Nedbank Sells $100m Ecobank Stake to Financier Nkontchou’s Bosquet Investments

Kayode Tokede

The Nedbank Group yesterday announced that it has reached an agreement to sell its 21.2 percent shareholding in Ecobank Transnational Incorporated (ETI) to Bosquet Investments Limited (Bosquet Investments) for a purchase consideration of US$100 million.

This followed the bank’s strategic review of the group’s financial investment ETI, which as from 30 June 2025, was classified as non-current asset held for sale in terms of IFRS 5.
Nedbank Group Chief Executive, Jason Quinn, in a statement posted on the bank’s website, explained that the financial institution was pleased to have reached the milestone following the board’s approval to dispose of the asset.

“Nedbank’s decision to sell its ETI investment follows a detailed evaluation of the strategic alignment, financial performance, and long-term value proposition of the investment and is consistent with Nedbank’s ongoing efforts to optimise its capital allocation and focus on core growth areas. This marks the conclusion of a significant chapter in Nedbank’s journey with ETI spanning many years.

“We wish to express our gratitude for the professionalism and integrity with which the board of directors of ETI has consistently conducted its affairs, and for the constructive engagement that has underpinned our relationship. The ETI board’s stewardship has played a pivotal role in navigating ETI through complex environments and in advancing its pan-African mandate,” he said.

Quinn added: “The sale represents a reset of Nedbank’s strategy on the rest of the African continent with a clear focus on the SADC and East Africa regions in businesses Nedbank Group owns and controls, and areas where we can play to our strengths.”

Bosquet Investments is the private investment vehicle of Alain Nkontchou, the Managing Partner and co-founder of Enko Capital Management LLP (‘Enko Capital’).
The proposed disposal is subject to the receipt of the requisite regulatory approvals in the relevant jurisdictions only. There are no other conditions precedent.