Business
ETI Deposits N45bn For Ecobank Rights Issue
Ecobank Transnational Corporation (ETI) has deposited about N45 billion for Ecobank Nigeria Plc proposed rights issue.
Ecobank Nigeria confirmed receipt of the money at weekend.
The Nigerian bank in which ETI holds 71.30 per cent equity is planning to do rights issue later this year.
ETI had last year floated the first regional share offer with the aim to some N300 million to finance its expansion programme subsidiary among others.
But at the close of the offer, it was only N47 billion subscribed.
In a related development Ecobank Nigeria has recorded 30.86 per cent growth in gross earnings during the first quarter ended March 31, 2009.
The unaudited result of the company showed gross earnings of N14.8 billion as against N11.4 billion in the comparable of 30.86 per cent.
Profit after tax rose marginally by 5.29 per cent, from N1.75 billion in 2008 to N1.84 billion in 2009.
Dr John Odeyemi chairman of the bank said recently that the bank has migrated from the Globus Banking Software to the Flexcube Universal Banking System (FCUBS) in order to improve its service delivery by providing a more robust platform for banking transactions, adding that the company intends to further grow its capital base this year to enhance the expansion drive and fund other strategic business initiatives and developments.
Odeyemi noted that the company would continue with its growth plan by attaining its strategic objectives to build scale, consolidate on the enhancement of its information technology platform and build capacity amongst others.
He said that despite challenges at the banking sector, the company remains committed to achieving its mission of transforming into a world class African banking group
Odeyemi noted that the bank renewed its growth plan with the opening of new branches and purchase and assumption of branches of Hallmark Bank in Liquidation which increased the branch network to 197 in 2007 as against 131 in the previous year.
He said that in consistent with the bank’s commitment to investing in the youth in area of corporate social investment, the bank continued its expansion of youth friendly centres across the nation’s compuses.
Odeyemi explained that the centres, a collaborative initiative between Ecobank and National Action Committee on Acids (NACA) provide HIV/AIDS screening facilities and information through leaflets posters, booklets internet among others on HIV/AIDS education adding that guidance and counseling for the youths as well as recreational and educational facilities such as cyber café’ and library are also provided.
He noted that through community partnership, the bank is constructing a building for the Science Secondary school Ojapo-Okpokwu Local Government, Benue State, which according to him the building when completed is expected to provide decent and modern learning facilities for the community.
Odeyemi noted that the project would be replicated in more communities in order parts of the country, adding that the bank’s foundation, a corporate philanthropic arm of the Ecobank group had also continued to touch lives of the people and communities in Nigeria and across West, Central and East Africa.
He attributed the bank’s performance to more efficient operations and processes resulting in increased customer base, a more robust loan portfolio and a resounding commitment by all stakeholders, which according to him shareholders fund increased to N35 billion from N26.7 billion achieved at the close of the consolidation programme in 2005.
The bank recorded a significant growth in 2007 as its gross earnings appreciated by 90 per cent.
The bank’s gross earnings rose from N17 billion in 2006 to N33 billion in 2007, representing an increase of 90 per cent while profit after tax increased by 109 per cent, from N3.6 billion in 2006 to N7.4 billion for the year-ending 31 December 2007.
Non interest revenue improved significantly to N14 billion in 2007 representing 123 per cent growth over the 2006 figures of N6 billion.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.