1. The Pan African Bank
Ecobank Group

2. 2006 Annual Report
Ecobank Network
Countries in which Ecobank is currently present.

3. 1
The Pan African Bank
Ecobank is the leading independent regional banking
Group in West and Central Africa serving wholesale
and retail customers.
What is our investment
proposition?
We operate in emerging markets with good long
term prospects.
In all our markets, we are recognized as one of the
leading banks and we have a growing presence in the
investment banking sector.
We are well placed to grow revenues and expand
market share by combining a broad product offering
with a growing regional presence.
What do we do?
Our business is providing wholesale, retail,
investment and transaction banking products and
services to governments and governmental
agencies, multinationals, financial institutions, local
companies, small, medium and micro enterprises,
high net worth individuals and consumers in Africa.
We currently operate in 18 countries in West and
Central Africa.
What is our strategy?
Our goal is to create shareholder value.
To achieve this, we aim to be the leader in regional
banking in Africa.
We have three strategic priorities at Group level:
Achieve scale through acquisitions and organic
growth ;
Grow our business in existing markets and
expand into new markets ;
Deliver efficiency through operational and
product excellence and customer service.
We are creating value…
In 2006, revenues grew by 47% to US$348 million ;
Profit Before Tax grew by 75% to US$129 million ;
Value Added totaled US$142 million.
But there is still more to do.
In this annual report we discuss our business, how
it could generate more value for our shareholders,
and what we are doing to make it happen.

4. 2
2006 Annual Report
» Principal Subsidiaries and Offices » page . . . . . . . . . . 3
» Financial Highlights » page . . . . . . . . . . 4
» Chairman's Address » page . . . . . . . . . . 5
» Directors’ Report » page . . . . . . . . . . 8
» Board of Directors » page . . . . . . . . . 10
» Executive Management » page . . . . . . . . . 14
» Corporate Governance » page . . . . . . . . . 15
» Corporate Social Responsibility » page . . . . . . . . . 19
» Corporate Ethics & Transparency » page . . . . . . . . . 22
» Chief Executive Officer’s Review » page . . . . . . . . . 24
» Manifesto » page . . . . . . . . . 28
» Business and Financial Review » page . . . . . . . . . 29
» Directors' Responsibilities Statement » page . . . . . . . . . 36
» Report of Independent Auditors » page . . . . . . . . . 37
» Consolidated Income Statement » page . . . . . . . . . 38
» Consolidated Balance Sheet » page . . . . . . . . . 39
» Consolidated Statement of Changes in Equity » page . . . . . . . . . 40
» Consolidated Cash Flow Statement » page . . . . . . . . . 41
» Accounting Policies » page . . . . . . . . . 42
» Notes to the Consolidated Financial Statements » page . . . . . . . . . 60
» Five Year Financial Summary » page . . . . . . . . . 83
» Summary of Subsidiaries’ Financials » page . . . . . . . . . 84
» Shareholder Information » page . . . . . . . . . 84
Contents

5. 3
The Pan African Bank
Principal Subsidiaries and Offices
Group Office :
2, Avenue Sylvanus Olympio - BP 3261 - Lomé (TOGO) - Phone: (228) 221 03 03 / 221 31 68 - Fax: (228) 221 51 19
Benin
Rue du Gouverneur Bayol
01 B.P. 1280 Cotonou - BENIN
Phone: (229) 21 31 40 23
Fax: (229) 21 31 33 85
Burkina-Faso
633, Rue Ilboudo Waogyandé
(ex Maurice Bishop)
01 B.P. 145, Ouagadougou 01
BURKINA-FASO
Phone: (226) 50 328 328
Fax: (226) 50 318 981
Cameroon
Boulevard de la Liberté
B.P. 582 Douala - CAMEROUN
Phone: (237) 343 82 50 / 54
343 84 88 / 89
Fax: (237) 343 86 09
Chad
Avenue Charles de Gaulle
N'Djamena
TCHAD
Phone: (235) 52 43 14
Fax: (235) 53 23 45
Cote d’Ivoire
Immeuble Alliance
Avenue Terrasson de Fougères
01 B.P. 4107 - Abidjan 01
CÔTE D’IVOIRE
Phone: (225) 20 31 92 00 / 20 21 10 41
Fax: (225) 20 21 88 16
Ghana
19, Seventh Avenue Ridge West
P.O. Box 16746 Accra North - GHANA
Phone: (233) 21 68 11 66 / 67
Fax: (233) 21 68 04 28
Guinea Bissau
Avenue Amilcar Cabral
B.P. 126
Bissau - GUINÉE BISSAU
Phone: (245) 72 53 194
Fax: (245) 20 73 63
Guinea Conakry
Avenue de la République
B.P. 5687 - Conakry
GUINÉE
Phone: (224) 30 45 57 77 / 30 45 57 60
Fax: (224) 30 45 42 41
Liberia
Ashmun & Randall Street, P.O. Box 4825
1000 Monrovia 10 - LIBERIA
Phone: (231) 4788834 / 4788838
4788833
Fax: (231) 22 70 29
Mali
Place de la Nation
Quartier du Fleuve
B.P.E. 1272 Bamako - MALI
Phone: (223) 270 06 00
Fax: (223) 223 33 05
Niger
Angle Boulevard de la Liberté et
Rue des Bâtisseurs, B.P. 13804
Niamey - NIGER
Phone: (227) 20 73 71 81
Fax: (227) 20 73 72 03 / 04
Nigeria
Plot 21, Ahmadu Bello Way
P.O. Box 72688 - Victoria Island
Lagos - NIGERIA
Phone: (234) 1 2626638-44 / 2626710-17
Fax: (234) 1 2616568
Senegal
8, Avenue Léopold Sédar Senghor
B.P. 9095 - Centre Douanes (CD)
Dakar - SÉNÉGAL
Phone: (221) 849 20 00
Fax: (221) 823 47 07
Sierra Leone
7, Lightfoot Boston Street
P.O. Box 1007 - Freetown
SIERRA LEONE
Phone: (232) 22 33 01 / 76 88 23 65
Fax: (232) 50 51 10 165
Togo
20, Avenue Sylvanus Olympio
B.P. 3302 Lomé
TOGO
Phone: (228) 221 72 14
Fax: (228) 221 42 37
eProcess International SA
20, Avenue Sylvanus Olympio
B.P. 4385 Lomé
TOGO
Phone: (228) 222 23 70
Fax: (228) 222 24 34
Ecobank Development
Corporation (EDC)
2, Avenue Sylvanus Olympio
B.P. 3261 Lomé
TOGO
Phone: (228) 221 03 03 / 221 31 68
Fax: (228) 221 51 19
Ecobank Investment Corporation
Immeuble Alliance, 4ème
Etage
Avenue Terrasson de Fougères 01
B.P. 4107 Abidjan 01
CÔTE D’IVOIRE
Phone: (225) 20 21 10 44 / 20 31 92 24
Fax: (225) 20 21 10 46
EDC Stockbrokers Limited
19, Seventh Avenue Ridge West,
P O Box 16746 Accra North
GHANA
Phone: (233) 21 25 17 23 / 21 25 17 24
Fax: (233) 21 25 17 34
ESL Securities Limited
Plot 21, Ahmadu Bello Way
P. O. Box 72688
Victoria Island
Lagos – NIGERIA
Phone: (234) 1 761 3833 / 761 3703
Fax: (234) 1 271 4860
ECV Servicos Financieros
Agencia de Cambios
43 A Avenida Amilcar Cabral
Praia Santiago - CABO VERDE
Phone: (238) 261 78 56
Fax: (238) 261 78 60
www.ecobank.com

6. 4
2006 Annual Report
In thousands of US dollars, except per share, ratio and headcount data.
At Year end 2006 2005 % Change
Assets 3,503,739 2,199,230 59%
Loans and advances to customers 1,919,366 1,022,140 88%
Deposits from customers 2,500 178 1,532,478 63%
Shareholders' equity 382,088 221,547 72%
Total equity 482,315 303,879 59%
Book value per share ($) 0.58 0.47* 25%
Non - performing loans to total loans (%) 7.9 12.2 37%
Headcount (number) 5,860 2,602 125%
Branches and locations (number) 305 162 88%
For the Year
Revenues 348,464 236,351 47%
Loan loss provision 13,091 14,898 12%
Profit before tax 129,299 73,729 75%
Profit after tax 86,365 50,939 70%
Profit attributable 69,350 41,502 67%
Basic earnings per share (cents) 13 11* 21%
Diluted earning per share (cents) 13 11* 21%
Dividend per share (cents) 3 2*
Return on average equity (%) 23.0 23.8 (3%)
Return on average assets (%) 3.0 2.5 22%
Other Data
Risk - based capital ratios (%):
Total 19.0 21.7
Tier 1 19.0 21.7
Number of ordinary shares outstanding (Number in thousands)
Average 518,963 373,545
As at 31 December 611,003 401,272
* Restated for 1 for 5 bonus share issue made in 2006
Financial Highlights

7. 5
The Pan African Bank
Chairman’s Address
This is my first address as Chairman and I am pleased to
say that I am excited by the prospects for the Group.
I strongly believe that we are entering a period of strong
growth that will further fulfil the vision on which our
institution was founded.
2006 was a year of change and progress. Significant steps
were taken to reposition the Group for renewed growth
and profitability.
Financial Results
Our 2006 results showed improvements in all key
areas. Total assets grew by 59 per cent to US$3.5 billion
and revenues increased by 47 per cent to US$348
million. Profit before tax was up 75 per cent to US$129
million. Return on average equity was 23 per cent as we
increasingly put the capital raised last year to work.
Strategy
During 2006, a Group-wide strategic plan was adopted
to transform Ecobank from a regional to a pan-African
banking Group and from a largely wholesale to a more
balanced wholesale and retail banking Group.
Consequently, we are extending our footprint further
into Central Africa and also into Eastern and Southern
Africa. We are also building a strong retail banking
business to complement our core wholesale business.
In Nigeria, one of our largest markets, we moved to
improve our market position and distribution by
acquiring the branches and liabilities of one of the
banks that failed to survive the industry
consolidation. We opened a new subsidiary in Sierra
Leone and expanded our network in the oil-rich
countries of Central Africa, one of the fastest
growing regions in the world, by acquiring the
second largest bank in Chad.
During the year, we also strengthened our total equity
which now stands at US$482 million. Ecobank Ghana
and Ecobank Nigeria were listed on their respective
stock exchanges. Ecobank Transnational Incorporated,
the parent Company of the Group also listed
simultaneously on the 3 stock exchanges in the sub-
region. This is the first ever regional listing in Africa.
Corporate Governance
Chief Philip C. Asiodu retired as Chairman of the
Company at the last Annual General Meeting having
reached the mandatory retirement age. Chief Asiodu
contributed immensely to the progress of the Group
through the years. We will miss his wise counsel and
experience. We thank him immensely for his
contribution to what Ecobank is today.
We welcome the new members of the board who
were appointed since the last shareholders meeting:
Alhaji Isyaku Umar, Andre Siaka and Paolo Gomez.
These are persons of immense local, regional and
international experience who will enrich and strengthen
the board. I believe they can count on your usual
constructive support and co-operation.
During the year, we also made changes to the executive
management. Mr Offong Ambah joined the board as
an executive director in addition to his current
responsibilities as Managing Director of Ecobank
Nigeria. Mrs Funke Osibodu, our former Managing
Director in Nigeria resigned from the Group. We are
grateful for her contribution to the development of
Ecobank Nigeria and the Group.
Corporate Social Responsibility
Ecobank Foundation, our corporate philanthropic
arm, donated to several activities in 2006. These
included projects in Togo, Nigeria and Mali. The
Foundation seeks to ensure that over time, its activities
cover and are distributed among the countries in
which Ecobank operates. Up to one percent of the
Group profit after tax is made available to the
Foundation for its activities and the Foundation is
also free to source funding from other donors.

8. 6
2006 Annual Report
We continue to contribute to the communities we
operate in other important ways. We part-sponsored
two of the African world Cup teams and contributed to
the development of journalism talent on the continent.
Through an alliance with one of the leading
microfinance institutions in the world, we are
supporting and promoting microfinance lending and
actions to alleviate poverty in our countries.
Our emphasis on developing our people and building
diversity will hopefully create an increasing pool of
talented African banking professionals that will
support the development and integration of African
economies. Several of our people have been
recruited to run important government institutions
and to manage other banks.
Corporate Transparency
Our policies require us to operate to international
standards. We have often been at the forefront of
implementing policies and procedures designed to
ensure that we comply with anti-corruption, anti-
money laundering, anti-terrorism and know-your-
customer regulations in the countries in which we
operate. Ecobank also maintains strong policies
relating to transparency and business ethics, as we
believe this positions and safeguards the Group’s
reputation in the long-term.
We are probably the only institution in the sub-region
that reports in accordance with International
Financial Reporting Standards. The consequences of
this are that our results are more conservative and
more transparent than those of other comparable
institutions in the regions.
You would also notice significant changes in the
presentation and contents of our annual report. As part
of our policy on corporate transparency, we have also
significantly increased the level of disclosure in our
annual reports and accounts in order to make them
more relevant and meaningful to our shareholders
whilst at the same time meeting the statutory reporting
and disclosure requirement. We will continue to explore
ways in which we can improve our reporting and
disclosure so that shareholders, investors and
customers are adequately informed about our strategy,
performance, activities and businesses.
People
We continue to build capacity through external hires
and internal development. Significant investment
was made in strengthening our management team.
We also refreshed the organizational structure to
better address changing market conditions.
Across the Group, several changes took places which
were designed to promote talent and build a
leadership team based on merit, diversity and depth.
We believe the impact of these actions will
increasingly show through in our performance.
What Makes Ecobank Unique
Ecobank is unique in many ways. Firstly, we have the
most regional presence in West and Central Africa of
any bank. This gives us greater insight and scope to
serve our customers and exploit opportunities.
Secondly, we have a unique regional identity based
on our founding principles. We started as a regional
bank from the onset with shareholders from over 14
countries. This regional identity, coupled with
national representation in our local subsidiaries
means that we are welcome in all our markets as a
local bank that is part of a larger regional Group.
Thirdly, we are building the leading regional bank
brand as an independent banking Group focused on
Africa. Ecobank is increasingly perceived as a model
of the future integration of the African private sector.
As a result, Ecobank is often welcome as a preferred
partner by governments and the private sector.
And fourthly, we are building a broad and deep pool
of African talent and managers with the skills and
experience to operate across different markets and
cultures. This allows Ecobank to compete and
succeed in some of the more challenging and
difficult markets in our region.
Above all, Ecobank has been successful because it is
considered an independent regional institution
belonging to no one country or interest Group. Each
of our subsidiaries is viewed as a local bank, even
though they belong to a larger Group. The regional
strategy and independent status of Ecobank are
fundamental to the founding principles of Ecobank
and to our long-term success.
Chairman’s Address (continued)

9. 7
The Pan African Bank
The Future
The growth of the economies of our sub-region
continued with a positive growth trend. The World
Bank estimates that Sub-Saharan economies will
grow by 5.6% in 2007, one of the highest growth rates
in the world. Clearly, as a commodity-rich region, our
economies have benefited from the high prices for
crude oil, gold, cocoa, coffee and other commodities.
But we believe these results are a positive indication
that African economies may now be pointing in the
right direction. The other vital signs across the
continent have also been positive with most civil and
political unrests increasingly being resolved.
The banking landscape is becoming more challenging.
There is increasing interest and investment by
international investors in African banks. There is
renewed interest by international banks and banks
from other parts of Africa. All these point to
increased competition for customers and talent and a
more challenging business environment in the future.
Whilst 2006 was a year of significant progress for the
Ecobank Group, it is fair to say that much remains to
be done if we are to achieve our mission of building
Ecobank into a world class African banking Group.
Our priorities for the future are clear: deliver increased
value to our stakeholders – shareholders, customers,
employees and the communities in which we operate.
Mandé Sidibé
Chairman

10. 8
2006 Annual Report
Principal Activity
Ecobank Transnational Incorporated (ETI) the parent
Company of the Ecobank Group is a bank holding Company.
Its principal activity is the provision of banking and financial
services through its subsidiaries and affiliates. It enjoys
special fiscal, exchange control and legal rights under an
agreement with the Government of Togo.
A review of the business of the Group during the 2006
financial year and of likely future developments is
contained in the Business and Financial Review section.
Results
The Group's net profit after tax was US$86 million. Net
profit attributable to the Company was US$69 million. The
details of the results for the year are set out in the
consolidated profit and loss statement.
The directors approved the financial statements of the
Company and the Group for the year ended 31st
December
2006 at the meeting of the Board held on 16th
March 2007.
Messrs Mandé Sidibé and Arnold Ekpe were authorized to
sign the accounts on behalf of the Board.
International Financial Reporting Standards
(IFRS)
The accounts of ETI and the Group are prepared in
accordance with International Accounting Standard
(IAS). These standards have been revised and are now
referred to as the International Financial Reporting
Standards (IFRS).
Dividend
The directors recommend the payment of 3 cents per
ordinary share as total dividend based on the total
number of shares outstanding as at 31st December
2006, which one cent per share has already been paid as
interim dividend in January 2007.
Capitalization Issue
The directors propose a capitalization issue of one
ordinary share for every ten ordinary shares.
Capital
At the general meeting of shareholders held on 23rd June
2006, the authorized capital of the Company was increased
from two hundred (200) million dollars to one billion two
hundred fifty million (1,250,000,000) dollars divided into
5,000,000,000 ordinary shares of 25 cents each.
Of the 226.4 million rights issue shares approved by the
EGM of 11th
March 2005, 108.2 million shares remained
unissued as at 1st
January 2006. These shares were
issued during the year through a private placement of
60.7 million shares and the conversion of convertible
loans of US$38 million contracted during the year into
47.5 million shares at a price of $0.8 per share.
Following the resolution of the general meeting at the
EGM of 23rd
June 2006 approving a capitalization issue of
one ordinary share for every five ordinary shares held,
101.5 million shares were issued. The total numbers of
issued shares outstanding as at 31st
December 2006
therefore stood at 611 million.
On 11th
September, 2006 all the issued shares of the
Company were listed simultaneously on the three stock
exchanges of the West Africa sub-Region, namely, the
Ghana Stock Exchange (GSE) the Nigerian Stock
Exchange (NSE) and regional stock exchange of the
UEMOA Zone, the Bourse Régionale des Valeurs
Mobilières (BRVM), based in Abidjan, Côte d’Ivoire.
Directors and Company Secretary
The names of the directors of the Company and the
name of the Company Secretary appear on pages 10 to
13 of this report.
As at 31st
December 2006, the Board was composed of
fourteen (14) directors: eight (8) non executive directors
and six (6) executive directors. Mr. Offong Ambah
replaced Mrs Funke Osibodu as Regional Director for
Nigeria and therefore was co-opted and subsequently
approved by the general meeting of 23rd
June 2006 as an
executive director. Messrs Paolo Gomes, Andre Siaka
and Isyaku Umar were co-opted as non-executive
directors and, in accordance with the Articles of
Association of the Company, would be submitted for the
approval of the general meeting to be held in 2007. In
accordance with the succession policy on the board,
Chief Philip Asiodu retired as Chairman of the board in
June 2006 after several years of distinguished service to
the Group, being one of its founding shareholders. Mr.
Mandé Sidibé was elected to replace him as Chairman
for a three year term renewable once.
The Board of Directors met eight (8) times during the
year. The three (3) board committees, namely, the
Governance Committee, the Audit and Compliance
Committee and the Risk Committee met at various
times during the year to deliberate on issues under their
respective responsibilities.
The ad hoc committee appointed in 2005 to handle the
proposed combination with FirstBank Nigeria continued
its work until the agreement with FBN elapsed in
September 2006.
Directors’ Report

11. 9
The Pan African Bank
Corporate governance and compliance
The Company maintains corporate policies and
standards designed to encourage good and transparent
corporate governance, avoid potential conflicts of
interest and promote ethical business practices. See
pages 15 to 18 for details.
The board has adopted the International Finance
Corporation (IFC) Corporate Governance principles and
methodology in 2005 to guide the composition and terms
of reference of both the board and its committees.
Subsidiaries
As at the end of 2006, Ecobank had operations in 15
countries namely Benin, Burkina Faso, Cape Verde,
Cameroon, Chad, Côte d'Ivoire, Ghana, Guinea, Liberia,
Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.
During 2006, work commenced to secure operational
licenses in Guinea Bissau and Sao Tome & Principe and to
acquire a bank in the Central Africa Republic all of which
were realized at the beginning of 2007 thus bringing the
total number of countries in which the Group has
operations to 18.
Our investment banking subsidiary, Ecobank
Development Corporation (EDC), expanded its activities
and presence during the year and its management was
strengthened. All the stock market and brokerage
activities within the Group were effectively transferred to
EDC and the EDC name adopted for all our
stockbrokerage units in the three capital centres of the
region namely, Abidjan, Accra and Lagos. eProcess
International SA, our shared services subsidiary was
also strengthened to play a more strategic role in
improving efficiency and reducing operational costs.
Ecobank Transnational Incorporated has a majority equity
interest in all its subsidiaries, and provides them with
management, operational, technical, training, business
development and advisory services.
Post Balance Sheet Events
There were no post balance sheet events that could
materially affect either the reported state of affairs of
the Company as at 31st December 2006 or the profit for
the year ended on the same date which have not been
adequately provided for or disclosed.
Responsibilities of Directors
The Board of Directors is responsible for the preparation
of the financial statements which give a true and fair view
of the state of affairs of the Company at the end of the
financial period and of the results for that period. These
responsibilities include ensuring that:
adequate internal control procedures are instituted
to safeguard assets, prevent and detect fraud and
other irregularities;
proper accounting records are maintained;
applicable accounting standards are followed;
suitable accounting policies are used and
consistently applied;
the financial statements are prepared on the going
concern basis unless it is inappropriate to presume
that the Company will continue in business.
Independent External Auditors
The joint auditors, PricewaterhouseCoopers, Lagos,
Nigeria and PricewaterhouseCoopers, Abidjan, Côte
d'Ivoire have indicated their willingness to continue in
office. A resolution will be presented to authorize the
directors to determine their remuneration.
16th
March 2007
16th March 2007.
By order of the Board,
Company Secretary
Samuel K Ayim

12. 10
2006 Annual Report
Board of Directors
Mandé Sidibé
Chairman
Arnold Ekpe
Group Chief
Executive Officer
Christian N.
Adovelande
Oba A. Otudeko
J. Kofi BucknorKolapo A. Lawson
Evelyne Tall*Andre Siaka Albert K. Essien*
Patrick Akinwuntan*
Isyaku UmarPaolo Gomes
Offong Ambah*
Christophe J. Lawson*
* Executive Directors

13. 11
The Pan African Bank
Board of Directors
The Company has a fourteen-member Board of
Directors, which oversees and directs the senior
team that manages the Group. The Board of the
Company is made up of six executive members and
eight non-executive members coming mostly from
West and Central Africa, all of them are
distinguished businessmen and professionals.
Mandé Sidibé (Chairman)
Mandé Sidibé is a former Prime Minister of the
Republic of Mali. Before that, he was special advisor
to the President of the Republic of Mali. He is a former
Director of Société Malienne de Financement
(SOMAFI). He served with the Central Bank of West
African States (BCEAO) in various capacities including
Director of BCEAO-Mali and special advisor to the
governor of BCEAO. He also worked for the
International Monetary Fund (IMF) in many capacities
including divisional head, Africa Department-IMF
and as principal economist, Africa Department.
Arnold Ekpe
Arnold Ekpe returned as the Company Group Chief
Executive Officer in 2005. He was the Group Chief
Executive Officer from 1996 to 2001 when he left to join
United Bank for Africa, one of the top three banks in
Nigeria as Chief Executive Officer from 2002 until 2004.
He has over 26 years of African and international
banking experience having also worked in Europe,
South Africa and West Africa for Citibank and First
Chicago. He was Vice President and Head of Africa
trade and corporate finance for Sub-Sahara Africa for
Citibank. He executed landmark trade and corporate
finance deals in West and Southern Africa. Mr. Ekpe
holds degrees in mechanical engineering (1st
class
honours) and Business Administration from
Manchester University and Manchester Business
School respectively.
Christian N. Adovelande
Christian Adovelande is the President of the ECOWAS
Bank for Investment and Development (EBID) Group.
He was Chairman/Managing Director of Cauris
Management SA and managing Director of Cauris
Investissement SA, a regional venture capital
Company based in Lomé, Togo. He was Company
Secretary and acting general manager for the Africa
Private Investment Guarantee Fund (Fonds GARI S.A.)
and also held a number of key positions at the West
African Development Bank (BOAD). He represents
EBID on the Board of Directors.
Oba A. Otudeko
Ayoola Oba Otudeko is Chairman of several
companies in Nigeria and abroad including Honeywell
Group Limited, the Nigeria Stock Exchange, Pivot
Engineering Company Limited, Honeywell Flour Mills
Limited, Broadview Engineering Company Limited,
Fan Milk Plc and Pavillon Technologies Limited.
He is also a Director of the First Bank of Nigeria Plc,
Guinness Nigeria Plc, British American Tobacco
(Nigeria) Plc and several Chambers of Commerce. He
is Chairman of the Nigerian-South African Chamber
of Commerce. He is a Director of several overseas
companies including Delmar Overseas Limited. He is
a member, Regional Advisory Board of the London
Business School and chancellor of the Olabisi
Onabanjo University, the State University of Ogun
State, Nigeria. He is a former board member, Central
Bank of Nigeria (1990 to 1997), a former chairman of
the National Maritime Authority Nigeria, a former
member of the Constituent Assembly, Nigeria 1988
to 1989 and member of the National Economic
Summit Group. He holds the national merit award of
Officer of the Federal Republic of Nigeria (OFR). Mr.
Otudeko is a chartered accountant and a chartered
banker.

14. 12
2006 Annual Report
Board of Directors (continued)
Paolo Gomes
Paulo Gomes was an Executive Director of the World
Bank Group (Washington D.C.) from 1998 to 2006.
From 1995 to 1998, he worked for the Ministry of
Finance, Planning and Trade of Guinea Bissau where
he was a Principal Advisor, Director of Strategic
Planning, Public Investment and Debt. In 1996, he was
Assistant to the Director for Business Development of
Monitor Company in Boston, USA; and in 1997, he was
the Assistant to the Executive Director of Citizen
Energy Corporation, still in Boston, USA. Mr Gomes
holds a Certificate in Political Studies from “Institut
d’Etudes Politiques” of Paris, France, a BA in
Economic and International Trade from “Institut
d’Etudes Libres de Relations Internationales” of
Paris, France, and also a Masters with honours in
Economic Policy and Management, from Kennedy
School of Government, in Cambridge, USA.
Kolapo A. Lawson
Kolapo Lawson is the Chief Executive Officer of a
diversified industrial and trading Group with operations
in the United Kingdom and across West Africa. He is
the Chairman of Polfa Nigeria and Director of two
publicly quoted companies: Beta Glass PIc. and
Pharma-Deko PIc. He was a Director of Ecobank
Nigeria from 1989 to 1997 and of Ecobank Togo from
1990 to 1993. Mr. Lawson has a degree in Economics
and is a fellow of the Institute of Chartered
Accountants in England and Wales and of the
Institute of Chartered Accountants of Nigeria.
Isyaku Umar
Isyaku Umar started his career with UAC of Nigeria
from 1972 to 1976, he was employed in the Kano
State Government and was at various times
Secretary of the Draught Relief Committee, Principal
Private Secretary to the Military Governor. Following
that, he became the General Manager of Mai-Naisara
and Sons Ltd from 1977 to 1979 and the Managing
Director of Tofa General Enterprises Ltd. from 1979
to date. Mr Umar holds a B. Sc. Social Sciences,
Economics from the University of Pittsburgh, and a
Masters of Public Administration from USA.
J. Kofi Bucknor
Kofi Bucknor is a principal of Kingdom Zephyr Africa
Management Company and the Chief Executive
Officer of J. Kofi Bucknor & Associates in Ghana. He
is an advisor to Prince Alwaleed Bin TalaI Bin
Abdulaziz Al Saud of Saudi Arabia. He is a former
Chairman of the Ghana Stock Exchange and he served
as Managing Director of CAL Merchant Bank in
Ghana, Executive Director, Corporate Finance, at
Lehman Brothers in London, treasurer of the African
Development Bank in Abidjan, Côte d'Ivoire and Vice-
President of Chemical Banking, New York.
Andre Siaka
André Siaka is the Chief Executive Officer of
Cameroon Brewery Limited since 1988. Before that,
he worked with “Société Générale” in Paris. Mr Siaka
is a qualified as Engineer from “Ecole Polytechnique”
de Paris, France.
Evelyne Tall
Evelyne Tall is Regional Head for the UEMOA Zone
(Benin, Burkina Faso, Côte d'Ivoire, Guinea Bissau,
Mali, Nigeria, Senegal and Togo) and Cape Verde. She
started her banking career in 1981 with Citibank in
Dakar, Senegal where she worked in various areas,
including credit, financial institutions, liability
management and finally with the regional financial
institutions unit. She left Citibank to join Ecobank
Mali as Deputy-Managing Director in 1998, and was
made Managing Director in 2000. The same year, she
was transferred to Ecobank Senegal as Managing
Director. She was appointed Regional Head of the
UEMOA Zone in October 2005. Mrs Tall holds a
Bachelor’s degree in English from the University of
Dakar, Senegal and a diploma in International
Trade/Distribution and Marketing from « Ecole
d’Administration et de Direction des Affaires» of
Paris, France.

15. 13
The Pan African Bank
Offong Ambah
Offong Ambah is the Managing Director of Ecobank
Nigeria and Regional Head for Nigeria. Between 1985
and 1991 he worked with International Merchant
Bank and City Trust Merchant Bank in Nigeria. In
1991 started work with Ecobank. He became a
General Manager of Ecobank Nigeria and worked in
the Treasury, Corporate Finance, Credit and Retail
Banking departments. In 1999, he was transferred to
Liberia to set up Ecobank Liberia as Managing
Director. He left the Ecobank Group in 2002 for United
Bank for Africa PLC where he worked as Executive
Director. He left UBA in 2005 and was appointed
Interim Chairman of the Interim Board of directors of
Allstates Trust Bank by the Central Bank of Nigeria. In
March 2006, he returned to Ecobank Group as
Managing Director of Ecobank Nigeria and Regional
Head of the Nigeria Zone. Mr. Ambah holds a BSc
Economics from the University of Lagos and a MSc
Economics from the University of Ibadan, Nigeria.
Albert Kobina Essien,
Albert Essien is Regional Head for the WAMZ (Ghana,
Guinea, Liberia, Sierra Leone and Gambia). He started
his banking career in 1986 with the National
Investment Bank in Accra, Ghana. He joined the
Corporate Banking Department of Ecobank Ghana in
1990. In 1997, he became Country Risk Manager. He
was appointed Deputy-Managing Director in 2001
and became Managing Director in December 2002.
He was appointed Regional Head of the WAMZ in
October 2005. Mr Essien holds a B.A. (Hons) in
Economics (1979) from the University of Ghana,
Legon, Ghana.
Patrick Akinwuntan
Patrick Akinwuntan is Executive Director in charge of
Operations, Technology & Retail Bank. He is also the
Managing Director of eProcess. He joined Ecobank in
1996 as Head of Commercial Banking and Western
Zone II of Ecobank Nigeria. He then held the
following positions in the Group: Group Financial
Controller, Executive Director (Consumer and
Commercial Banking) at Ecobank Nigeria. Before
Ecobank, he worked for Ernst and Young,
Manufacturers Merchant Bank, and Springfountain
Management Consultants in Lagos. Mr. Akinwuntan
holds a Master’s Degree in Business Administration
(Finance) and is a Fellow of the Institute of Chartered
Accountants of Nigeria (FCA) and an associate of the
Institute of Taxation (ACTI).
Christophe Jocktane-Lawson
Christophe Jocktane-Lawson is Executive Director in
charge of Corporate Development & Wholesale Bank.
He started his banking career in 1985 with Citibank in
Libreville, Gabon; he worked in various capacities as
a Management Associate, Relationship Manager,
Private Sector Head, Public Sector Head, Branch
Manager, Corporate Bank Group Head, Risk
Manager, and Deputy General Manager. He left
Citibank and joined Ecobank Benin as General
Manager in 2000. He later became the Deputy-
Managing Director and then Managing Director in
2002. Mr Jocktane-Lawson holds a Master’s degree
in Finance from Institut d’études Politiques of Paris,
France and Bachelor’s degree in Economics from
“Université Paris XIII”, France.

16. 14
2006 Annual Report
Executive Management (as at 31 January 2007)
Group Executive Management
Arnold Ekpe Group Chief Executive Officer
Evelyne Tall Regional Head, UEMOA
Albert Essien Regional Head, WAMZ
Abou Kabassi Regional Head, CEMAC
Offong Ambah Regional Head, Nigeria
Christophe Jocktane-Lawson Head, Corporate Development & Wholesale Bank
Patrick Akinwuntan Head, Operations, Technology & Retail Bank
Antoine Kayembe Nzongola Group Chief Risk Officer
Laurence do Rego Group Chief Financial Officer
Robert Kwami Group Chief Audit & Compliance Officer
Ronke Wilson Group Chief Human Resources Officer
Samuel Ayim Company Secretary / Group Chief Legal Officer
Country Heads
Cheick Travaly Benin
Aboubacar Youssoufou Burkina Faso
Abou Kabassi Cameroon
Abdel Kader Lawani Cape Verde
Kerim Mahamat Ali Chad
Martin Djedjes Côte d’Ivoire
Samuel Ashitey Adjei Ghana
Anasthasie Darboux Guinea Bissau
Assiongbon Ekué Guinea Conakry
Esijolone Okorodudu Liberia
Yves Coffi Quam-Dessou Mali
Charles Daboiko Niger
Offong Ambah Nigeria
Ehouman Kassi Senegal
Karen Akiwumi-Tanoh Sierra-Leone
Roger Dah-Achinanon Togo
Specialized Subsidiaries
Patrick Akinwuntan eProcess International SA (Togo)
Michael Ashong Ecobank Development Corporation (Togo)
Mahama Iddrissu Ecobank Stockbrokers Limited (Ghana)
Tunde Ayeni ESL Securities Limited (Nigeria)
Adonis Séka Ecobank Investment Corporation (Côte d'Ivoire)

17. 15
The Pan African Bank
Commitment to Corporate Governance
The Ecobank Group is committed to ensuring good
corporate governance. The Group believes that good
corporate governance enhances shareholder value.
Ecobank has been a pioneer in West African banking
in institutionalizing corporate governance principles
as part of the Group’s corporate culture. To this end
Ecobank aims at complying with best international
practices on corporate governance. Adherence to
corporate governance principles is articulated in a
number of corporate documents. The Articles of
Association of the Company and those of its
subsidiaries define the respective roles of
management, the board of directors and
shareholders (including the protection of minority
rights) in the administration of the Group. The Group
has standard written rules for the internal operation
of the boards of directors, a corporate governance
charter, a code of conduct for directors and rules on
business ethics for staff, all of which aim at ensuring
transparency and accountability within the Group.
The board of directors has adopted the IFC principles
and methodology on corporate governance to guide
its corporate governance framework. The Group’s
governance practices are also guided by the Basle
Committee standards on corporate governance.
In 2006, the board formally adopted the IFC’s
suggested definition of an independent director for
application throughout the Group. The Board also
adopted the following criteria for the appointment of
non-executive directors.
Independence – Although not all non-executive
directors need to meet the independent director
definition referred to above, all directors should
be capable of exercising independent judgment
and decision-taking.
Demonstrated business acumen – Strong
business experience and a proven
understanding of corporate and business
processes through a successful track record and
a strong reputation in the business community.
Leadership and Board Experience – A
recognized ability to add value and display
leadership at board level and an ability to assert
balanced and constructive views at board level.
Special Technical Skills or Expertise –
Experience in banking (particularly retail
banking but also commercial and/or investment
banking), accounting, and/or law and expertise
not readily available to the executive team would
be valuable especially if this professional
experience is in emerging markets.
Integrity – High level of integrity and
professional and personal ethics and values
consistent with those of the Company.
Character – Strength of character and ability
and willingness to challenge and probe; sound
business judgment; strong interpersonal skills;
and the ability to listen carefully and
communicate with clarity, objectivity and brevity.
Time Commitment – Sufficient time to effectively
carry out duties of a non-executive director.
Additional Considerations – Importance of
bringing more diversity to the board in terms of
age, gender, demographics, etc.
Guided by the Code on Non-Executive Directors of the
National Association of Corporate Directors (NACD) of
the United States of America, the board adopted
standard evaluations tools to help assess the
performance of the board as a whole as well as that of
individual directors.
Governance Structure within the Ecobank
Group
The Ecobank Group corporate governance documents
outline corporate governance policies and clarify
governance structures throughout the Group.
The key principles underlying the Group's governance
structure are as follows:
The parent company acts as a "strategic
architect" with limited involvement in
operational management and decision making
at subsidiaries level. It sets the overall strategy
and direction of the Group, develops policies and
procedures and monitors them through reviews
and audits to ensure compliance not only with
Group strategy, policies and procedures but also
with local laws and regulations.
Corporate Governance

18. 16
2006 Annual Report
Operational decision-making is individualized
and maintained at a level, as close as possible to
required action and customers.
Individual accountability and responsibility are
institutionalized and embedded through
empowerment and the granting of relevant
levels of authority.
Coordination at the corporate centre and Group
level is achieved through high levels of
interaction between parent company and its
subsidiaries as well as amongst subsidiaries at
board and executive management levels.
Clear terms of reference and accountability are
laid out for committees at board and executive
levels. There is effective communication and
information sharing outside of meetings. The
Group operates an ‘open-door’ policy.
The following are the governance units within the
Group:
The Company Board of Directors
Country Board of Directors
Group Executive Management Committee
Country Executive Management Committee
Annual Country Heads Meeting.
Appropriate sub-committees are also set up, either
on a permanent or ad hoc basis to handle issues as
they arise. A brief overview of the roles and
responsibilities of each of the governance units is
provided in the following paragraphs.
Board of Directors
The Company Board of Directors is elected by, and
accountable to, the Company's shareholders for the
proper and effective administration of the Ecobank
Group. Their primary responsibility is to foster the
long-term success of the Company, consistent with
its fiduciary responsibility to the shareholders. The
Group’s governance charter requires the Board of
Directors to be guided by the following principles:
Clear delineation and segregation of
responsibilities between executive management
and board to ensure non interference of the board
in the operational management of the Group ;
Objective judgment on corporate affairs
independent of executive management ;
Actions on a fully informed basis, in good faith,
with due diligence and care and in the best
interest of the Group and its shareholders ;
Compliance with applicable laws and regulations
in line with Group strategy and direction ;
Local legislation to prevail in the event of any
conflict between Group policies and local laws ;
Transparency and avoidance of conflict of interest
between directors and the business of the
Ecobank Group ;
Full disclosure of accurate, adequate and timely
information regarding personal interests of
directors.
The board recently approved the enlargement of its
membership to include five additional executive
directors. With the retirement of the former Chairman,
Chief Philip C Asiodu and co-option of three new non-
executive directors, the membership of the Board is now
fourteen, comprising six executive and eight non-
executive directors (refer to pages 10 to 13). The board
has a policy of ensuring that there are more non-
executive directors than executives on the board.
The board has three committees, namely, the
Governance Committee, the Audit and Compliance
Committee and the Risk Committee. The current
composition and terms of reference of the
committees are summarized below:
Governance Committee
Composition
In 2006, the Committee comprised of four members
(the Board Chairman (for the time being), the Chief
Executive Officer and two non executive directors –
Messrs Christian Adovelande and Oba Otudeko). The
Company Secretary is the secretary to the Committee.
Responsibilities
Formulates, reviews and generally ensures
implementation of policies applicable to all units
of the Group and ensure good governance
throughout the Group ;
Manages the relationship between the Company
and its shareholders and subsidiaries, including
relationships with the boards of subsidiaries ;
Corporate Governance (continued)

19. 17
The Pan African Bank
Formulates new and reviews existing Group-
wide policies including organizational structure ;
Handles relationship with regulators and third
parties ;
Manages board affairs in between the meetings
of the board or when the board is not sitting ;
Recommends the appointment of executive and
non-executive directors ;
Reviews the human resources strategy and
policies of the Group and the remuneration of
senior executives.
Audit and Compliance Committee
Composition
Membership in 2006 was composed of two non-
executive directors (Messrs Mandé Sidibé and Kofi
Bucknor) and two shareholders (Social Security and
National Insurance Trust of Ghana represented by its
General Manager, Finance, Mr. Kwasi Boatin; and Mr.
Ayi A. Amavi) with the Chief Executive Officer in
attendance, where appropriate.
All members have business knowledge and skills and
familiarity with accounting practices and concepts.
The Group Chief Audit and Compliance Officer and
the Group Chief Financial Officer serve as the
secretaries to the committee.
Responsibilities
Reviews internal controls including financial and
business controls ;
Reviews internal audit function and audit activities ;
Facilitates dialogue between auditors and
management regarding outcomes of audit reviews ;
Makes proposals with regard to external
auditors and their remuneration ;
Works with external auditors to review annual
financial statements before full board approval ;
Ensure compliance with all applicable laws,
regulations and operating standards.
Risk Committee
Composition
Composed of four members in 2006, namely, Messrs
Kolapo Lawson, as Chairman, Christian Adovelande,
Kofi Bucknor and the Group Chief Executive Officer.
Members have good knowledge of business, finance,
banking, general management and credit. The Group
Chief Risk Officer serves as Secretary to the Committee
Responsibilities
Participates in the determination and definition
of policies and guidelines for the approval of
credit, operational, market/price and other risks
within the Group; defining acceptable risks and
risk acceptance criteria ;
Sets and reviews credit approval limits for
management ;
Reviews and ratifies operational and credit
policy changes initiated by management ;
Ensures compliance with the bank's credit policies
and statutory requirements prescribed by the
regulatory or supervisory authorities ;
Reviews periodic credit portfolio reports and
assesses portfolio performance ;
Reviews all other risks i.e. technology, market,
insurance, reputation, regulations, etc.
Country Boards of Directors
Ecobank subsidiaries operate as separate legal entities
in their respective countries. The Company is the
majority shareholder in all the subsidiaries but host
country citizens and institutions are typically investors
in the local subsidiaries. Each subsidiary has a board of
directors, the majority of whom are non- executive
directors.
The Group Governance Charter requires that country
boards be guided by same governance principles as the
Company. As a rule, but subject to local regulations and
the size of the board, the boards of directors of
subsidiaries have the same number of committees as
the Company.

20. 18
2006 Annual Report
Corporate Governance (continued)
The boards of directors of the subsidiaries are
accountable to the subsidiaries' shareholders for the
proper and effective administration of the subsidiary in
line with the overall Group direction and strategy.
These boards also have statutory obligations based on
company and banking laws in the respective countries.
In the event of any conflict between the Company and
local laws, the local legislation prevails.
Group Executive Management Committee
The Group Executive Management Committee is
comprised of the Group Chief Executive Officer, the
regional and Group business heads and Group
functional heads, currently a total of thirteen
members. They are responsible for the operational
management of the Group and its subsidiaries.
The Group Executive Management Committee is
responsible to the board and plays an important role
in the Company’s corporate governance structure.
The Committee manages the broad strategic and
policy direction of the Group, submits them to the
board for approval where necessary, and oversees
their implementation. The Committee has decision-
making powers in specific areas of Group
management. In particular, the committee works
with and assists the Chief Executive Officer to:
Define and develop Group strategy ;
Confirm alignment of individual subsidiaries'
plans with overall Group strategy ;
Track and manage strategic and business
performance against plan ;
Implement Group policy and decisions ;
Make recommendations on various issues
relating to staff ;
Track and monitor progress and accomplishments
on major Group initiatives and projects at affiliate
level ;
Recommend opening or closing of subsidiaries ;
Articulate appropriate response to
environmental factors, regulations, government
policies competition and other such issues
across the Group ;
Articulate policies for advancing Group objectives ;
Make important decisions in areas where
delegation of authority is granted to the committee.
Country Executive Management
The Country Executive Management Committee
consists of the country head, and other senior
executive members of each subsidiary. In addition to
the day-to-day management of the subsidiary’s
operations, the role of a country's Executive
Management Committee includes the following:
Managing the strategic objectives of the
country's operation in line with Group strategy ;
Defining overall business goals and objectives
for the country’s operation ;
Ensuring alignment of operating plans with
overall Group strategy ;
Approving business unit direction and strategies ;
Making decisions on operating plans and budgets ;
Reviewing the financial reporting and control
framework ;
Tracking and managing country strategic and
business performance against plan ;
Tracking and monitoring progress and
accomplishments on major initiatives and
projects at country level ;
Articulating appropriate response to environmental
factors, regulation, government policies,
competition and other such issues in the country ;
Articulating policies for advancing business
objectives in the country ;
Advising the Company on adaptation of overall
strategy to the specificities of the local environment ;
Advising on local laws and regulation impacting
on Group policies.
Annual Country Heads Meeting
The Annual Country Heads Meeting is an annual
meeting of all Managing Directors and Group
Functional Heads across the Group, to review and
reflect on Group strategy and policies. The meeting
plays a key role in facilitating the harmonization and
integration of the Group strategy. Its role includes:
Sharing and disseminating information,
experiences and best practices across the Group ;
Initiating policies that encourage integration and
promote the 'One-bank concept' ;
Promoting integration and standardization of
Group policies and procedures ;
Promoting and monitoring compliance with
Group operational standards ;
Contributing to the formulation of Group policies.

21. 19
The Pan African Bank
Introduction
The main purpose of this section is to illustrate the
diversity and wide range of corporate social
responsibility and sustainability policies and projects
launched and supported by Ecobank
Corporate social responsibility refers to the
contribution by businesses to sustainable
development. It covers a company’s participation in
fields such as human rights, human resources,
relations with clients, suppliers and other
stakeholders, corporate governance, environment
and contribution to the community and the society in
general. It is increasingly viewed as a strategic issue
to ensure the development of a sustainable world and
to enhance business competitiveness. It is high on
the priority list of a number of international
organizations and investors who seek to increase
business awareness and involvement .
Ecobank’s Commitment
We are committed to ensuring that we remain a Group
that cares about the impact it has on society. Ecobank
has a long history of commitment to the communities
in which it operates. Contributing to the improvement
of living conditions through financing individuals and
businesses, supporting local communities and local
economic development, building greater social and
human capital are all an integral part of our
foundation and identity.
Economic Performance
Revenues generated in 2006 were over US$348 million.
In generating these revenues, we made loans and
provided assistance of over US$1.8 billion to
governments and government agencies, companies,
small and medium scale enterprises, microfinance
institutions and individuals of over US$128 million.
We collectively paid over US$42 million in taxes to
governments in West and Central Africa, making us one
of the largest tax payers and thus contributing to
economic development and social welfare.
Ecobank Foundation
Ecobank Foundation a social responsibility initiative
started operations in 2005. It is through the
Foundation that Ecobank drives its corporate social
responsibility to support community and social
development in a sustainable manner.
Up to one percent of the Group’s profit after tax may be
donated to Ecobank Foundation for funding projects
and supporting communities in countries where
Ecobank is present.
Ecobank Foundation has thus far made donations
amounting to over US$650 thousand and has
supported twelve (12) projects in three (3) countries.
The Foundation focuses on projects in the areas of:
Education, Health, Culture and Research.
In addition to funding from Ecobank, the Foundation
may also seek funding from third parties to support its
activities.
Human Capital
Ecobank employs over 5,860 people across 305
branches, offices and kiosks. We estimate that we
directly support up to 5 times our number of
employees or over 29,000 people. Through our
contractors, suppliers and distributors, we believe
we directly and indirectly provide employment to a
much larger number of people across West and
Central Africa.
Ecobank also gives training opportunities to about
200 University undergraduates and high school
leavers across the Group.
Our human development programmes are also
training an increasing number of professionals not
only in the banking sector but also in related areas
such as technology, telecommunications and
technology-enabled processes.
Corporate Social Responsibility & Sustainability

22. 20
2006 Annual Report
Corporate Social Responsibility & Sustainability (continued)
Environment and Safety
As a banking Group, Ecobank finances projects
across many sectors. In financing projects, Ecobank
adheres to the IFC environmental Code. Accordingly,
projects that we finance are screened to ensure that
they do not unduly damage the environment and do
not pose a safety hazard. Ecobank is currently
reviewing the Equator Principles to fully evaluate its
applicability to its activities.
Ecobank as a matter of policy does not finance
projects involving arms and gambling or projects
whose impact on the individual or the environment
are generally considered to be unacceptable.
As a bank, Ecobank’s internal activities do not
typically have an adverse impact on the environment
when compared with other industries. Nonetheless,
we are actively considering ways to improve our
environmental responsibility and minimize adverse
impact on the environment. These include ways in
which we can reduce energy usage, paper usage and
carbon dioxide emissions. We anticipate that further
investments in technology and the increasing
adoption of remote contact technology such as video
conferencing will reduce the need for road and air
travel and their adverse environmental effects while
saving the Group significantly in transportation costs.
Microfinance and Poverty Alleviation
Ecobank has partnered with Accion International,
one of the leading microfinance institutions in the
world to establish microfinance institutions in
countries where Ecobank operates. Under this
arrangement, the parties are working to launch
microfinance banks in Ghana and Nigeria in 2007.
These institutions will target loans to the poorer
segment of the society.
Ecobank also finances existing microfinance
institutions through providing lines of credit. These
relations are evolving into alliances where they also
distribute simple banking products such as savings
accounts and money transfer products.
Ecobank’s strategy in the microfinance sector is not
to actively compete with microfinance institutions but
rather to support them and partner with them to
reach those customers that would typically not come
into an Ecobank branch.
Education, Employment and Health
Through the Ecobank Foundation, we provided
computers and learning aids to communities in Chad
and in Mali. Through our internal and external
training and development programmes, we are
increasing the banking talent pool in West and
Central Africa.
In Nigeria, Ecobank partnered with the National Aids
Awareness Campaign to open centres in universities
to educate the youths on Aids. Currently the bank
operates 7 centres across Nigeria.
Diversity
Ecobank, by virtue of its spread, is one of the most
diversified groups in Africa in terms of its people.
Ecobank also has a policy of ensuring diversity in its
employee talent pool without compromising the
quality of its staff. Regular reports are presented and
monitored to ensure adherence to policy. Employees
come from over 16 nationalities and communicate in
English and French which are the official languages
of the institution.
In terms of gender diversity, 40 per cent of the
employees are female and the balance male. In
terms of representation at the management level, 75
out of 257 management staff are female. 3 out of 16
country managing directors are female and one out
of five of our executive directors is also female. The
Group has employees with physical disability across
its network. 2.2 per cent of the staff are over 50 years
old and 86 per cent of staff are under 40 years.

23. 21
The Pan African Bank
Application of Technology
Ecobank has been at the forefront of the adoption of
technology. The Group has a policy of “One Person,
One PC” whereby all employees across the Group are
entitled to a PC or a laptop for undertaking their job.
In addition, Ecobank operates a regional
telecommunications network that provides most of its
telecommunications and technology needs, including
telecommunications linkages, shared gateways,
internet and email services. The widespread adoption of
technology and telecommunications has been critical to
the successful development and expansion of the Group.
The Group is currently implementing the first shared
services centre in West Africa that would consolidate
and centralize many of the activities and services
currently being carried out across the many
subsidiaries of the Group.
Sports
Ecobank supports sports in many ways. Through our
various subsidiaries we donate to sporting activities
in the communities in which we operate. In addition,
some of our subsidiaries have sports teams that
compete an participate in local sporting activities.
In 2006, Ecobank was one of the largest contributors
to the African world cup teams. We acted as official
bankers and co-sponsored the Ghanaian and
Togolese teams to the world cup
Indicator 2006 2005 %Change
Revenues (US$‘000) 348,464 236,351 47
Corporate Tax (US$‘000) 42,934 22,790 88
Return on Average Equity (%) 23 23.8 (3)
Efficiency Ratio (%) 59 63 (6)
Earnings per share (cents) 13 11 18
Return on Average Assets (%) 3.0 2.5 20
Capital Adequacy (%) 19.0 21.7 (12)
Employees 5,860 2,602 125
% female staff 40 38 5
% female staff at executive level 25 22 14
Investment in training and development (US$‘000) 2,921 2,165 20
Corporate social respons. Expenditure (US$‘000) 654 710 (8)
Key Sustainability Indicators

24. 22
2006 Annual Report
Ecobank Group has codified policies on corporate
ethics which applies to directors and employees
across the Group. These policies are regularly
reviewed to ensure that they are in line with
international practice.
Code of Conduct for Directors
Directors across the Group are required to sign a
code of conduct that enjoins them to adhere to
certain principles of the Group. This is in addition to
any local rules or codes governing directors’ conduct.
The code of conduct covers issues such as ;
Fiduciary responsibility:
Directors are required to act in the best interest of
the Company and in protection of shareholder
interests, to act to preserve the assets of the
Company and further its business interests; and to
recognize the interest of other stakeholders such as
employees, customers and the communities in which
we operate.
Conflict of interest:
To avoid of conflict of interest in dealing with the
Company, Directors may not utilize their position on
the board to their advantage. A director must obtain
the approval and consent of the board where there is
a potential area of conflict of interest and must
disclose all material facts related thereto. Directors
must also disclose any direct or indirect interest in
any loans, contracts or credit facilities granted by any
Company in the Group.
Confidentiality:
Directors are required to observe the utmost
confidentiality with respect to information relating to
the Company including information relating to
personnel, transactions and other matters relating
to the operations of the Company.
Attendance at Meetings:
Directors are required to endeavour to attend all
board meetings and to conduct themselves in a
manner that will foster the smooth running of the
board of directors.
Non Interference:
Directors may not interfere in the day to day running
of the Company and to maintain the utmost dignity in
their dealings with management and employees of
the Company. Directors are enjoined to exercise
independent judgment in evaluating management
and their actions.
Disclosure of any information that may affect the
director’s relationship with the Group.
Insider Dealings:
A director may not utilize information obtained in his
capacity as director to enrich himself through
advantageous acquisition of shares or other
securities issued or to be issued by the Company.
Rules of Business Ethics
All employees of the Group are required to sign and
adhere to the Group rules on doing business. These
rules require all employees to conduct themselves in
a manner that is in the overall interest of the Group.
Violation of the rules of business ethics may result in
sanctions, including dismissal.
Compliance:
All employees must comply with local laws and
regulations in the conduct of their duties as well as
the Company’s internal policies and procedures.
They must also endeavour to promote a culture of
compliance.
Confidentiality:
All employees must avoid intentional or unintentional
disclosure of sensitive or confidential information to
unauthorized persons. Sensitive information include
information relating to customers of the Group, trade
secrets, non-public information, information arising
from our dealing with governments, regulators or
vendors/suppliers and any information that is
potentially prejudicial to the Group.
Conflict of Interest:
Employees must avoid circumstances in which their
personal interest conflicts or may appear to conflict
with the interest of Ecobank or its customers.
Corporate Ethics & Transparency

25. 23
The Pan African Bank
Reporting of Violations:
An employee who suspects a possible violation of a
law, regulation or our rules of business ethics is
encouraged to report such violations to his/her
supervisor. Employees are expected to be
responsible in reporting such possible violations.
Ecobank also has in place a whistleblower policy
where employees may anonymously report incidents
or situations that are damaging or potentially
damaging to the institution. This facility is maintained
through an independent international third party to
ensure its effectiveness and to protect the identity of
any whistleblower.
Know-Your Customer:
The Ecobank Group Anti-Money Laundering and Anti-
Terrorism Policy requires all staff to know the
customers who do business with bank. Detail
information requirements are provided which should
be updated regularly to reflect the changing status of
the customer. Reports of suspicious transactions are
required to be made and followed up. Ecobank
cooperates with regulatory and security authorities
to fight against illegal financial transactions.
Transparency
We are implementing our policy on transparency by
increasing the level of disclosure in our annual
reports and accounts. This is designed to ensure that
our stakeholders, employees, shareholders,
regulators, customers and the market at large are
adequately informed on developments in Ecobank.
Accordingly, we have provided supplemental
information on our directors and senior
management, information relating to the
remuneration of our directors, information on
director related loans, disclosure on other aspects of
the bank’s activities relating to corporate governance
and corporate social responsibility and sustainability.

26. 24
2006 Annual Report
Chief Executive Officer’s Review
We had a very good year in 2006 but we have the potential
to do much better.
We grew assets by 59 per cent to US$3.5 billion, increased
revenues by 47 per cent to US$348 million and pre-tax
profits rose by 75 per cent to US$129 million. We increased
market share in many of our markets and extended our
market reach in West and Central Africa.
We are addressing our weak position in the Nigerian
market, one of the largest, most competitive and
fastest growing markets in Africa. We are investing in
our people to improve customer service and sales.
We are investing in technology to enhance efficiency
and reduce costs. And we are rolling out new
products to sustain market competitiveness and
create new market opportunities. The benefits of
these actions are already becoming evident in this
year’s results.
We recognize that our future success will come not
only from playing to our strength as the leading
independent regional bank brand but also in
addressing our areas of weakness.
Financial Results
In 2006, we increased revenues by 47 per cent to
US$348 million. This was as a result of significant
growth in business volumes, a positive exchange rate
movement, an acquisition in Nigeria and a growth in
fees and commissions.
Our business in UEMOA and CEMAC regions benefited
from a positive exchange rate fluctuation. The 11 per
cent increase in the Euro to US dollar rate improved
reported revenues by US$7 million. On the other hand,
a weak local currency in Guinea depressed revenues
by US$5 million.
Overall, profit before tax grew by 75 per cent to
US$129 million. This was a respectable performance
compared to the previous year and given the
increased competition in all our markets.
Operating margins improved even as we have been
investing heavily in expanding our distribution
channels and in technology. We added 143 new
branches and offices during the year and invested
over US$9 million in upgrading our technology. At
the same time, we invested over US$30 million in
providing additional capital to our existing
subsidiaries and in acquiring a bank in Chad.
Despite these, our value added rose by 61 per cent to
US$142 million.
Review of 2006
The major development in 2006 was the listing of
Ecobank Transnational Incorporated on the three
stock exchanges in the sub-region namely the
Bourse Régionale des valeurs Mobilières in Abidjan,
the Ghana Stock exchange in Accra and the Nigeria
Stock Exchange in Lagos. This landmark event was
the first ever triple listing in Africa.
In addition, two of our major subsidiaries, namely
Ecobank Nigeria and Ecobank Ghana were listed in
2006. Again, this is designed to enhance shareholder
value by providing a market-related and efficient
basis for valuing the Ecobank Group and minimizing
any discount due to our holding Company structure.
We also took a number of steps to deepen and grow
the Ecobank franchise through organic growth and
by acquisitions. We extended our reach in West
Africa by opening a new subsidiary in Sierra Leone
and later in Guinea Bissau early in 2007.

27. 25
The Pan African Bank
We grew our Nigerian business by the acquisition of
the branches and deposit liabilities of All States
Trust Bank, one of the banks that did not survive the
consolidation of the industry. In Central Africa , we
increased our network to three countries by the
acquisition of majority interests in BIAT, the second
largest bank in Chad and early in 2007 in BICA, the
largest bank in Central Africa Republic of which
regulatory approval is pending.
We expanded our distribution by increasing the
number of branches and offices from 162 to 305;
introduced 109 ATMs; 58 kiosks and over 500 direct
sales agents.
We raised US$87 million in additional capital to
strengthen our capital base and to finance the
growth of the Group.
We launched a major microfinance initiative and
partnered with ACCION to implement it across our
network.
Our Strategy
In 2006, we held a Group-wide retreat in which we
defined the strategic framework and targets to guide
the collective efforts of the Group for the next three
years. These strategic objectives will form the basis
of all balanced scorecards not only for the leadership
team but for all employees in the Group. These target
and principles have been set out in a manifesto
which will be made available in all branches and
premises across the Group.
Our core strategic objectives are to build scale
through acquisitions and organic growth; grow our
customer base, products , distribution and markets;
achieve efficiency and reduce costs through
operational and product excellence; and deliver
superior shareholder returns.
Our priorities for the plan period cover:
Building Financial Strength:
Strengthening our capital base to support the growth
of existing businesses, expansion into new markets
and the ability to withstand unexpected market
developments. We intend to raise additional equity
and long-term capital from the local, regional and
international markets and to maintain a conservative
capital adequacy ratio.
Focusing on Operational Excellence:
To improve efficiency and better manage costs, we
are investing in improving our technology, processes
and systems. Work has already commenced on
significant upgrades or replacements of our existing
operating systems and an overhaul of our operating
processes. This will involve standardization and
centralization of our middle and back office
operations in a shared services centre for the Group
which is currently under construction along with
back up and disaster recovery sites.
Improving Our Business Mix:
We are working to build a balanced business
franchise that is diversified not only by geography
but by products, customers and markets. We have
commenced an aggressive push into the retail
market and are investing in ATMs, POSs, kiosks and
direct sales agents.
Expanding Distribution:
We will expand our distribution by expanding into
new markets and deepening our presence in existing
markets. We are also expanding our contact points
by opening new branches, increasing the number of
our sales people and entering into alliances to
expand our reach.
Building Capacity:
With the increasing competitiveness in the banking
sector, there is increasing competition for talent. We
are investing in deepening our leadership pool
through a combination of training, exposure to
different operating environments and an attractive
work environment along with a revamped
recruitment and compensation system. Of increasing
importance is the need to nurture a sales and
customer service culture in our people to enhance
our market competitiveness.

28. 26
2006 Annual Report
Chief Executive’s Review (continued)
Risk Management and Controls:
As we grow our network, we are exposed to
increased risks. We are taking steps to address this
by investing in modern risk management tools that
will enable us better manage and control the various
risks we are exposed to.
Nigeria:
Nigeria represents the second largest and one of the
fastest growing markets in Sub-Sahara Africa.
Greater success in Nigeria will significantly affect
the overall performance of the Group. Accordingly,
we are taking steps to improve our competitiveness
through organic growth and acquisitions. We
acquired the branches and the deposit liabilities of
one of the failed banks and are looking to acquire
more to increase our distribution and market share.
Our discussions with FirstBank of Nigeria were
designed to move Ecobank to a leadership position in
the Nigerian market
Our Markets
We operate in emerging African markets that offer
excellent growth opportunities for efficient
businesses. There are several reasons why we
believe these markets are particularly attractive.
Firstly, they are grossly underbanked compared with
other emerging markets with further room for
growth not only in product offerings but also in new
markets and new customers.
Secondly, some of these markets, especially the
countries of Central Africa are experiencing
significant economic growth from the discovery and
production of crude oil.
Thirdly, the reduction in civil and social unrest and
the liberalization of many of these economies have
rekindled interest and attracted new investments
from international investors.
Fourthly, there is a large untapped retail sector that
is poorly serviced. Empirical data from the mobile
telephone sector and the microfinance sectors
suggest that with the appropriate strategy, there
exists a large retail market to be tapped.
The key to success in these markets is not dissimilar
to what obtains in other markets. There is the need
to build scale in distribution, in capital and in talent.
We are addressing these challenges by raising
additional capital, by opening new branches and offices
and by recruiting, training and retaining talented people.
Our operations are currently grouped into 4 regions
covering West and Central Africa. These are
discussed in more detail in the Business and
Financial review section of this annual report.
Execution
In 2006, we further refined our business strategy and
took several initiatives to accelerate the execution of
the strategy. Key performance indicators were
developed to track the key strategic goals of scale,
growth, efficiency and shareholder value.
We successfully completed most of the goals we
outlined in the 2006 annual report and in some cases
substantially exceeded our targets.
Scale: We grew the size of the bank by over 59% to a
balance sheet of US$3.5 billion. We ended the year
with a market capitalisation of US$1.44 billion
making us one of the top 10 banks in Sub-Sahara
Africa ( excluding the Republic of South Africa ) in
terms of size and market capitalisation. We also
extended our geographical reach.
In many of these markets, we saw a significant gain
in market share arising from a more aggressive
customer and deposit acquisition strategy and the
opening of new branches.
Growth: We grew gross revenues by 46% to US$419
million. Deposits grew by 88% to US$2.5 billion and
profits grew by 75% to US$129 million. We grew our
customer base by over 65% to half a million customers
and the number of branches increased by 83% to 305.
Through alliances and alternative channels, the
number of customer contact points increased from 197
to 1,370. A significant part of this growth was due to the
increasing success of our retail strategy.

29. 27
The Pan African Bank
In terms of countries, we increased our country
presence to 15 from 13 and to 18 early in 2007,
further deepening our presence in West Africa and
extending our network in Central Africa. We believe
the full impact of our growth initiatives will begin to
show in the second half of 2007.
We also have identified professionals to drive our
initiative to grow revenues in wholesale, retail,
investment and transaction banking and have
launched new products in cash management and
trade that leverage on our unique regional presence.
Our “Ecobank Everywhere” strategy has improved
accessibility and reach, which together with a more
outward focus, positions the Group to grow its core
businesses. We not only offer our products through
our branches and sales force but also through
alliances, outsourcing and kiosks.
Efficiency: Even as we grew the Group, our operating
metrics remained stable and in some cases showed
considerable improvement during the year under
review. Operating losses measured as a percentage
of profit before tax which improved to 3% from 4%.
Our operating margin increased by 47% from
US$236 million to US$348 million; the cost/income
ratio improved slightly to 59% from 63%; and non-
performing loans as a percentage of total loans
improved from 13% to 8%.
Improving efficiency, building operational excellence
and improving customer service are prerequisites for
achieving the strategic objectives of Ecobank. A
complete review of our technology platform including
the hardware, software and telecommunications was
undertaken. As a result, the Group is now implementing
a shared services centre that will include a data centre,
call centre, shared gateways and other value-added
services that are designed to improve efficiency and
customer service.
The Group is taking steps to centralize its middle and
back office operations in a shared services centre. Work
on this commenced in 2006 and when completed,
should result in considerable costs savings and
efficiency improvements. Service levels are being
developed for all major operating processes in the
Group and these are currently being rolled out.
During 2006 we launched the ONEBANK project to
further integrate our operations and activities across
the countries in which we operate. In addition to the
shared services centre (the first of its kind by a bank
in West and Central Africa), this will include
replacing our current technology platform (
hardware and software) with more powerful and
more robust and scalable systems capable of
meeting our growing needs in the medium term,
upgrading and modernizing our processes and
improving and further standardizing our physical and
operating infrastructure such as our branches.
Shareholder Value: Measured in terms of total
shareholder returns ( capital gains plus income from
dividends and other payouts), 2006 was a record year
for our shareholders. The share price moved from 80
cents a share at the beginning of 2006 to 1 dollars a
share. Along with a 1 for 5 bonus issue and a dividend
of 3 cents a share, this gave a total return to
shareholders of 59% for the year. This will be very
difficult to match in the coming years.
A focus on shareholder value and a consequence of
our listing means that we will increasingly adopt a
stock market approach in running the Company and
responding to shareholder issues. In addition to
changes to our management information and
reporting system, we have set up an investor
relations function that will focus on addressing the
information and other needs of our shareholders in a
timely and efficient manner.
Conclusion
We are confident we have the right strategy. Our
focus going forward is on execution: building scale,
growing the business, improving efficiency and
delivering superior shareholder returns
Arnold Ekpe
Group Chief Executive Officer

30. 28
… Manifesto
Building a world class African Banking Group
Non-negotiables
Key Measures
GROWTH
COMPLIANCE
RISK MANAGEMENT
Organic and
by acquisitions
Zero tolerance for non-compliance
Effectively manage risks
across our businesses
PEOPLE STRENGTH
Committed
and productive
work force
BUSINESS GROWTH
Grow revenues, customers
and distribution
OPERATIONAL EXCELLENCE
To improve efficiency and
reduce costs
CUSTOMER SERVICE
Efficient and
convenient customer service
FINANCIAL PERFORMANCE
Superior financial
performance
FINANCIAL STRENGTH
Adequate capital
to support the business
BALANCED BUSINESS MIX
Across markets, customers
and products
BRAND DEVELOPMENT
Position Ecobank as the
leading bank brand
in Africa
PUTTING THE CUSTOMER FIRST
Meeting customer needs promptly
and accurately
PERFORMANCE
Continuously striving to do better
PUTTING THE INSTITUTION FIRST
Ecobank before personal and other interests
SCALE
Leading Bank
in Middle Africa
EFFICIENCY
Operational and
product excellence
SHAREHOLDER VALUE
Superior
shareholder
returns
+ + =
…The Pan African Bank

31. 29
The Pan African Bank
Business and Financial Review
Financial Summary
By all standards Ecobank delivered the strongest
financial results in the history of the Group in 2006.
Profit before tax increased by 75% to US$129.3 million.
Profit after tax followed similar trend, growing by 70%
to US$86.4 million. Profit attributable to equity
shareholders also improved to US$69.4 million,
representing growth rate of 67%. This offers improved
earnings per share of 13 cents (2005: 11 cents).
Recording a growth rate of 59% total assets of the
Group increased to US$3.5 billion.
Likewise almost all the ratios of the Group reported
significant improvements. Cost-to-income ratio
improved to 59% from previous year’s level of 63% as
a result of strong growth in revenues. Despite
increased capital and asset base, return on average
equity and return on average assets were 3% (2005:
2.5%) and 23% (2005: 23.8%) respectively.
Fig 1: Profit before tax (PBT) - Profit after tax (PAT)
2002 - 2006 (US$m)
Key Factors impacting the Results
Revenue Growth
Operating income grew by 47% to US$348 million as
a result of strong growth in net interest income and
fees and commissions. Net interest income was up
by 66% to US$181 million resulting from strong
growth in loans and advances.
Non interest revenue improved by 31% to US$167
million strongly influenced by 26% increase in fees
and commissions and 22% increase in trading
income. The ratio of non interest income to total
income was 48% compared to 54% in 2005.
Impairment Losses
Despite significant increase in loans and advances, loan
loss expense improved to US$13 million compared to
US$15 million recorded in 2005. Ecobank Benin
contributed US$5 million to this due to deterioration in
exposures in cotton and construction industries. The
improvement in loan loss expense was as a result of
significant recoveries made in Ecobank Côte d’Ivoire
and Ecobank Togo for credits which had earlier been
fully provided for, as well as better risk management
across the Group. Recovery efforts have been
intensified and it is expected that substantial part of the
provisioned amounts will be recovered in 2007.
Operating Expenses
Operating expenses increased by 39% to US$206
million compared to revenue growth of 47%, hence
the improvement in efficiency ratio.
Fig 2: Revenue and Operating Expenses
2002 - 2006 (US$m)
Staff cost increased by 43% as a result of increase in
staff numbers to support the increasing business
volumes. Ecobank Nigeria increased its staff
strength from under 1,000 to close to 3,000 to
support extensive expansion in the branch network.
Other operating expenses increased by 37% in line with
growing business volumes, technology improvement and
cost relating to aggressive retail strategy of the Group.

32. 30
2006 Annual Report
Balance Sheet Growth
Underlying the 59% growth in total assets was a
significant growth recorded in deposits which also
enabled the Group to increase its credit portfolio.
Fig 3: Balance Sheet Growth
2002 - 2006 (US$b)
Liquidity
Customer deposits increased by 63% to US$2.5 billion
representing 83% of total liabilities (2005: 81%) with
10.8% one month net liquidity gap (2005: 17.4%).
Average deposits grew by 34.5% to US$2.0 billion. This
strong deposit growth was aided by the Group’s
aggressive retail strategy culminating into massive
increase in branch network in all the banking
subsidiaries, particularly Ecobank Nigeria.
Risk Assets
With increased product offerings in all our business
segments, average loans and advances to customers
grew to US$1.5 billion, representing an increase of 51%
over 2005. The Group’s net loan loss expenses amounted
to 0.9% of average loans compared to 1.5% in 2005.
Capital
During the year the Company continued its capital
raising programme which began in 2005. Mainly
from private placements, a total of US$87 million
was raised primarily from international investors.
This contributed strongly to increase in total equity
from US$304 million to US$482 million, offering Tier
one capital ratio of 19.0% (2005: 21.7%). This was the
same as total capital ratio, well above target of 12%.
Business Segments
The Group continued to pursue diverse strategies in
enhancing the performance of all its business
segments, reflecting positively on performance.
Retail Banking
The Group’s retail banking business was structured
to provide a range of products and services to meet
the needs of clients in small and medium scale
businesses as well as the micro finance sector.
During the year, the Group launched a new retail
strategy to leapfrog its performance in the segment.
We focused on organic investments and acquisitions,
resulting in addition of 143 branches and offices,
most of which were in Nigeria. Branches and offices
grew from 162 to 305.
The Group continued to develop mutually beneficial
relations with partners of common interest. Ecobank
signed a partnership agreement with ACCION
International to develop its micro finance business.
The Group’s card programme continued to make more
in roads in the West African sub region. Ecobank
Nigeria, yet again, led the way in the card business in
Nigeria. In addition to being the first bank to launch
MasterCard in Nigeria, the subsidiary issued the first
local currency credit card in West Africa under the
name, Ecobank Naira Credit Card. Ecobank Ghana
continued to pioneer the Visa Card business in Ghana.
In the UEMOA Region, Ecobank Card maintained the
market leader position. By close of the year over
156,000 (2005: 90,000) cards had been issued and over
100 (2005: 35) ATMs were in use.
The Group is aware of some specific risks associated
with this segment of the market. Therefore
appropriate risks mitigation factors have been
instituted to enable it enjoy the full benefits of the
enormous potential the segment offers.
Business and Financial Review (continued)

33. 31
The Pan African Bank
Wholesale Banking
Ecobank specializes in serving the public sector,
multinational institutions, financial institutions and other
major players in the private sector which constitute the
wholesale banking segment of the market.
Ecobank has particularly been competitive in serving
this niche despite increasing competition for the small
number of the clients.
Investment Banking
Our investment banking subsidiary, Ecobank
Development Corporation (EDC) continued to offer
its wholesale clients a range of investment banking
capabilities in corporate and project finance,
advisory services and asset management. EDC is
represented in UEMOA, WAMZ and Nigeria. Plans
are far advanced to create a similar vehicle in
CEMAC Region to enable the subsidiary serve in all
the markets in which Ecobank operates.
Treasury
Treasury and money market activities represented a
significant part of the wholesale bank’s activities.
Ecobank is a major player in the foreign exchange and
money markets in the West African sub-region. The
Group continued to leverage on its geographical
spread in West and Central Africa in assisting clients’
cross-border transactions in the sub regions.
Technology and Operations
The Group continues to build a modern technology
platform to facilitate speedy and cost effective
service to its clients. eProcess International SA, the
technology arm of the Group has achieved
tremendous success in providing a shared gateway
for our payment system and for our regional ATM
network aimed at improving the efficiency of support
for all our subsidiaries.
In 2006, our planned shared services centre commenced
operations in Accra, Ghana. By close of 2007 a number of
operational activities across the Group will be centralized
and processed at the Shared Service Centre. The full
impact of this service, in the form of cost reduction,
efficiency and speed, will be realized in the coming years.
Regional Operations
The Group is organized along geographical region to
drive performance of the various subsidiaries.
Contributions of the various regions to the Group’s
profit before tax and assets are shown below:
Fig 4: Contribution of Regions to Profit Before Tax
Fig 5: Contribution of Regions to Assets

34. 32
2006 Annual Report
Business and Financial Review (continued)
UEMOA Region
With 10 countries, the Union Economique et
Monétaire Ouest Africaine (UEMOA) Zone has a
population of 80 million with Gross Domestic Product
(GDP) of US$43 billion.
Ecobank increased its presence in the region by
opening a new subsidiary in Guinea Bissau in
January 2007. The region, which has 8 of the 16
banking subsidiaries, contributed 42% to the Group’s
profit before tax, and 46% to assets. The continued
turnaround of Ecobank Côte d’Ivoire’s business,
despite continued political difficulties in the country,
impacted positively on the region’s results.
There were significant recoveries of previously
provisioned loans in Ecobank Côte d’Ivoire and
Ecobank Togo. On the other hand, Ecobank Benin
contributed 38% to the Group’s loan loss expense
due to deterioration in its exposures in cotton and
construction industries. It is expected that greater
part of this provision will be recovered in 2007.
New regional and local banks continued their influx
into UEMOA Region. However, Ecobank is well
positioned to withstand the increasing competition.
US$’000
Revenues 146,378
Profit Before Tax 57,855
Deposits 1,145,498
Shareholders' Funds 131,789
Total Assets 1,687,577
WAMZ Region
The West Africa Monetary Zone (WAMZ) comprises
six countries with total population of 39 million and a
GDP of US$14 billion.
In November 2006, Ecobank Sierra Leone
commenced banking operations, bringing the total
number of subsidiaries in the region to 4. Plans are
far advanced to open a subsidiary in the only country
in the region left to be covered, Gambia, in 2007.
Despite continued depreciation of the Guinean franc
against the US dollar, the WAMZ Region contributed
24% to the Group’s profit before tax with 17% of Group
assets. Ecobank Ghana continued to be the main driver
in this region, contributing 75% of the region’s pre tax
profit. Ecobank Liberia is well positioned to take
advantage of the restoration of democracy in Liberia and
the subsequent inflow of economic aid to revamp the
economy. This is evidenced by the increase in the
subsidiary’s profit before tax from just US$10,000 in
2005 to US$2.5 million in 2006.
US$’000
Revenues 71,426
Profit Before Tax 33,945
Deposits 457,856
Shareholders' Funds 68,155
Total Assets 618,596
CEMAC Region
The Communauté Economique et Monétaire de l’Afrique
Centrale (CEMAC) Region consists of six countries with a
population of 38 million and a GDP of US$38 billion.
Until November 2006, Ecobank’s representatiion in the
CEMAC Region was only Ecobank Cameroon. The
region contributed 3% to the Group’s profit before tax.
With 8% of the Group’s assets, the Group’s expansion
in the region has been through acquisition.
In a bid to be an increasing beneficiary of the business
opportunities in this oil and gas rich region, the Company
acquired a 60% holding in Banque Internationale pour
Afrique du Tchad (BIAT) in Chad in October 2006. The
bank has been renamed as Ecobank Chad. In January
2007, the Company also acquired a 72% interest in Bank
Internationale pour la Centrafrique (BICA), in Central
Africa. It is expected that the impact of these acquisitions
would be felt in the subsequent years by the region
making increased contribution to the Group’s
performance. A license was also obtained in February
2007 to open a new subsidiary in Sao Tome & Principe.
US$’000
Revenues 15,326
Profit Before Tax 4,070
Deposits 238,683
Shareholders' Funds 21,569
Total Assets 285,916

35. 33
The Pan African Bank
Nigeria
With a population of over 130 million and a GDP of
US$96 billion, Africa’s most populous country, Nigeria,
consists of a region on its own.
Ecobank Nigeria recorded the strongest growth in the
Group by increasing its profit before tax by about three-
fold to US$40 million. With this, the region contributed
29% of the Group’s profit before tax and 28% of the
Group’s assets, making it the second highest
contributor. One of the influential factors is the
recapitalization of the subsidiary by close of 2005, first to
meet the Central Bank minimum capital requirement,
and second, to reposition the bank in the Nigerian
market. Ecobank Nigeria combined acquisition and
organic growth in its expansion programme in 2006. The
subsidiary acquired over 60 branches of All States Trust
Bank (ASTB) in Nigeria. In addition, Ecobank Nigeria
increased its branch network across the country. With
the full impact of the expansion programme the region
is expected to take commanding lead in contribution to
the Group’s performance.
US$’000
Revenues 116,620
Profit Before Tax 40,296
Deposits 656,931
Shareholders' Funds 223,266
Total Assets 1,034,960
Risk Management
Risk Management function in the Group covers all
areas of risk including credit, price/market, interest
rate, exchange rate, liquidity, operational risk and legal
risk. The primary objective of the risk management
function is to establish acceptable risk limits and
thereafter to ensure that exposure to these risks stays
within these limits. The operational, legal and
regulatory risk management functions are intended to
ensure adequacy as well as proper functioning of
internal policies and procedures as well as compliance
with prevailing laws and regulations. The ultimate
responsibility for the effective management of risk lies
with the Board of Directors both at the Group level and
at the level of the operating subsidiaries.
The Risk Committee of the board reviews and approves
the risk management policies for the Group, subject to
any local regulatory amendments, and reviews and
monitors adherence to these policies.
The Group manages risks through the implementation
and monitoring of a rigorous system of policies and
procedures, the enforcing of a detailed and timely
reporting system, and internal risk review program
which systematically audits operations in all countries.
Each operating unit is periodically reviewed by a team
of reviewers that includes representatives of all
relevant functional units and consolidated into an Audit
and Risk Reviews team. This team covers all relevant
risks families, including strategic and franchise risk,
legal and compliance risk, financial reporting risk,
staffing and organizational risk, credit risk, market risk,
operational risk, systems and technology risk, and
country risk.
Strategy in using Financial Instruments
By its nature, the Group’s activities are principally
related to the use of financial instruments. The Group
accepts deposits from customers at both fixed and
floating rates and for various periods and seeks to
achieve interest margins commensurate with its
objectives by investing these funds in higher yielding
assets. The Group seeks to increase these margins by
consolidating short-term funds and lending for variable
periods at higher rates whilst maintaining sufficient
liquidity to meet all claims that might fall due.
The Group seeks to maintain interest margins that will
enable to remain profitable after accounting for net
provisions, through lending to commercial and retail
borrowers with a range of credit standings. Such
exposures involve not just on-balance sheet loans and
advances but also off-balance commitments such as
guarantees, letters of credit and performance and
bonds.
The Group also trades in financial instruments
where it takes positions in government securities,
money market and foreign exchange instruments to
take advantage of short-term market movements in
the financial markets, interest rate and commodity
prices. The board places trading limits on the level of
exposure that can be taken in relation to both
overnight and intra day market positions. Foreign
exchange and interest rate exposures associated
with these instruments are normally offset by
entering into counterbalancing positions, thereby
controlling the variability in the net cash amounts
required to liquidate market positions.