Table of Contents
Key Points
- Alain Nkontchou to acquire Nedbank’s 21.2% Ecobank stake for $100 million through Bosquet Investments, becoming the bank’s largest shareholder.
- Nkontchou’s total Ecobank holding to rise to 24.03%, or 5.95 billion shares, after adding Nedbank’s 5.25 billion shares.
- Nedbank exits West Africa exposure, refocusing capital on Southern African Development Community and East African markets.
Cameroonian multimillionaire banker Alain Nkontchou is set to become Ecobank Transnational Inc.’s largest shareholder after agreeing to acquire Nedbank Group’s 21.2 percent stake in the lender for $100 million. The deal, to be executed through Nkontchou’s private investment firm, Bosquet Investments, will mark the end of Nedbank’s 17-year partnership with Ecobank.
Nedbank disclosed that the stake, valued at about R1.8 billion ($100 million), was classified as a non-current asset held for sale in its August 2025 interim results. The agreement, signed on Aug. 13, still needs regulatory approval but is expected to close before the end of the year.
Cameroonian banker, Nkontchou, to control quarter of Ecobank
Before this deal, Nkontchou, the co-founder and managing partner of Enko Capital, already owned 698.7 million Ecobank shares, representing a 2.83 percent stake. Acquiring Nedbank’s holding will add another 5.25 billion shares to his name, raising his total to 5.95 billion shares, or 24.03 percent of the bank.
With that level of ownership, Nkontchou—who chaired Ecobank’s board from 2020 to 2024, will take on the role of its single largest shareholder, giving him considerable influence over the bank’s strategic direction. Ecobank’s management has welcomed the development, saying it brings “new perspectives and strategic support.”
Nedbank Chief Executive Jason Quinn said the sale followed a review of the group’s capital allocation and geographic priorities. The bank now plans to focus more on markets in the Southern African Development Community and East Africa, where it has operational control.
Nedbank steps back from West Africa
The move also draws a line under Nedbank’s long-standing exposure to West Africa, where Ecobank’s large presence, particularly in Nigeria, has been challenged by shifting regulations and unstable market conditions.
Over the years, Nedbank’s investment in Ecobank has struggled to deliver consistent returns, weighed down by the risks of operating in volatile economies. While Nedbank has recorded R6.8 billion ($378.6 million) in associate income from its stake, it has only received R4 million ($222,700) in dividends.
Nkontchou steps into bigger role
For Nkontchou, taking over this stake will be more than a symbolic win. His ability to shape Ecobank’s decisions, from capital allocation to regional expansion, will be tested in markets that are both promising and unpredictable. Nigeria, in particular, remains a focus, offering scale and opportunity but also currency instability and regulatory hurdles.
His connection to Ecobank runs deep. He joined the board in 2015 as a non-executive director and later became chairman, giving him years to see the bank from the inside. That experience means he steps into this new role with a clear sense of where the bank is strong and where it needs to adapt. The acquisition could open the door to a more active role in guiding its governance and shaping its regional ambitions.
