Renee Bonorchis
ADE AYEYEMI will step down as chief executive of Citigroup in sub-Saharan Africa to become Togo-based Ecobank Transnational’s third chief executive within two years.
Ayeyemi, 52, would take over in September from Albert Essien, who is retiring on June 30, Ecobank said in a statement to the Nigerian Stock Exchange yesterday.
Ayeyemi, who was head of transaction services in Africa before assuming the regional chief executive role at Citigroup, has been with the New York-based lender for more than 25 years. He worked for Citigroup in Nigeria before moving on to other roles on the continent and has recently been based in Johannesburg.
Essien, who was named Ecobank’s chief executive in March 2014 after the company ousted former chief Thierry Tanoh, turned 60 last month, the bank’s mandatory retirement age.
“After a thorough and extensive search throughout the African continent, we are delighted to have secured Ade as the person to lead Ecobank through the next phase of its development and beyond as a world-class, pan-African bank,” Ecobank chairman Emmanuel Ikazoboh said in a statement.
Ecobank operates in more African countries than any other lender and has a presence in more than 30 nations on the continent. Its biggest shareholders are Nedbank, and Qatar National Bank SAQ.
Ecobank has gained 50 percent in Lagos trading since Essien was named chief executive on March 12 last year. Essien, who has also worked for Ecobank for longer than 25 years, said in Cape Town last week that his last public appearance for Ecobank would be at its annual general meeting on June 19 in Dar es Salaam, Tanzania.
“I have a sense of fulfilment, I have paid my dues,” Essien said. “I will do advice work and be based in Accra. I will work with other institutions and partner with world-class consulting companies. I’m going to join some boards. I’ll be choosy about who I work with, but it will be much more relaxing.”
Tanoh left Ecobank more than a year ago after regulators investigated allegations of fraud and poor governance while he was running the lender. He denied wrongdoing and took the bank to court for wrongful termination and defamation.
Ecobank might seek to reach a settlement agreement with Tanoh this year over damages exceeding $35 million (R439m) awarded by West African courts against his former employer, Essien said last week. – Bloomberg