Ecobank Transnational Incorporated (ETI) has disclosed that Alain Nkontchou has acquired over a hundred million worth of Ecobank shares between 2020 and 2021.
This transaction was disclosed in a statement signed by the company’s secretary Madibinet Cisse also notified that the transaction took place at the Lagos office of the Nigeria Exchange Limited.
According to the statement, the transaction was done in multiples for an average price of N5.88 between December 2020 and August 2021.
The total aggregate volume of the transaction amounted to 123,419,301 shares with an aggregate price of N689 million.
Investors King confirms that Nkontchou had owned a 1.4 percent stake equivalent to 261.7 million ordinary shares as of the end of 2021 and has grown it to 602.7 million as of 31 December 2022.
Nkontchou, who is also the co-founder of Enko Opportunity Growth Fund Limited procured 324.4 million Ecobank shares indirectly through, Enko Capital Management LLP, an asset management firm where he is also a managing partner.
Nkontchou was formerly the managing director of Global Macro Trading at Proprietary Trading Group of Credit Suisse in London, which he joined from JP Morgan in 2005 where he worked for three years.
The Cameroonian joined ETI’s board of directors in 2014 and become the chairman six months later.
ETI, a commercial bank formed in 1985 has its headquarters in Lome, Togo. The group is represented in 35 countries in Africa with Qatar National Bank (27.1 per cent) and Nedbank (21.2 per cent) its largest shareholders.
ETI shares are listed on the BRVM stock exchange, the Ghana Stock Exchange and the Nigerian Exchange.