Cameroonian brothers acquire majority stake in Ecobank

David Poka
Lome, Togo
October 12, 2025

C ameroonian experienced investor, Alain Nkontchou, acquires a 21.22 percent stake in Ecobank Transnational Incorporated (ETI) making him the largest shareholder of the Pan-African bank. On August 15th, 2025, ETI, the parent company of the Ecobank Group, confirmed an agreement between Nedbank Group Ltd and Bosquet Investments Ltd. Bosquet is the private investment vehicle of Cameroonian financier Alain Nkontchou. This transaction remains subject to regulatory approval. The business and financial relations between Ecobank and the Nkontchou Brothers began in 2017. That year, Enko Africa Private Equity Fund (EAPEF) invested in Ecobank’s EUR68.6 million Initial Public Offering on the BRVM (Abidjan, Côte d’Ivoire). Cyrille Nkontchou and Alain Nkontchou had co-founded EAPEF in 2017.

Ecobank: A pan-African Bank

Ecobank is a Pan-African financial institution, which operates in 35 countries across Africa. The bank has 14,560 employees and serves the financial needs of over 32 million (or which 19 million primary banking relationships) businesses and individuals. It reported US$28.0 billion in assets and total equity US$1.8 billion on December 31st, 2024. Parent company, ETI, is listed on three stock exchanges: The Nigerian Exchange Group, the Bourse Régionale des Valeurs Mobilières (BRVM) in Abidjan, Côte d’Ivoire, and the Ghana Stock Exchange.

Bosquet’s acquisition ends 17 years of ownership by Nedbank of South Africa, which has held its investment in Ecobank since 2008. Nedbank made an initial investment of US$285 million. Between 2008 and 2014, it added a further US$215 million, lifting its stake to 21.2 percent for an aggregate cash outlay of US$500 million. But Bosquet Investments paid US$100 million (about R1.8 billion), according to Nedbank’s market release and filings by both parties. After the regulatory approval, the combined exposure of Nkontchou brothers will rise to 24 percent of ETI’s issued share capital. This figure comprises the new 21.22 percent block and 2.86 percent through Enko Capital, the African-focused asset-management group co-founded by Alain and Cyrille Nkontchou.

Bosquet Investments Ltd and Enko Capital

Bosquet Investments Ltd is the private investment vehicle of Alain Nkontchou and a member of ETI’s board since 2014. Between 2020 and 2024 as chairperson, he steered the bank towards sustained profitability. The management of the bank is upbeat about the deal. For the CEO Jeremy Awori, this investment is ‟a strong vote of confidence”, in the ‟growth, transformation and returns strategy” of the bank . Like his brother, Cyrille Nkontchou has also been an independent non-executive director of Ecobank since 2015.

Founded by the two brothers in 2009, Enko Capital Management LLP manages various funds, including a public debt strategy, an ESG-focused private equity strategy for mid-market companies, and an impact credit fund for small enterprises in sub-Saharan Africa. The firm served as a financial advisory firm to Bosquet Investments during the acquisition of Ecobank shares from Nedbank, with Absa Bank Limited serving as co-adviser. Enko has offices in London, Mauritius, Johannesburg, and Cote d’Ivoire and has US$1.00 billion under management.

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