The chairman of Ecobank Transnational Incorporated (ETI), Alain Nkontchou, scaled up his holding in the lender by more than twofold in 2022, according to share purchase documents posted on the Nigerian Exchange’s websites.
Mr Nkontchou held a 1.4 per cent stake equivalent to 261.7 million ordinary shares in the pan-African lender as of the end of 2021 but grew that to 602.7 million as of 31 December 2022. Altogether, the ETI chairman acquired 341 million units of common stock last year.
While 16.5 million shares were directly purchased in the name of Mr Nkontchou, the chairman procured 324.4 million indirectly through Enko Opportunity Growth Fund Limited, a fund linked to him and led by Enko Capital Management LLP, an asset management firm in which he is also a co-founder as well as a managing partner.
