EXCLUSIVE: High hopes as Jubril Mobolaji Lawal takes over as Ecobank CEO; Akinwuntan bows out

Pan-African lender, Ecobank Group on Monday witnessed a change of baton in its management hierarchy in Nigeria.  

Mr. Jubril Mobolaji Lawal who was hitherto Regional Executive and Managing Director designate of the bank officially resumed office as Chief Executive Officer/Managing Director on Monday taking over from Mr. Patrick Akinwuntan who is now retired.

Newsclickng.com reports that Ecobank Group, had in a statement issued in December 2021, by Adenike Laoye, Group Head, Corporate Communications and Chief of Staff to the Group Chief Executive Officer, said the new managing director, Lawal, was appointed following a keenly contested selection process, which included both internal and external candidates.

“We welcome Mobolaji Lawal to the Ecobank Group and we stand to benefit from the extensive experience that he has acquired in various fields across banking, which will play a major role in continuing to rebuild our franchise in Nigeria,” the statement said.

“Nigeria is a key market for us, in which we have seen significant improvement over the past three years as we reposition and leverage upon our pan-African strengths in digital products and services, payments and as the go-to-bank for businesses seeking to grasp the growth opportunities being created by the AfCFTA, across all our markets on the continent.

“I wish Mobolaji the best and assure him of both my support and that of the entire Ecobank Group,” said Mr. Ade Adeyemi, Group Chief Executive Officer (GCEO) Ecobank Group.

Mrs. Bola Adesola, the Chairman of the Board of Ecobank Nigeria said: “We look forward to working with Mobolaji and assure him of the full support of the Board, Management and all the staff of Ecobank Nigeria. The business in Nigeria is on the path of transformation and we are confident that Mobolaji will have significant impact in advancing our positive trajectory.”

The statement says Lawal joins Ecobank having been “a versatile senior banking executive and digital transformation specialist for over 28 years” with Guaranty Trust Bank Plc.

It states further: “He has deep involvement and experience in digital and retail banking, corporate and commercial banking, credit risk management and corporate finance.

“His previous experience includes being Executive Director at GTBank Plc Nigeria, and Non-Executive Director roles at both GTBank Ghana Limited and Nigeria Interbank Settlement Systems Plc.

“Mobolaji led the team that envisioned and implemented GTBank Plc’s retail and digital banking strategy to achieve industry-wide leadership over a ten-year period and he introduced new products and solutions that have helped to deepen payments and access to digital financial services in Nigeria.”

A new dawn

Signaling the entrance of Lawal as the new boss was the bank’s noticeable performance on the Nigerian Stock Exchange (NSE). On Monday, Ecobank stock increased by 5.8% and that is not all there is. A top official of the bank who spoke on condition of anonymity with Newsclickng.com said hopes are high for a drastic turnover as Lawal comes on board.

“The new MD will be taking over from the spectacular heights that Mr Akinwuntan’s brilliant leadership took the bank. Therefore, it’s more like building on what is on ground but we are kind of hopeful that Lawal will further drive the bank to greatness.  All things being equal, Lawal’s leadership should usher in a new bull run, driven by short-term investors looking for quick margins.”

Profile

Lawal holds a Bachelor of Law degree from the Obafemi Awolowo University, Nigeria; B.L. from the Nigerian Law School and a Master of Business Administration from Oxford University, United Kingdom. He has also attended several executive management and banking specific developmental programmes at leading educational institutions including Harvard Business School, Stanford Graduate School of Business and Institut Européen d’Administration des Affaires (INSEAD).

Serving Ecobank is a rare priviledge – Akinwuntan

The immediate past managing director, Akinwuntan, has expressed his gratitude to Ecobank Group stakeholders for the opportunity to have served the bank.

Akinwuntan who officially handed over on Monday and was treated to a brief send forth ceremony said he couldn’t have served the bank that long without the cooperation and understanding of all and sundry.

“It has been a rare privilege to have had the honour of serving for over a quarter of a century at Africa’s most exciting and unrivalled Pan-African Banking Champion, Ecobank. I am exceedingly thankful to God, my family, friends, all Ecobankers, our founders, shareholders, regulators and all our customers and stakeholders for the support and help that they have given on this journey,” he said.