2024-06-12 05:16:18
It was an actual earthquake that shook the world of African finance on June 6, 2024. Throughout the thirty sixth Basic Meeting of Ecobank Transnational Integrated (ETI) in Lomé, Cameroonian Alain Nkontchou was abruptly faraway from his place as president from the administration board. A shock ousting which raises many questions on the true motivations for this putsch on the high of the pan-African banking large.
The ax falls for Nkontchou
The sentence fell like an ax for Alain Nkontchou. The one who has chaired the future of the Ecobank Board of Administrators since June 2020 was requested to pack his baggage for the advantage of the Senegalese Papa Madiaw Ndiaye. An surprising change of management which took observers without warning, because the Cameroonian financier appeared put in within the president’s chair.
Alain Nkontchou had completed exceptional work lately, serving to to make Ecobank an undisputed chief in Africa. His ouster appears like a settling of scores. In actual fact, the official causes for this sudden touchdown stay opaque to say the least.
Enko Capital, the disturbing fund?
Behind the scenes, many see a hyperlink with the rise in capital of the funding fund Enko Capital, co-founded by Alain Nkontchou and his brother Cyrille. Since 2022, the fund has acquired greater than 345 million shares of ETI, changing into the sixth shareholder of the group with 1.4% of the capital. An enormous operation which visibly made the council cringe.
But a stable steadiness sheet
As a result of Alain Nkontchou’s report on the head of the ETI Board is much from negligible. Below his management, the banking group has skilled sustained development, strengthening its main place on the continent. A hit which owes lots to the experience and intensive handle ebook of this financier skilled within the mysteries of African markets.
The challenges of the brand new president
For his successor Papa Madiaw Ndiaye, the stress will due to this fact be most. The Senegalese inherits a gaggle in nice form, but additionally a local weather of suspicion linked to the circumstances of his predecessor’s departure. Its precedence shall be to reassure its governance and its means to protect the independence of the Council within the face of specific pursuits.
A problem worthy of this skilled banker, who could have the troublesome job of constructing folks neglect the Nkontchou shock. As a result of past the rumors and speculations, one certainty stays: by shedding Alain Nkontchou, Ecobank is parting methods with a pacesetter who could have marked the historical past of the group. And there’s no doubt that the Cameroonian, aged solely 55, has not completed making a reputation for himself in African finance.