Ecobank Transnational Incorporated has abolished the tenure limit for non-executive directors while keeping the mandatory retirement age of 70, following shareholder approval at an extraordinary general meeting on August 13, 2026. The changes, disclosed in a statement signed by Company Secretary Madibinet Cisse, form part of a broader governance overhaul aimed at strengthening board effectiveness and continuity.
Under the revised framework, non-executive directors will no longer face a fixed tenure cap, though they must still retire at 70. The bank said the amendment is intended to preserve institutional knowledge in a complex regulatory environment. It emphasized that the change does not automatically extend any director’s mandate, as board members will continue to be elected and re-elected by shareholders under existing corporate governance procedures. The bank said the reform balances continuity with accountability by preserving shareholder authority over appointments.
Shareholders also approved a revision of quorum requirements for general meetings. A quorum will now consist of shareholders representing at least 25 percent of the bank’s paid-up share capital, replacing the previous rule based on a minimum number of shareholders. The adjustment aligns quorum rules more closely with economic ownership, the bank said.
The maximum board size was reduced from 15 to 12 directors to promote more focused deliberations, enhance decision-making agility, and strengthen individual accountability. The quorum for board meetings was raised to require participation of more than half of all serving directors, up from a previous minimum of three directors. The higher threshold is intended to encourage broader participation and reinforce collective responsibility.
The amendments will take effect subject to regulatory approvals and legal requirements.
The governance reforms come as ETI pursues strategic funding in international debt capital markets. The bank recently announced plans to issue Tier 2 qualifying Nature Notes under U.S. SEC Rule 144A and Regulation S as part of its capital management and sustainability agenda. Proceeds will primarily refinance its outstanding $350 million 8.75 percent Tier 2 Notes due in June 2031 through a concurrent tender offer, with a portion directed toward eligible green assets under its Green Bond Framework.
ETI reported a pre-tax profit of N1.21 trillion for the year ended December 31, 2025, a 23.6 percent increase from N986.6 billion in 2024. Growth was driven by both interest and non-interest income. Interest income rose to N3.19 trillion, supported by loans and advances, investment securities, and treasury bills. Fee and commission income increased 17 percent to N1.02 trillion. Customer deposits expanded to N36.4 trillion from N31.6 trillion a year earlier, underscoring the bank’s continued growth across its pan-African operations.
