Ecobank: Cameroonian Billionaire Alain Nkontchou Set To Become First Foreigner To Own 5% Of Nigerian Bank

Nigerian stock market activities of Cameroonian billionaire, Alain Nkontchou, indicates the investor has his eyes on the 5% majority ownership of Ecobank Transnational Incorporated (ETI). 

This is according to analysis of multiple documents obtained by Prime Business Africa from the capital market authority, Nigerian Exchange Limited (NGX), tracking Nkontchou’s foot print in the exchange floor. 

It was gathered that Nkontchou had acquired 345.57 million shares in Ecobank within five months. The billionaire purchased 6.23 million shares on April 28 and 29, valued at N68.59 million. He also acquired 16.53 million shares in two separate deals on May 5 and 6, worth N213.3 million. 

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Another document showed he bought 322.01 million shares of Ecobank on March 30, 31, and May 24, 2022 for N3.80 billion, and recently, acquired 792,218 shares between August 22, and September 13, at the cost of N8.73 million. 

The shares acquired in five months this year took Nkontchou’s total shares held in Ecobank to over 607.29 million as at September 13, increasing his controlling stake in the entity to 3.30%. 

Prime Business Africa understands that the stake rose from 1.44%, which he owned as at December 31, 2021. Further checks showed that the billionaire’s stake was 0.15% as at December 31, 2020, indicating that the Cameroonian has been increasing his shares in Ecobank in the last two years. 

The 3.30% stake Nkontchou holds in the Nigerian lender put him 1.7% shy of the 5% majority stake, which no individual investor has in Ecobank. With his consistency in the Nigerian stock exchange, if Nkontchou attains the mark, he will become the first individual foreigner to own such controlling interest in a Nigerian bank. 

Currently, Nkontchou, who is the chairman of Ecobank, has a total investment of N6.71 billion in the lender, based on the firm’s last closing share price of September 14.