Dr Jimoh Ibrahim (dressed in white) and Mrs Christiana Olaoye (second right) dancing at the cocktail event
Energy Commercial Bank Ghana Limited is set to issue its Initial Public Offering (IPO), as it seeks to transfer ownership from its Nigerian founders to Ghanaians.
The exact date for the commencement of the IPO has not been announced, but Board Chairman of Energy Commercial Bank, Dr Jimoh Ibrahim, told the media that in the coming days, the bank will float shares to the general public.
Speaking at a customer cocktail engagement ceremony organized by Energy Commercial Bank on Thursday at Fiesta Royal Hotel in Accra to celebrate its customers for their seven years of loyalty to the bank, Dr Ibrahim said the shares would be open to staff of the bank and members of the public.
According to him, the par value of the shares might not exceed GH¢2 so that ordinary people can afford to own a part of the bank.
In furtherance to that, the chairman pledged to resign to pave way for a Ghanaian to be elected or appointed Chairman of the Governing Board of the Bank.
He also indicated that the current Managing Director of the bank, Christiana Olaoye may have to step down if need be so a Ghanaian could be appointed as the new MD to run the affairs of the bank.
Recapitalisation
Touching on the GH¢400 million recapitalisation requirement of commercial banks by the Central Bank of Ghana, he said the Energy Commercial Bank was in a good position to meet the December 31, 2018 deadline.
According to him, Energy Commercial Bank Ghana Limited is part of the Energy Group of Companies with total asset of about $2 billion and therefore recapitalising should not be a problem for the bank.
He told BUSINESS GUIDE that in the event that some commercial banks in the country fail to meet the December 31st deadline, the Energy Commercial Bank shall consider partnering them to raise the minimum capital requirement target.
After the recapitalisation, he said, the bank may venture into rural and technology banking to expand financial inclusion in the country.
Ms Olaoye, on her part, thanked the customers for being loyal to the bank since its inception in 2011.
She reiterated the commitment of the bank to provide them with innovative products to meet their banking needs, saying “we believe that when you prosper, we also prosper.”
By Melvin Tarlue