Regulator approves Bosquet acquisition of Nedbank's Ecobank stake

Finance

Thursday, 04 June 2026 14:32

Regulator approves Bosquet acquisition of Nedbank's Ecobank stake

(Togo First) - The West African regulator’s approval is set to reshape Ecobank’s shareholding structure, with former board chairman Alain Nkontchou returning as a shareholder through Bosquet Investments, nearly two years after stepping down from his position.

Ecobank chairman Papa Madiaw Ndiaye announced on Wednesday that WAEMU's banking regulator has approved Bosquet Investments Limited's acquisition of a stake in the pan-African lender.

The West African Monetary Union's Banking Commission cleared the transaction, under which Bosquet acquires the 21.22% stake previously held by South Africa's Nedbank.

The announcement came at a press conference following Ecobank Transnational Incorporated's 38th annual general meeting in Lomé.

Responding to a question on the status of the regulatory review, Ndiaye said the UMOA Banking Commission had approved the finalization of the Bosquet Investments transaction.

He also welcomed Bosquet Investments on behalf of the board, noting that it succeeds Nedbank, which had been one of Ecobank's largest shareholders and a constructive member of its board over the years.

Nedbank announced the sale of its stake for $100 million in August 2025. The transaction was completed on the seller's side in December 2025 following approvals from Nigerian regulators. The UMOA Banking Commission subsequently took several additional months to complete its review of the deal, in line with procedures applicable to significant ownership changes at a banking holding company in the zone.

A strategic return for Alain Nkontchou

Bosquet Investments Limited is the investment vehicle of Cameroonian financier Alain Nkontchou. He chaired Ecobank's board between September 2020 and June 2024 before handing over the position to Senegalese banker Papa Madiaw Ndiaye. Combined with the Enko Opportunity Growth fund, which he controls and which holds 2.83% of the capital, Nkontchou now controls at least 24.05% of Ecobank. He thus becomes the group's largest individual shareholder, ahead of Qatar National Bank and Dutch investor Arise B.V.

For Nedbank, the transaction marks the end of seventeen years as an Ecobank shareholder. The South African bank announced in January 2026 its intention to redeploy capital in East Africa through the acquisition of approximately 66% of Kenyan banking group NCBA Group for 13.9 billion rand.

Asked about the possibility of the new shareholder assuming the board chairmanship, Ndiaye referred the matter to the group's governance bodies without commenting further.

Regarding his own future and that of Group Chief Executive Jeremy Awori, Ndiaye said they would continue serving the institution as long as they retained shareholders' confidence.

At the time of its exit, Nedbank held two seats on ETI's board. According to information obtained by Agence Ecofin, Bosquet has so far filled only one of those seats, leaving room for additional board representation given the size of its stake.

Fiacre E. Kakpo

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