Jimoh Ibrahim to List Ghana bank on Stock Exchange
Nigerian businessman Jimoh Ibrahim is planning to list shares in Energy Commercial Bank on the Ghana Stock Exchange this month.
His Energy Commercial Bank is at the final phase of receiving approval from Ghana’s Securities and Exchange Commission (SEC) to float its shares on the stock exchange by August 2018, according to a report by African Markets.
The bank’s listing prospectus is currently with the Ghanaian SEC for final scrutiny, a report in Forbes.com indicated.
Energy Commercial Bank is looking to raise more than $60 million by floating over 50% of its shares to Ghanaian institutional and retail investors, in a bid to recapitalize to more than ¢400 million ($83.5 million) in line with new directives from the Bank of Ghana.
Last year, the Bank of Ghana tripled minimum capital requirements for banks to 400 million Cedis as part of reforms to strengthen the industry.
Nigerian businessman Jimoh Ibrahim, 51, founded Energy Commercial Bank in 2009. The financial institution is a subsidiary of Global Fleet Group, the Nigerian business conglomerate which Ibrahim owns completely. Global Fleet has interests in oil distribution, financial services, media and real estate. Energy Bank Ghana Limited was incorporated in 2009 as a private limited liability company. It began full scale banking operations on February 22, 2011 after acquiring a class 1 universal banking license.

It believes that banking is all about creating satisfaction for its stakeholders, contributing to the growth of the national economy and impacting on the larger society by being a partner in the development process.
The vision of the bank is to build a strong bank based on the timeless principles of loyalty and customer service.
To this end, Energy Bank will remain discipline and focus on win-win, engage associates, employees, suppliers and customers who can help build mutually beneficial relationship that shall be worthy of loyalty and commitment, adopt simple, flexible organization design and structure, measure and reward the right results, listen and act decisively to suggestions, complaints and ideas that will help us exceed the expectations of our stakeholders and the larger society and
practice what it preach at all times.