Ecobank Transnational Incorporated (ETI) has announced the appointment of Patrick Akinwuntan as Managing Director (MD) Designate Ecobank Nigeria, subject to regulatory approval.
Akinwuntan, replaces outgoing MD Charles Kie, who is leaving the group. Patrick Akinwuntan has over 20 years of banking experience and joined ETI in 1996, working in the bank’s units in Ghana, Togo, and Nigeria where he was once an Executive Director.
Prior to this, he worked in Springfountain Management Consultants, Lagos from 1993 – 1996. He also had stints with Manufacturers Merchant Bank Plc, Lagos from 1991 – 1993, and Ernst & Young from 1987 – 1991.
He holds a Master’s in Business Administration (MBA) from the Obafemi Awolowo University Ile-Ife. Akinwuntan is also a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an Associate Fellow of the Chartered Institute of Taxation of Nigeria (CITN).
In addition, he is also an alumnus of the Harvard Business School’s Senior Executive Program.
ETI (Ecobank Nigeria’s parent company) is currently trading at N20.60 in today’s trading session on the Nigerian Stock Exchange (NSE).
Ecobank Nigeria was incorporated on October 7, 1986, as a public limited liability company and commenced operations on April 24, 1989. In December 2011, ETI became the sole beneficial shareholder, and the bank was re-registered as a private limited liability company on April 5, 2012.
2017 full year results show revenue dipped from N259 billion in 2016 to N251 billion in 2017. Profit after tax , however,jumped from N5.8 billion in 2016 to N20.4 billion in 2017.