Ecobank scraps director tenure limit, retains retirement age at 70

Ecobank Transnational Incorporated (ETI) has lifted the cap on non-executive director tenure while maintaining a compulsory retirement age of 70, following approval from shareholders during an Extraordinary General Meeting (EGM) on August 13, 2026. The decision, part of broader governance reforms, was announced by the bank’s Company Secretary, Madibinet Cisse, in a statement to Nairametrics.

The change aims to safeguard institutional knowledge and ensure board continuity, especially in a complex and evolving regulatory landscape. ETI clarified that the amendment does not automatically prolong any director's tenure, as board members will still be elected and re-elected through shareholders in accordance with established procedures.

The bank emphasized that the move balances long-term continuity with accountability, preserving shareholders' control over board appointments. The governance overhaul also includes revised quorum requirements for general meetings, intended to promote focused deliberations, agility in decision-making, and enhanced individual accountability among board members.

These changes, subject to regulatory approvals, come as ETI pursues funding initiatives in international debt capital markets and plans to utilize proceeds for financing and refinancing green assets under its Green Bond Framework. The bank reported a pre-tax profit of N1.21 trillion for the year ending December 31, 2025, a 23.6% increase from N986.6 billion in 2024, alongside a significant increase in customer deposits to N36.4 trillion.