Clement Dodoo, Ecobank Uganda’s former Managing Director has joined regional banking giants, Equity Group as the Group Director, Integrations, effective August 2020.
Mr. Dodoo was Ecobank Uganda’s Managing Director until July 31, 2020. He was replaced by Annette Kihuguru, the bank’s long-serving Executive Director, in the Acting Managing Director role.
When contacted by CEO East Africa via WhatsApp, Dodooe, confirmed his appointment but declined to divulge the full extent of his new role.
Equity Group in August 2020 concluded the acquisition of a 66.53% stake in Banque Commerciale Du Congo (BCDC) at a cost of USD 95 Million. In a media statement, the Group’s Managing Director and CEO, Dr. James Mwangi said Equity would proceed to integrate BCDC into the existing Equity Bank Congo, to create one of the largest banks in the Democratic Republic of Congo.
“We have been fortunate to have had the opportunity to acquire two of the most solid banks in the market. With the second and fourth-largest banks in the country being our subsidiaries, we are confident that amalgamation and merger of the two subsidiaries will produce a combined bank with a balance sheet in excess of USD 2Billion with the capacity and capability to contribute significantly to the development and transformation of the Democratic Republic of Congo,” said Dr. Mwangi.
It is not clear if Mr Dodoo who possesses significant banking experience in Sub-Saharan Africa is to lead this integration role.
A banker with over two decades of banking experience, Dodoo has a track record of turning around banks in Anglophone Sub-Saharan Africa.
Dodoo joined Ecobank Uganda in May 2005, from Ecobank Sierra Leone where he was Managing Director. In the 5 years he spent at Ecobank Uganda, he more than doubled the bank’s assets, from the UGX278.8 billion he inherited (as at end of 2014) to UGX671.3 billion at the end of 2019- a growth of 140.8 percent. Deposits also grew by 178% from UGX198 billion that inherited to UGX550 billion. As a result within one year of joining, he cut the bank’s UGX5.2 billion losses in 2014 to just UGX800 million in 2015, and by 2016, the bank made a profit of UGX800 million. In 2017, profit reached UGX1.5 billion, further rising to UGX4.8 billion in 2018. In 2019, profit reduced slightly to UGX4.1 billion.
As Ecobank Rwanda’s Managing Director, he grew the bank’s assets by 49 percent in three years, from FRw34.1 billion at the end of 2006 to FRw45.3 bn at the end of 2009. Lending more than doubled from FRw8.7bn to FRw29 billion and as a result, turned around the bank’s losses, to a profit of FRw800 million by the time he left to join Ecobank Sierra Leone in November 2009.
At Ecobank Sierra Leone, he also more than doubled all the bank’s fundamentals. Deposits grew from Sierra Leonean Leones 136 billion to more than Sierra Leonean Leones 343.7 billion in December 2014. Lending grew from Sierra Leonean Leones 52.8 billion to more than Le118 billion, pushing assets to more than triple, from Sierra Leonean Leones 174 billion to more than Sierra Leonean Leones 477.1 billion.