Alain Nkontchou buys Nedbank’s Ecobank stake for $100m

Alain Nkontchou, former chairman of Ecobank Transnational Incorporated, has purchased a 21.2% stake in the pan-African bank from South Africa’s Nedbank Group for $100 million, ending a 17-year strategic partnership.

The transaction, executed through Nkontchou’s private investment vehicle, Bosquet Investments Limited, is set to close in Q4 2025, pending regulatory approvals, Nedbank announced in a statement on Friday.

Nkontchou, a Cameroonian financier and founder of London-based Enko Capital, expressed enthusiasm for the deal. “I am very pleased to have come thus far with the Ecobank Group, and I look forward to supporting the institution in advancing its strategic objectives of growth, transformation, and returns,” he stated in a regulatory filing with the Nigerian Exchange.

Ecobank’s CEO, Jeremy Awori, praised Nkontchou’s contributions, noting his “unwavering dedication, strategic vision, and leadership” as a former board member and chairman, which helped steer the bank toward profitability.

ALSO READ: ABSA, NETWORK INTERNATIONAL, TO ENHANCE FLEET, COMMERCIAL CARDS IN AFRICA

Nedbank’s decision follows a strategic review to focus on growth in the Southern African Development Community and East Africa. The bank classified its Ecobank stake as a non-current asset held for sale in its June financials. Bosquet Investments has secured the necessary funds for the purchase, Nedbank confirmed.

Ecobank, operating across 35 African countries, reported a 23% increase in net profit to $278.8 million for the first half of 2025, with total assets rising to $32 billion from $28 billion in 2024. Last week, the bank sold its 96% stake in its Mozambican unit to Malawi’s FDH Bank Plc, signaling further strategic realignment.