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Cameroonian billionaire, Alain Nkontchou, increases investment in Ecobank to N3.58bn

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Cameroonian billionaire, Alain Nkontchou, increases investment in Ecobank to N3.58bn

The chairman of Ecobank Transnational Incorporated, Alain Nkontchou, has continued to increase his investment holdings in the African lender amid a bullish run in the capital market.

Nkontchou acquired 16.53 million shares in two separate deals during an insider dealing, according to a document obtained from the Nigerian Exchange Limited (NGX), at the cost of about N213.3 million, Ripples Nigeria gathered.

Read also: Ecobank Nigeria’s revenue dropped by $46m in 2021 – Report

He purchased 4.74 million shares on May 5 and 11.78 million shares on May 6, 2022. The billionaire (in naira) banker previously held 261.71 million shares in Ecobank as of December 2021, which represents ownership stake of 1.44%.

Nkontchou has been significantly upping his stake in the firm since last year, considering he only held 26.74 million stocks in 2020. The Cameroonian’s investment in the financial institution is now worth N3.58 billion.

Nkontchou is the co-founder of Enko Capital Management, a Pan African asset management company with $350 million Asset Under Management, and also owns Enko Opportunities Growth Fund, for which he bought the recent shares.

His N213.3 million worth of investment comes at a period investors are bullish on Ecobank, which has seen shareholders’ total investment rise by 48.2% year-to-date, according to Ripples Nigeria analysis.

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