Ecobank Group has reached a significant milestone with the signing of a share purchase agreement between Nedbank Group Ltd. and Bosquet Investments Ltd., the private investment vehicle of Alain Francis Nkontchou, for the acquisition of a 21.22% equity stake in ETI. The transaction, subject to regulatory approval, represents a strong vote of confidence in the bank’s long-term vision and its Growth, Transformation, and Returns (GTR) strategy.
The gradual exit of Nedbank, a partner of Ecobank for 17 years, paves the way for a new shareholder structure. Bosquet Investments Ltd., led by Alain Francis Nkontchou, who served as Chairman of ETI’s Board of Directors from 2020 to 2024, is now positioned as a key stakeholder. This shift reflects both continuity in Ecobank’s strategic direction and a growing trend of African investors taking ownership of major African financial institutions.
Jeremy Awori, Chief Executive Officer of Ecobank Group since 2023, welcomed the development, highlighting Nkontchou’s pivotal role during his tenure as Chairman and the renewed confidence demonstrated through this investment. “We warmly welcome Bosquet Investments Ltd. as a significant shareholder. Alain’s commitment has been instrumental to our success, and his latest investment underscores his confidence in our future,” he noted, while extending gratitude to Nedbank for nearly two decades of constructive partnership.
For his part, Alain Francis Nkontchou expressed his enthusiasm for this new chapter with Ecobank, reaffirming his intention to support the bank’s strategic objectives of growth, transformation, and profitability. “I am confident that together we will seize future opportunities and lead the organization into a new era of sustainable success,” he affirmed.
Alain Francis Nkontchou, a Cameroonian-born financier, is a highly respected figure in global finance. A former Managing Partner at Enko Capital and executive at Exotix Capital, he has developed deep expertise in African and international markets. His tenure as Chairman of ETI’s Board strengthened the bank’s governance and consolidated its pan-African strategy. Through Bosquet Investments, he underscores his long-term commitment to Ecobank’s future as a continental leader.
At the helm of the institution, Jeremy Awori embodies the dynamism of a new generation of African banking leaders. A Kenyan national and biomedical engineer by training who transitioned into finance, he previously led Absa Bank Kenya with distinction before assuming leadership of Ecobank in 2023. With a vision that blends innovation and inclusivity, Awori’s mission is to establish Ecobank as the uncontested leader in digital and pan-African banking.
Beyond the financial transaction, this development conveys a powerful message for Africa’s future: the continent is increasingly asserting its ability to build, finance, and lead world-class institutions. For Ecobank, the entry of Bosquet Investments as a significant shareholder signals not only a governance evolution but also a broader trend toward greater African ownership and financial sovereignty.
