Alain Nkontchou, a multimillionaire banker and leading executive from Cameroon, has seen the market value of his stake in Ecobank Transnational Incorporation, one of Africa’s leading banking conglomerates, increase by over $1 million.
Nkontchou, who is a leading Cameroonian banker and the chairman of the Togo-based financial services conglomerate, holds 0.98 percent of Ecobank after acquiring an additional 131,379,263 ordinary shares in two separate transactions on Sept. 1 and Dec. 20, 2021.
According to data tracked by Billionaires.Africa on the Nigerian Exchange, the market value of his stake has risen by N626.6 million ($1.5 million) since the start of the year, owing to a strong double-digit surge in the bank’s shares as investors on the local surge continue to take up additional stakes in the lender.
Ecobank shares were trading at N12.2 ($0.0294) per share as of press time on Feb. 7, 0.83-percent higher than their opening price on the local bourse this morning.
The bank’s share price has risen from N8.7 ($0.021) at the start of the year to N12.2 ($0.0294) at the time of writing this report, representing a 40.2-percent gain for shareholders in the past 38 days.
The recent increase in Ecobank stock can be attributed to investor reactions to the bank’s unaudited financial statement for the fiscal year ending Dec. 31, 2021. According to the results, the bank’s profit increased by 296 percent during the year, from $88.3 million to $349.5 million.
The market value of Nkontchou’s 0.98-percent stake has grown from N1.5 billion ($3.7 million) on Dec. 31, 2021 to N2.2 billion ($5.2 million) as a result of the double-digit increase in the lender’s share price.
This translates to a N626.6-million ($1.5 million) gain for the multimillionaire businessman since the year began.
