The Board of Directors of Ecobank Transnational Incorporated (ETI) shall hold a board meeting on February 24 to consider the annual financial statements for the year ended December 2022 (“Audited Annual Financial Statements”).
In compliance with the announcement by the Securities and Exchange Commission, Nigeria, dated January 19, 2022, requiring all public companies to elect whether to file the fourth quarter (Q4) UFS within 30 days after the quarter end, and file the Annual Audited Financial Statements (AFS) within 90 days after the year end or to not to file the Q4 UFS, but to file the AFS within 60 days after the year end, ETI elected to file the Audited Annual Financial Statements within 60 days after the year end.
The chairman of ETI, Alain Nkontchou, had scaled up his holding in the lender by more than two-fold in 2022, according to share purchase documents posted on the Nigerian Exchange’s website.
Mr Nkontchou held a 1.4 percent stake equivalent to 261.7 million ordinary shares in the pan-African lender as of the end of 2021 but grew that to 602.7 million as of December 31, 2022. Altogether, the ETI chairman acquired 341 million units of common stock last year.
While 16.5 million shares were directly purchased in the name of Mr Nkontchou, the chairman procured 324.4 million indirectly through Enko Opportunity Growth Fund Limited, a fund linked to him and led by Enko Capital Management LLP, an asset management firm in which he is also a co-founder as well as a managing partner.
Executed in multiple transactions, the direct share acquisitions cost N211.4 million in all: the indirect purchases were valued at N3.836 billion, both summing up to N4.1 billion.
Mr Nkontchou acquired over 4.7 million shares (at N12.50 per unit) worth N59.4 on May 5, 2022, and roughly 11.8 million shares (at N12.90 per unit) estimated at N152.1 million on May 6, 2022, regulatory filings show.
Enko Opportunity Growth Fund Limited purchased over 322 million shares (at an average price of N11.83 per unit) valued at N3.8 billion on March 30 and 31 as well as May 24, 2022. The fund bought further 792,218 shares (at N11.03 per unit) worth N8.7 million on August 22 and September 13, 2022.
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