Ecobank Assures Tighter Security System

The Managing Director for Ecobank-Liberia, Kola Adeleke has assured the bank’s preparedness to spent more time and resources strengthening the security, vault and control systems.

“As you are aware, there are lots of challenges in the system. Armed robbers going to this place to burst into this bank and all that,” said Adeleke.

At a news conference held at Las Spot Hotel down Mamba Point last Friday in Monrovia, Mr. Adeleke told journalists that Ecobank-Liberia has brought in additional capital to enable the bank upgrade and its branch network across Liberia.

He revealed that Ecobank-Liberia has grown from less than US$300 Million to US$320 Million in asset at the end of June 2012, saying the banks has been the first to cross the US$300 Million Dollars asset mark.

Adeleke further stated that Ecobank-Liberia’s total deposit base has grown to over US$215 Million Dollars, while shareholders gave additional capital of US$6,000,000.00 in June this year, thus widening the gap between the bank and competitors.

Adeleke said “The bank is now closed to US$30 Million Dollars in terms of shareholders’ funds.” Such, he said shows the level of commitment of the owners of the bank in Liberia, arguing that “if theydon’t have the commitment towards Liberia, they will not be bringing in additional capital.”

Moreover, Adeleke revealed that over the past two years since November 2010, the owners of the bank have brought in additional capital of more than US$17 Million Dollars, above the US$10 Million Dollars minimum capital requires for a bank to operate in Liberia.

Meanwhile, Adeleke has emphasized on changes made thus far in Ecobank- Liberia, increasing the number of directors from five to seven.

He said only two none-Liberians- the director and head of internal audit are among the seven directors, confirming Ecobank’s commitment about putting Liberians at the forefront. He reported to have only two Nigerians working in the entire Ecobank-Liberia.

Regarding employees’ salaries, Adeleke said no permanent Ecobank staff earns less than US$500.00 since the last increment was made.

On the international level, the Ecobank-Liberia Managing Director told the media that the bank’s asset has grown up to over US$17 Billion Dollars, and has branches in 33 African Countries, among others.