Cameroonian banker and Ecobank Transnational Inc. (ETI) Group Chairman Alain Nkontchou has seen the market value of his stake surge by more than $1.8 million in eight weeks due to a significant boost in the shares of the pan-African banking conglomerate on the Nigerian Exchange (NGX).
Data gathered by Billionaires.Africa revealed that Nkontchou’s stake in Ecobank has surged by N1.44 billion ($1.83 million) in 56 days (eight weeks) as investors on the local bourse continue to increase their stakes in the leading pan-African banking group.
Ecobank Transnational Inc. is the leading independent regional banking group in West and Central Africa, serving wholesale and retail customers in 36 African countries. The pan-African banking conglomerate is by far the largest in terms of countries of presence and operates under Cameroon-born Nkontchou.
Nkontchou maintains a beneficial stake of 2.18 percent, equivalent to 400,916,488 ordinary shares in the transnational group.
Since July 14, Ecobank shares on the Nigerian Exchange have surged by 29.03 percent, climbing from N12.40 ($0.157) on July 14 to N16.00 ($0.0211) at the time of writing, thus leading to gains amounting to millions of dollars for its shareholders, including the Cameroonian banker.
As a result of the double-digit percent surge in the shares of the pan-African banking group, the market value of Nkontchou’s stake has increased by N1.44 billion ($1.83 million), from N4.97 billion ($6.30 million) on July 14 to N6.41 billion ($8.14 million).
The recent surge in the market value of Nkontchou’s stake cements his status as one of the most prosperous Nigerian Exchange investors and firmly establishes him as one of Cameroon’s wealthiest banking executives.