Ecobank was the centre of attention at the prestigious Nigerian Banks and Other Financial Institutions’ (BAFI) Awards 2021, which was held in Lagos.
At the tightly-contested awards, Ecobank first managed to come out as the winner of the ‘Market Confidence and Capital Structure Transaction of the Year’. This award came via the bank’s unsecured $300 million bond, which was a fixed-rate five-year US dollar-dominated bond that was launched early in the year.
The Awards, which were supported by the BRIU (BusinessDay Research and Intelligence Unit) noted that the promising strength and depth of the book on the Ecobank’s $300 million bond transaction had signaled strong confidence from global investors in the financial institution. This came at a time when Nigeria was hit by truly torrid times; economic recession, the COVID-19 pandemic and a fall in oil prices.
The BAFI Awards then maintained that more proof of market confidence was seen when the bonds were listed on the London Stock Exchange. It also stated that the success marked market faith in Ecobank Nigeria’s potential, as it was the second major bond sale by the institution within the space of two years.
The bank also went home with the ‘Female Economic Advancement Bank of the Year’ for its constant support for female entrepreneurs and the development of savings and loans aimed specifically at women through its ‘Ellevate’ programme.
Concerning that, BRIU said that the Ellevate programme which is designed for businesses owned by women, managed by women, have a high amount of female board members or employees and companies making products tailored to women, had received special attention for its comprehensiveness. It was referred to as an all-round solution which cuts across Liability & Loans, Cash Management & Collections, and Support & Development.
BRIU also commended the bank, praising its commitment to creating a work environment that gives female employees room to thrive and attain their full potential within the bank.
Speaking on the awards received, the Ecobank Managing Director Patrick Akinwuntan said that the strong demand for the bank’s bond shows the global interest that the Ecobank franchise is gathering, touting the bank’s unique positioning for encouraging pan-African trade and the attractive opportunity for investors looking to support “world-class Nigerian corporates.”
