Alain Nkontchou, former Chairman of Ecobank Transnational Incorporated (ETI), has acquired Nedbank’s 21.22 percent in Ecobank Transnational Incorporated for $100 million.
The Cameroonian entrepreneur will take over Nedbank’s shareholding in the group through his private investment vehicle, Bosquet Investments Inc. Although the deal is still subject to regulatory approvals, the transaction is expected to cost $100 million.
“We are pleased to welcome Bosquet Investments Ltd. as a significant shareholder of ETI. This important milestone reflects a deep and enduring commitment to our Group’s growth and success,” Jeremy Awori, the group’s chief executive officer, said in a statement. “Their investment is a strong vote of confidence in our Growth, Transformation and Returns strategy, our performance, and our people.”
Awori also highlighted the role of Alain, who has been closely associated with Ecobank over the years, first as a board member and later as chairman. He noted about Alain, his “unwavering dedication, strategic vision, and leadership” have played a central role in steering ETI into a new era of profitability.
“I am grateful for his continued trust and partnership, and I look forward to working together to realize a shared vision of growth, innovation, and excellence,” the statement added while also extending “deep appreciation to Nedbank for 17 years of constructive partnership,” noting that the South African lender “remains a valued commercial partner of Ecobank.”
Enko Capital Management LLP, co-founded by Nkontchou, acted as the lead advisor on the transaction, with Absa Bank Limited serving as co-financial advisor.
Nedbank’s partnership with Ecobank
Nedbank’s partnership with Ecobank began in 2008, when the South African banking group acquired a stake in the bank. This stake was increased to 20 percent in 2014, as part of a $285 million debt-to-equity arrangement that was agreed in 2011.
In 2011, Ecobank took loan from Nedbank to acquire Nigeria’s Oceanic Bank. Part of this debt was converted to equity as Nedbank became the largest strategic shareholder in Ecobank. After more than 16 years, Nedbank started reconsidering its stake in Ecobank in 2024. Then, on August 15, 2025, the deal was announced.
According to news reports from Bloomberg, Nedbank is plotting an expansion across Africa. With its divestment from ETI, it remains to be seen what angle the South African bank will take in the coming months.
Qatar National Bank remains the second largest strategic shareholder with a 20.1 percent stake in the group.
Further details on ETI
In July, ETI announced a $250 million additional tier-1 capital raise through a private placement of convertible notes. The group has yet to disclose details of the transaction, but market watchers note that if a single investor subscribed to the entire issue, that party would emerge as the bank’s largest shareholder by a significant margin.
Meanwhile, Nedbank’s sale of 5.25 billion ordinary shares for $100 million (about N150 billion) effectively values the transaction at roughly N29 per share. This represents a 25 percent discount to ETI’s current share price of N38.80 on the Nigerian Exchange (NGX).
