Following an earlier announcement that South Africa’s Nedbank, its largest shareholder plans to sell of its stake to focus on its core Southern and Eastern Africa markets where it owns and controls businesses, Ecobank Transnational Incorporated (ETI), mother company of the Ecobank Group, said Bosquet Investments Limited has acquired the 5,249,014,550 shares, or 21.22% interest, subject to regulatory approvals.
Nkontchou, a Cameroonian, who joined the ETI board in 2014 and served as the board Chairman between 2020 and last year, is co-founder of Bosquet Investments Limited, a private investment vehicle. He is also Managing Partner at Enko Capital, an African-focused asset management group established in 2008 with assets under management of about US$1.2bn.
Nedbank is leaving the Ecobank Group after 17 years, having it initially investing about $285m in 2008, before injecting a further $215m between then and 2014, raising its stake to 21.2 %, for an aggregate cash outlay of approximately $500m.
According to the notice on the Nigerian Exchange Limited portal by Madibinet Cisse, ETI’s Company Secretary, Enko Capital Management LLP served as the lead advisor for the transaction, while Absa Bank Limited (acting through its Corporate and Investment Banking division) was the co-financial advisor.
When approved, the acquisition will raise Nkontchou’s shareholding in Ecobank Group via Enko Capital from 698,725,289 units or 3.808% as of December 31, 2024, to 5,947,739,839 shares or 24.05%, well ahead of Qatar National Bank’s 4.97bn units and 3. 487bn shares by Arise BV.
Commenting on the transaction, Alain Nkontchou expressed enthusiasm about the development, while looking “forward to supporting the institution in advancing its strategic objectives of growth, transformation and returns.
“I am confident that, together, we will seize the opportunities ahead and lead the organisation into a new era of sustained success,” he added.
Also speaking, Jeremy Awori, Chief Executive Officer, Ecobank Group, while welcoming Bosquet Investments Ltd. as a significant shareholder of ETI, described the deal as an important milestone that “reflects a deep and enduring commitment to our Group’s growth and success.
“Their investment is a strong vote of confidence in our Growth, Transformation and Returns strategy, our performance, and our people.
“Having been part of the bank’s journey for many years, initially joining as a member of the Board of Directors, then serving as ETI Chairman, Alain has demonstrated unwavering dedication, strategic vision, and leadership that have significantly contributed to the bank’s achievements, bringing the bank to an era of profitability”, he added.
Iwori expressed gratitude the former chairman’s continued trust and partnership, while looking “forward to working together to realize a shared vision of growth, innovation, and excellence. I also take the opportunity to extend deep appreciation to Nedbank for 17 years of constructive partnership. They remain a valued commercial partner of Ecobank.”