Ecobank Announces New Member of the Board of Directors

Ecobank Transnational Incorporated (ETI) has announced the co-option of a new member of the Board of Directors. On Monday 31 March 2014 Hewett Adegboyega O. Benson (48), became a Non-Executive Director, representing AMCON on the board. The appointment of Mr. Hewett Benson brings the total number of members of the Board of Directors of ETI to thirteen.

Mr. Benson has over 20 years’ experience in investment banking. He has worked in an executive capacity at various institutions such as Enterprise Capital Management, Chapel Hill Denham Management, First Funds; Asset & Resource Management, and Nigeria International Bank (Citibank). He has a first class honours degree (B.Eng.) in Aeronautical Engineering from Imperial College of Science & Technology, London and a masters’ degree (S.M.) in Aeronautics & Astronautics from the Massachusetts Institute of Technology, USA. He is currently the Executive Director / CIO in charge of Asset Management at AMCON.

Asset Management Corporation of Nigeria (AMCON), Nigeria’s asset management corporation, was established in 2010, with a mandate to stabilize and revitalize the country’s financial system. The Corporation is currently the largest domestic issuer of bonds, with assets of over $31 billion, making it the largest institutional holder of Nigerian bank stocks. AMCON currently hold approximately 10.4% of shares in ETI as at 31 March 2014.

Mr. Benson is the representative of AMCON on the ETI Board. His membership of the Board of Directors of ETI will be submitted for ratification by shareholders at their next Annual General Meeting, which is scheduled to take place in June 2014.