In August 2025, Alain and Cyrille Nkontchou took a bold step forward in their mission to reshape Africa’s banking landscape. Through their pan-African investment fund Enko Capital and the private vehicle Bosquet Investments Ltd, they executed two major deals that are redefining the continent’s financial power dynamics.
On August 15, Bosquet Investments Ltd — owned by Alain Nkontchou — acquired a 21.22% stake in Ecobank Transnational Incorporated (ETI) from South Africa’s Nedbank Group. The transaction, valued at over 65 billion CFA francs, is pending regulatory approval. Once finalized, it would make Alain Nkontchou the largest shareholder of the pan-African banking group, surpassing Qatar National Bank’s 13.5% stake.
Including the 2.86% already held by Enko Capital, the Nkontchou family would control more than 24% of ETI’s capital. Based in Lomé, ETI oversees Ecobank’s operations across 35 African countries. The group posted strong results in the first half of 2025, with total assets of $32 billion, customer deposits nearing $24 billion, and net profit of $278.8 million.
Just days earlier, on August 11, Enko Capital completed the acquisition of 100% of Société Générale Mauritania, in partnership with Oronte, an investor active in the country since 1999. The deal — whose value remains undisclosed — follows Société Générale’s gradual exit from several African markets. The Mauritanian subsidiary operated 11 branches and served nearly 40,000 clients, with net banking income of €35 million and net profit of €9.9 million prior to the acquisition.
These two moves reflect a clear strategy: to strengthen African ownership in the banking sector at a time when multinational groups are scaling back. Founded in 2008 by the Nkontchou brothers, Enko Capital now manages over $1.2 billion in assets, with offices in London, Johannesburg, Abidjan, Yaoundé, and Kigali. The fund invests in sovereign debt, private equity, real estate, and education.
Cyrille Nkontchou, a graduate of ESSEC and Harvard Kennedy School, began his career at Merrill Lynch and Goldman Sachs before co-founding Enko Capital. He also launched Enko Education, a network of 16 premium schools across 10 sub-Saharan African countries, including the La Gaité school complex in Yaoundé, founded by their mother. These schools prepare students for the International Baccalaureate, opening doors to top universities worldwide.
Alain Nkontchou, a graduate of Supélec and ESCP, held senior roles at JP Morgan, Credit Suisse, and BlueCrest Capital Management. He has chaired Ecobank’s board since 2020 and is recognized for his expertise in interest rates, currencies, and commodities markets.
As the Cameroonian government moves to acquire Société Générale Cameroun’s assets for strategic reasons, the Nkontchou brothers may turn their attention to this local subsidiary, which is more highly rated than Ecobank Cameroun. Other potential targets include Commercial Bank Cameroon and NFC Bank — both rescued from bankruptcy by the state and now seeking new investors.
By investing in Cameroon’s banking sector alongside major players like Afriland First Bank, the Nkontchou brothers would help reinforce national ownership in a field long dominated by foreign groups. They would also diversify their holdings in the country, complementing their educational investments through Enko Education.
Through these initiatives, Alain and Cyrille Nkontchou represent a new generation of African economic leaders — driven by strategic vision, continental commitment, and a determination to build resilient, competitive institutions.
