ade can be rightly proud of his success in leading the implementation of the Roadmap to Leadership strategy, navigating Ecobank through challenges, seizing opportunities, and positioning Ecobank for sustainable long-term growth. Ade’s deep knowledge, unrivalled vision, commitment and infinite passion made all the difference. It has been a real pleasure working with him. I count on his continuous support to ensure a smooth transition as we onboard Jeremy Awori as the new Group CEO.”

“Jeremy Awori is a highly respected leader in the banking industry with significant achievements in his previous capacities. The Board of Directors strongly believes that his drive and strong focus on results will be vital in steering the Group in its next phase,” Nkontchou stated.

Ade Ayeyemi expressed his deep gratitude for the opportunity to lead the Ecobank Group and stated that“It is a privilege to lead an amazing team of ‘Ecobankers’ in bringing the Ecobank Group back to growth and continuing to realise our commendable pan-African mandate.”

He also expressed his commitment to a smooth transition and onboarding of his successor.

The incoming Group CEO, Jeremy Awori, responding to the announcement of his appointment said: “It is a great honour to be appointed Ecobank Group’s Chief Executive Officer. I look forward to consolidating the transformation of Ecobank, a truly pan-African institution full of talented people, while innovating to create value for all Ecobank’s stakeholders. I am humbled by the opportunity to contribute to the continent’s economic development and financial integration with Ecobank Group”

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Jeremy Awori is joining Ecobank Group following a 25-year long career in the banking industry, with almost a decade leading Absa Bank Kenya Plc as the CEO & Managing Director.

Before joining Absa, Jeremy held multiple leadership roles at Standard Chartered Bank across the Middle-East and Africa. He brings a wealth of experience, skills, and industry know-how to the Ecobank Group.

Source: Ghanaian times

Sterling Bank and Sovereign Trust Insurance also made the list.

The Nigerian bourse saw a surge of 4.25 per cent last week, with the NGX 30 (the index that tracks the top 30 stocks by liquidity and market capitalization) touching an unprecedented height, both affirming investors’ renewed faith in stocks.

A number of first quarter earnings reports were issued and a couple of them were strikingly impressive, boosting confidence.

PREMIUM TIMES has assembled a number of stocks with fundamentals and other potential, adopting key analytical approaches to save you the hassle of randomly picking equities for investment.

The selection, a product of market analysis, offers a guide to entering the market and taking strategic positions in hopes that equities will gain value with the passage of time, particularly in the short term.

This is not a buy, sell or hold recommendation but a stock investment guide. You may have to involve your financial advisor before taking investment decisions.

AIRTEL AFRICA

Airtel Africa tops this week’s pick on the basis of recording an 82 per cent jump in after-tax profit to $755 million for 2021.

The wireless operator’s revenue surged by 20.6 per cent to $4.7 billion within the period.

ECOBANK TRANSNATIONAL INCORPORATED (ETI)

ETI appears on the selection for trading well below its intrinsic value. The lender’s earnings per share (EPS) at the end of the last trading session was N4.65, with a price to earnings (PE) ratio of 2.78x.

STANBIC IBTC HOLDINGS

Stanbic IBTC makes this week’s selection for currently trading at its lowest price level in 52 weeks, making it a good entry point for investment.

The stock is priced at N33 per unit, with an EPS of N4.54 and a PE ratio of 7.71x.

SOVEREIGN TRUST INSURANCE

Sovereign Trust features on the pick for trading significantly below its real value, brightening its chances of seeing a good price appreciation in future.

The underwriter’s PE ratio was 3.03x as of the end of the last trading session, while its EPS is N0.09.

UNIVERSITY PRESS PLC (UPL)

UPL features in the pack for currently trading well below its intrinsic value. The company’s PE ratio as of Friday was 3.83x with a EPS ratio of N0.77.

STERLING BANK

Sterling Bank makes the selection for currently trading significantly below its actual value, which makes it cheap for investment. Its PE ratio at the last trading session was 3.01x while its EPS is N0.51.

Source: Premium times

Jeremy Awori to succeed Ade Ayeyemi as Ecobank Group CEO