The Delta State Governor, Dr. Emmanuel Uduaghan has called on Nigerian investors, especially those from Delta State to invest massively in the ongoing $2.5 billion Ecobank Transnational Incorporated (ETI) Cross Border Hybrid Offer because of the banks potential for leadership in the African financial services market.

Addressing hundreds of investors that gathered at the prestigious Wellington Hotel, Warri, Delta State, Governor Uduaghan said by investing in the ETI offer, Nigerians, would become co-owners of a bank that has a measurable roadmap for its organic growth and development of the economies and peoples of the African continent.

"I call on you to take advantage of this offer. By investing in it, we would not only stand to make excellent returns in the future; we would also have involved in cementing a strong African brotherhood because ETI is a strong African brand with multinational success story," the Delta State Governor, who was represented by the Director of Treasury, Office of the Accountant General, Delta State, Mrs. Joy Enwa, said.
He praised ETI for promoting credible business ideals rooted in hard work, integrity, probity and transparency, attributes he was sure would attract many Nigerians to Africa’s single biggest Public Offer. He also called on the bank to explore collaborative opportunities with the Delta State Government in exploring the abundant resources in the state for development purposes for the growth of the bank on the one hand and for the development of the state on the other.
Commenting on the ongoing Offer which ends on October 3, 2008, Mr. Bob Osaghae, General Manager and Head of Risk Management, Ecobank Nigeria Plc thanked the people and government of Delta State for the tremendous interest they have in Ecobank Transnational Incorporated, promising that the Group would not rest on its laurels until it transforms the banking landscape in Africa.

The ongoing ETI Cross Border, he said presents an opportunity for Nigerians to be a part of one of Africa’s fastest growing financial services groups. He explained that Ecobank has expanded into 25 African countries in the past few years and looks set to increase this to 32 before the end of this year.

Ecobank Transnational Incorporated (ETI), the Pan African bank on August 25, 2008 opened its $2.5 billion (about N295 billion) cross border hybrid offer. The capital raising exercise, the biggest and first cross-border hybrid public offering (PO) and Rights Issue in Africa is expected to be sold simultaneously on three stock exchanges in Ghana, Nigeria and Abidjan, Cote d’Ivoire.

Details of the offer, which according to the ETI Group would be invested in expansion into new countries, technology and process upgrade and capitalization of existing subsidiaries, showed that ETI is raising equity through a 3.76 billion rights issue that is being offered at $0.27 apiece at a ratio of five new shares for every nine held and another 5.12 billion shares being offered to the public at $0.29 each.

ETI is the holding company of the Ecobank Group, the leading independent regional banking group in sub-Saharan Africa with presence in more African countries than any other bank. It currently operates in 25 countries. Established as a regional bank holding company in 1985 with its head office in Lome, Togo, it has grown to a full–service regional banking group with over 500 branches and offices and over 8,000 employees across west, central, east and southern Africa.