These bold investments come at a time when traditional Western banking groups are retreating from the continent, creating opportunities for African investors to step in and shape the sector’s future. On August 15, 2025, Ecobank Transnational Incorporated announced the sale of 21.22% of its shares, previously held by South Africa’s Nedbank, to Bosquet Investments Ltd. The deal, valued at over 65 billion CFA francs (approx. $107 million), positions Alain Nkontchou as the largest individual shareholder in Ecobank, surpassing Qatar National Bank (13.5%). If confirmed by regulators, the transaction will lift the Nkontchou family’s stake in ETI to over 24%, when combined with the 2.86% already held by Enko Capital.
I am delighted to continue this journey with Ecobank. I look forward to supporting the group’s ambitions for growth, transformation, and profitability. Together, I believe we can usher in a new era of sustainable success,
Alain Nkontchou, Chairman of Ecobank Group. With operations spanning 35 African countries, ETI remains one of the continent’s most influential banking groups. The entry of Bosquet Investments signals not only a vote of confidence in Ecobank’s future, but also the rise of African shareholders in a sector historically dominated by foreign capital.
Enko Capital Completes Société Générale Mauritania acquisition
On August 11, 2025, Enko Capital finalized the purchase of 100% of Société Générale Mauritanie, the local subsidiary of the French banking giant. The transaction was conducted in partnership with Oronte, a Mauritania-based investor. While the financial details were not disclosed, the deal represents a significant milestone in the Nkontchou brothers’ expansion strategy. The acquisition follows Société Générale’s broader withdrawal from several African markets, as the French lender streamlines operations and reduces exposure on the continent. By contrast, Enko Capital’s entry demonstrates the determination of African-led funds to seize growth opportunities in frontier markets where international players are stepping back.
The Cameroonian government has already exercised a preemptive right to acquire Société Générale Cameroun, the group’s flagship subsidiary in Central Africa, before reselling it to a strategic partner. At the same time, both Commercial Bank Cameroon (CBC) and NFC Bank institutions rescued by the state after financial distress are still seeking new buyers. For Enko Capital and Bosquet Investments, these could represent natural entry points. If realized, such acquisitions would reinforce the growing weight of national investors in Cameroon’s financial sector, long dominated by foreign groups. They would also position the Nkontchou brothers alongside Afriland First Bank, the country’s largest indigenous banking institution.
A strategic vision for african finance
The twin deals of August 2025 are not isolated transactions, but rather steps in a broader strategy. The Nkontchou brothers appear determined to consolidate African banking assets at a time of global retrenchment, empower African investors to take leading roles in institutions once dominated by foreign shareholders and diversify their portfolio across finance and education to ensure impact and resilience. If Bosquet’s entry into Ecobank is validated, and if further acquisitions in Cameroon follow, the Nkontchou family could soon emerge as one of the most influential African investor groups in banking.
In less than a decade, the narrative of African banking is shifting. Where European and South African banks once led, African investors are stepping forward with capital, expertise, and vision. The moves by Alain and Cyrille Nkontchou in 2025 illustrate this turning point : a transfer of ownership, leadership, and ambition back to the continent.
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