Jean Kacou Diagou takes majority stake in NSIA Participations

Key Points

• Jean Kacou Diagou boosts control of NSIA Participations to 68.73% via Manzima Holding, tightening family grip on the pan-African financial group.
• The National Bank of Canada exits NSIA after selling its 22.6% stake to Diagou’s vehicle, following Amethis’ earlier divestment.
• NSIA, active in 12 African countries, continues expansion under Diagou’s leadership, with Swiss Re remaining a key undisclosed shareholder.

Ivorian banker Jean Kacou Diagou has tightened his hold on NSIA Participations SA Holding, the company at the heart of the NSIA Group. Diagou, through his family’s investment vehicle, Manzima Holding SA, has increased his stake in the holding company from 46.67 percent to 68.73 percent, solidifying his influence in Africa’s financial services space.

The increase follows Manzima Holding’s acquisition of a 22.6 percent stake previously held by the National Bank of Canada, which has now fully exited the group. Though the value of the transaction was not disclosed, the deal marks another step in a broader consolidation effort that began last year.

Back in March 2024, Manzima Holding also bought the 6 percent stake held by private equity firm Amethis. For Diagou, these moves are part of a steady effort to regain majority control of the group he founded, anchoring that control through his family-owned vehicle.

Manzima becomes NSIA’s largest shareholder

The National Bank of Canada first became involved in NSIA Participations in 2015 when it partnered with Emerging Capital Partners to acquire a significant stake.

With the bank’s exit, Manzima Holding is now the largest shareholder in the group. Swiss Re, the Swiss reinsurer, remains on board, having invested $112 million in 2017 to join NSIA’s capital. However, its current shareholding hasn’t been disclosed.

“Now that the National Bank of Canada has exited, NSIA is better positioned to move forward with confidence and build a strong financial holding company that can serve its clients and partners more effectively,” said Jean Kacou Diagou in a statement following the transaction.

Diagou’s NSIA boosts regional inclusion

Born in 1948 in Abidjan, Côte d’Ivoire, Diagou began his career in insurance before founding NSIA Group, the first Ivorian conglomerate to combine banking and insurance. His leadership helped reshape the region’s financial landscape, driven by a strong understanding of the market and a focus on creating accessible and sustainable systems.

Today, NSIA operates in 12 countries and serves millions across Francophone, Anglophone, and Lusophone Africa. By 2019, the group’s revenue had reached CFA219 billion ($358.54 million), up 17 percent from the previous year. The group is now widely recognized as a key player in advancing financial inclusion across the continent.

NSIA Participations was established to manage the group’s structure and coordinate its subsidiaries in insurance, banking, and financial services. As the holding company behind the NSIA Group, it oversees operations spanning life and non-life insurance, as well as banking services, in key markets across West and Central Africa.