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ecobank Ecobank Nigeria, an arm of ECOBANK Transnational Incorporated (ETI), made $743 million in revenue in the 2012 financial year. This figure was the most, of $1.9 billion made by the entire group, with operations in other West African countries including Mali, Benin, Niger, Senegal, Benin, Cape Verde, Togo, Guinea Bissau, Burkina Faso, Ghana, Guinea, Cote de’Ivoire, Liberia, Sierra Leone, and Gambia. This disclosure was made at the annual general meeting of the group in Lome, Togo. The total assets of the entire group stood at $20 billion, and Nigeria accounted for $9.1 billion of the amount – in 2012. Total equity of the group was $2.2billion with more than 650,000 institutional and individual shareholders. The group’s profit after tax was $286.7 million; net profit attributable was $249.7 million. At the meeting, the Chairman, Kolapo Lawson said, “the group is now well placed to exploit operational and cost synergies to deliver significant growth from its Nigerian network. The deal also gives Ecobank Nigeria the scale, profile and balance sheet to focus on major transactions in the oil and gas, telecommunications and infrastructure sectors.” “Middle Africa is in a sustained growth cycle and very much open for business. Ghana and Nigeria are rising stars, while Kenya should see an improved economic performance. This is driving to increased investor interest in Africa, helped by improving political stability.”

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This article was first published on 25th June 2013

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