In a regulatory disclosure filed with the Nigerian Exchange Limited, the Ghana Stock Exchange, and the Bourse Régionale des Valeurs Mobilières on May 7, 2026, the lender revealed plans to issue Tier 2 qualifying Nature Notes under U.S. SEC Rule 144A and Regulation S.
The proposed transaction forms part of the Group’s broader capital management strategy and is expected to strengthen its balance sheet while supporting environmentally focused investments across its operations in 34 African countries.
The filing, signed by Group Executive Director and Chief Financial Officer, Ayo Adepoju, stated that proceeds from the issuance would mainly be used to fund a concurrent tender offer for ETI’s existing $350 million 8.750% Tier 2 Notes due in June 2031.
According to the bank:
“The net proceeds of the issue of the Notes will be deployed to finance the concurrent any-and-all tender offer of the ETI U.S.$350 million 8.750% Tier 2 notes due June 2031.”
The lender further explained that part of the funds would be directed toward financing and refinancing green assets under its sustainability framework.
“ETI will allocate an amount equivalent to the full net proceeds of the issue of the Notes to finance or re-finance, in part or in full, new and/or existing eligible assets as described in ETI’s Green Bond Framework.”
The bank also disclosed plans to list the Nature Notes on the regulated market of the London Stock Exchange to improve investor participation and global visibility.
“ETI intends to list the Notes on the London Stock Exchange, with the expectation that the Notes will be traded on its regulated market.”
Building on Earlier Capital Raise
The planned issuance comes months after shareholders approved a $250 million Additional Tier 1 (AT1) capital raise during an Extraordinary General Meeting held in Lomé on May 28, 2025.
That fundraising exercise, launched through a 10-day private placement on July 9, 2025, involved contingent convertible notes structured to enhance the bank’s regulatory capital position under Basel III requirements.
At the time, ETI emphasized that the AT1 issuance was conducted strictly via private placement and did not amount to a public securities offering. The move was seen as part of the Group’s long-term expansion strategy across its pan-African banking network.
Industry analysts say the latest Nature Notes proposal reflects a growing trend among African lenders seeking cheaper and more diversified funding sources from international markets while simultaneously aligning with global sustainability standards.
The transaction, however, remains subject to prevailing market conditions and the completion of final documentation.
Strong Earnings Momentum Supports Expansion Plans
Ecobank’s latest capital market ambitions are coming on the back of a strong financial showing. The Group recently crossed the N1 trillion earnings threshold, recording one of the strongest quarterly performances in its history as both core banking and non-interest income continued to expand.
The bank reported gross earnings of approximately N4.88 trillion, representing a 16 percent year-on-year increase. Profit after tax also climbed 23 percent to N904.7 billion.
A significant portion of the earnings growth came from treasury operations, with income from treasury bills and investment securities generating more than N1.4 trillion in interest income.
Customer lending, however, remained a key earnings driver, contributing nearly one-third of the Group’s total revenue.
The results underscore Ecobank’s evolving earnings structure, where traditional lending operations are increasingly complemented by investment income and treasury activities amid changing market conditions across Africa.