Ecobank confirmed the development, in a 30th July 2020 media statement.
“Ecobank Uganda would like to inform all its customers and the general public about the end of the term of office of Mr. Clement Dodoo. Mr. Dodoo has steered Ecobank Uganda in the position of Managing Director since 2015 and his tenure in this capacity comes to an end tomorrow July 31, 2020. During this time, the bank has witnessed unprecedented growth in all areas, and he leaves Ecobank Uganda in a very healthy financial position,” said the bank in a media statement sent to CEO East Africa.
“The Board of Directors of Ecobank would like to thank Mr. Dodoo for his dedicated service and exemplary stewardship of the Bank during his tenure and wish him all the best in his next career phase. Ecobank remains committed to serving Ugandans through the nationwide branch network and the available digital channels and encourages all Ugandans to observe the Ministry of Health guidelines and all the SOP’s in place to prevent Covid-19,” further read the statement.
Who is Annette Kihuguru?
Kihuguru, who recently featured in CEO East Africa’s list of the Top 15 next banking CEOs, holds close to 30 years of banking experience, gained from the then Uganda Commercial Bank where she started her banking career, and subsequently Stanbic Bank Uganda and Barclays Bank Uganda (now Absa Bank) from where she joined Ecobank Uganda as the Executive Director and Head Commercial Banking.
Kihuguru holds a Master’s degree in Management from The Uganda Management and Bachelor’s Degree in Arts (Economics and Political Science from Makerere University. Outside banking, she is the chairperson at Sprout Capital Investments Limited one of the largest private investment clubs in Uganda.
Letters to My Younger Self: Robinah Siima — “Success Is Quieter, But Richer”As the bank’s No.2 and Head of Commercial Banking, she has worked very closely with Dodoo, who arrived in Uganda in May 2015, to transform the fortunes of Ecobank in Uganda.
Over the last 5 years, the duo oversaw significant year-on-year growth, moving the bank from a loss-making entity to a profitable operation. The bank’s deposits more than doubled from the UGX207.5 billion (as at end of 2014) to UGX550 billion in 2019- a growth of 178 percent and a compounded annual growth rate of 19 percent.
Strong deposits powered a 140.8 percent growth in assets, from UGX285.8 billion to UGX671.3 billion, thus enabling a 67.6 percent growth in total income from UGX34.6 billion in 2015 to UGX58 billion in 2019. As a result, the bank improved from a loss of UGX 5.2 billion at the end of 2014, to a UGX 800 million loss in 2015 and thereafter, four years of straight profits- UGX 800 million, UGX1.5 billion; UGX4.8 billion and UGX4.1 billion in 2016, 2017, 2018 and 2019 respectively.
About Ecobank Uganda
Ecobank Uganda is part of the larger Pan African group that stretches across 33 countries in Africa. Ecobank Transnational Incorporated (‘ETI’) is the parent company of the Ecobank Group, the leading independent pan-African banking group. The Ecobank Group employs over 14,800 people and serves more than 23 million customers in the consumer, commercial, and corporate banking sectors. The Group has a banking license in France and representative offices in Addis Ababa, Ethiopia; Johannesburg, South Africa; Beijing, China; London, the UK and Dubai, the United Arab Emirates. The Group offers a full suite of banking products, services and solutions including bank and deposit accounts, loans, cash management, advisory, trade, securities, wealth and asset management. ETI is listed on the Nigerian Stock Exchanges in Lagos, the Ghana Stock Exchange in Accra, and the Bourse Régionale des Valeurs Mobilières in Abidjan.
