Fakoyejo OlalekanAlain Nkontchou, a Cameroonian billionaire, has purchased shares from Ecobank Transnational Incorporated (ETI) amid a period the company’s shareholders are losing part of their investment.
According to document obtained from the capital market authority, Nigerian Exchange Limited (NGX), and published on July 30, the businessman bought 322.01 million shares of Ecobank on March 30, 31, and May 24, 2022.
Prime Business Africa analysis showed that the 322.01 million shares cost Nkontchou N3.80 billion. This increased his stake in Ecobank Transnational Incorporated to over 600.25 million shares, which represents about 3.2% ownership of Ecobank.
Nkontchou’s investment in Ecobank comes at a period investors in the company are losing their investment in the commercial bank, as shareholders are dumping their stocks over fear of more losses.
The sell off has sent Ecobank share value down to N9.90kobo as at August 1, depreciating by -16.1% from N11.80kobo the stock was worth on March 30, when Nkontchou made his first purchase.
It was gathered that the dip in share resulted to a loss of N34.86 billion in shareholders’ investment in Ecobank, as the financial institution’s market valuation fell to N181.66 billion, down from the N216.52 billion the company was worth on March 30.
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