Cameroonian multimillionaire banker Alain Nkontchou’s stake in Ecobank Transnational Inc., a leading pan-African banking conglomerate, is now worth N1.56 billion ($3.76 million).
Ecobank is the leading independent regional banking group in West and Central Africa, serving wholesale and retail customers in 36 African countries.
In the first nine months of 2021, the Togo-based financial services conglomerate reported an 847-percent growth in profit from $27 million to $256 million thanks to improved efficiency in its banking operations.
Nkontchou, who holds a leadership position in the pan-African banking group as a chairman and non-executive director, controls a beneficial 0.98-percent stake, amounting to 179,019,674 shares.
As of press time, Jan. 18, shares in Ecobank on the Nigerian Exchange were trading at N8.7 ($0.021), unchanged from their opening price on the local bourse this morning, as bearish and bullish sentiments were cleared out evenly.
At this price, the market value of his 0.98-percent stake in the pan-African bank is valued at N1.56 billion ($3.76 million).
Nearly a month ago, Nkontchou spent N1.13 billion ($2.35 million) to complete the acquisition of an additional 0.72-percent stake, which amounts to 131,379,263 ordinary shares in the bank.
The deal saw his stake rise from 0.26 percent, or 47,640,411 shares, to 0.98 percent, or 179,019,674 shares. Since he acquired the shareholding, the market value of his stake has expanded from N1.32 billion ($3.19 million) to N1.56 billion ($3.76 million).
