Cameroonian entrepreneur and former Chairman of Ecobank Transnational Incorporated (ETI), Alain Nkontchou, has acquired Nedbank’s 21.22 percent stake in Ecobank for $100 million, deepening his role in the bank he once led.
The deal, completed through his private investment firm Bosquet Investments Inc., is still subject to regulatory approval. Yet, market analysts say the move underscores Nkontchou’s long-term belief in Ecobank’s future as Africa’s premier pan-African lender.
Ecobank Welcomes Familiar Face
Confirming the deal, Jeremy Awori, CEO of Ecobank, described the acquisition as a milestone for the bank.“We are pleased to welcome Bosquet Investments as a significant shareholder of ETI. Alain’s strategic vision and leadership have been instrumental to our transformation, and this renewed commitment reflects confidence in our growth strategy,” Awori said.
Nkontchou has been part of Ecobank’s story for more than a decade, serving as a board member and later as Chairman, where he guided the institution through restructuring and a return to profitability.
End of a 17-Year Partnership
The transaction also marks the end of Nedbank’s 17-year equity partnership with Ecobank. The South African lender first bought into the group in 2008, before increasing its stake in 2014 when Ecobank used part of a $285 million debt-to-equity swap to finance its acquisition of Nigeria’s Oceanic Bank.
Over time, Nedbank became Ecobank’s largest strategic shareholder. But by 2024, it began reviewing its investment, ultimately deciding to divest in 2025.
Despite selling its stake, Nedbank is expected to maintain commercial partnerships with Ecobank across African markets.
What the Numbers Say
Nedbank’s sale of 5.25 billion shares for $100 million effectively values the shares at N29 each, a 25 percent discount to Ecobank’s N38.80 price on the Nigerian Exchange (NGX).
Analysts believe Nedbank opted for a discounted exit to speed up its divestment and free capital for new opportunities. Meanwhile, Qatar National Bank retains a 20.1 percent stake, making it the second-largest shareholder after Nkontchou’s new position.
Why Nkontchou’s Move Matters
Beyond the numbers, Nkontchou’s acquisition is viewed as a strategic return. His investment firm, Enko Capital Management LLP, advised on the deal, alongside Absa Bank Limited.
Financial experts say his renewed stake could accelerate Ecobank’s pan-African ambitions.
“Alain is not just investing money; he’s consolidating his influence over a bank he helped reshape. This could fast-track Ecobank’s digital banking and financial inclusion agenda,” said a Lagos-based banking analyst.
Looking Ahead
Nedbank’s exit and Nkontchou’s return underline how ownership structures in African banking are evolving. What began with a rescue mission for Oceanic Bank in 2011 has now come full circle, with an African investor stepping in where a South African partner has stepped back.
For Ecobank, the development signals stability and continuity. For Nkontchou, it is a reaffirmation of his commitment to the institution’s growth.
As one market watcher noted: “This deal ensures Ecobank’s next growth chapter will be written by those who understand the continent best.”
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