ETI to announce new CEO in June | Independent Newspapers Limited
Newsletter subscribe


ETI to announce new CEO in June

Posted: Apr 23, 2015 at 3:14 pm   /   by   /   comments (0)

By Andrew Utulu  –  Correspondent, Lagos


Ahead of the retirement of its chief executive officer soon, Ecobank Transnational Incorporated (ETI) is expected to announce a successor to Albert Essien in June.

Already, ahead of plans for Essien to step down, as his term comes to an end, the group is currently busy searching for replacement, following which, interviews of both internal and external candidates, who applied for the job are ongoing.

Essien told CNBC Africa, a South African television outfit, in an interview on Wednesday, that the group is absorbing the impact of the oil price volatility and devaluation of the naira on its operations.

He said the group is now big on transaction services, adding that although the Nigerian operations remain its biggest, the headwinds in the country have not affected it significantly.

Essien added: “So far so good, Nigeria is our biggest operation, even though oil and crude oil prices have had impact, our business has not encountered downside risks.

“Things are good in Nigeria; we are resilient and absorbing whatever impact to date very well,” he assured, urging investors to rather make long-term investments decisions.

Investors, he continued, “need to prepare properly so as to understand the local environment, investors also need to have a focus as what one wants to do.

“I think Africa offers great opportunities; the continent offers good returns even though there are challenges these challenges are surmountable.”

Essien said the region was anticipating much investment from the Middle East, especially inflows into infrastructure development and equity financing, assuring that the Ecobank Group had covered much ground in a bid to attract talent and diversify its Nigerian business.

In a keynote address at the fourth Conference on Managing Risk in Africa, in Munich, Essien advised investors to see Africa as 54 countries with different growth prospects, different infrastructure, trade agreements, tax regulations, culture and levels of technological development.

He also urged investors to be prepared to engage with African countries on a long-term basis and avoid abrupt changes in investment focus because of perceived instability in certain markets.