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# WAEMU Banking Commission approves Bosquet's USD 100 million acquisition of Nedbank's Ecobank stake
- URL: https://www.theglobalbanker.com/waemu-banking-commission-approves-bosquet-nedbank-ecobank-stake/
- Published: 2026-06-03T15:23:00.000Z
- Updated: 2026-10-01T23:46:50.000Z
- Description: The regional regulator cleared Cameroonian financier Alain Nkontchou's investment vehicle to complete the purchase of a 21.22% Ecobank stake.
- Author: TGB Editorial Team
- Tags: M&A, Africa

The Banking Commission of the West African Monetary Union has approved the finalisation of Bosquet Investments Limited's USD 100 million acquisition of a 21.22 percent stake in Ecobank Transnational Incorporated from Nedbank, clearing the last major regulatory hurdle for the transaction. Ecobank chairman Papa Madiaw Ndiaye announced the approval on Wednesday at a press conference after the group's 38th annual general meeting in Lomé.

Bosquet Investments is the investment vehicle of Cameroonian financier Alain Nkontchou, who chaired Ecobank's board from 2020 to 2024\. The stake had previously been held by South Africa's Nedbank Group, and the transaction was originally announced by the South African lender in August 2025\. 

#### DEAL STRUCTURE AND TIMELINE

Nigerian regulators granted their consent earlier in the sequence, and the seller-side leg of the transaction was completed in December 2025\. Approval from the UMOA Banking Commission, WAEMU's supervisor of banking activity across its eight member states, was the remaining condition required to finalise Bosquet's ownership.

Ecobank Transnational Incorporated is headquartered in Lomé, Togo, and operates across more than 30 African countries. Its shares are listed on the Nigerian Exchange, the Ghana Stock Exchange and the Bourse Régionale des Valeurs Mobilières in Abidjan. 

#### STRATEGIC SIGNIFICANCE

For Nedbank, which sold the stake for R1.8 billion, the sale ends 17 years as an Ecobank shareholder and is part of a strategic refocus on southern and east Africa, including its announced acquisition of about 66 percent of Kenya's NCBA Group.

With a further 2.83 percent held through the Enko Opportunity Growth fund, Nkontchou now controls at least 24.05 percent, making him the group's largest individual shareholder, ahead of Qatar National Bank and Dutch investor Arise B.V.

The UMOA Banking Commission took several months beyond the seller-side completion to review the file.