Alain Nkontchou Acquires More Ecobank Shares Worth N32 Million

Just after disclosing that its chairman Alain Nkontchou acquired over a hundred million naira worth of Ecobank shares, Ecobank Transnational Incorporated (ETI) has revealed that Alain Nkontchou has acquired another N32 million worth of ETI shares through Enko Opportunity Growth Fund LTD.

Investors King yesterday reported that Alain Nkontchou bought 123,419,301 ETI shares totaling N689 million at an average price of N5.88 between December 2020 and August 2021.

The Cameroon investor is said to have bought another 31,887,695 volume of shares in multiple transactions for an average price of N10.91 per share.

According to the notification released by the bank and signed by its secretary, Madibinet Cisse, the transaction took place between September and December 2022 at the Lagos office of the Nigerian Exchange.

Investors King understands 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 as he aims to increase his stake in the bank to 3.3 percent.

It is understood that Enko Fund first acquired 524,418 shares (at N11.2 per unit) for N5.9 million in early September and later bought over 1.1 million shares (at N11.6 each) worth N12.8 million between 27 and 30 September 2022.

Enko Opportunity Growth Fund is a PE growth-expansion fund led by Enko Capital which was established in 2008. Enko Capital is an African-focused asset management firm managing debt, private debt, equity and private equity investments across Africa.

The firm manages in excess of $560 million in its strategies and offers a deep knowledge of the continent combined with best-in-class investment expertise. Enko seeks to deliver strong risk-adjusted absolute returns across a wide range of strategies for its investors.

In 2022, Investors King reported that Enko Opportunity Growth Fund acquired a total of 322,010,114 Ecobank Transnational Incorporate shares at N11.83 per unit between March 30, 2022 to May 5, 2022.

Alain Nkontchou is the co-founder of Enko Opportunity Growth Fund Limited, co-founder and Managing Partner of Enko Capital Management and the board chairman, Ecobank Transnational Incorporate.