United Capital buys $13.3 million stake in Nigerian Exchange Group amid Africa expansion push

Building on its push beyond its home market and recent regulatory approvals in Ethiopia and Rwanda, United Capital, the Nigerian financial services group led by veteran investment banker Peter Ashade, has acquired a 5 percent stake in Nigerian Exchange Group Plc worth N18 billion ($13.3 million), strengthening its position in one of the country’s key capital market institutions.

The deal, now completed, gives United Capital a meaningful ownership interest in NGX Group, which sits at the center of Nigeria’s exchange infrastructure. The investment signals the company’s continued focus on deepening its role in the domestic financial system while supporting institutions that facilitate capital raising, trading activity, and market oversight.

Peter Ashade, group CEO of United Capital Group, said the investment reflects confidence in the exchange’s direction and in Nigeria’s capital markets more broadly. He described the move as part of the firm’s approach of not only participating in the market but also helping to shape it through long-term capital commitments. He added that the stake aligns with the group’s goal of creating steady value for shareholders while staying active in market development.

Ethiopia, Rwanda banking licences secured

United Capital now operates across 12 African countries, spanning West, East, and Central Africa, with services that include investment banking, asset management, securities trading, and wealth management. The group said its investment in NGX Group is intended to complement this wider footprint by strengthening its presence in Nigeria’s core market infrastructure while supporting capital formation efforts.

This comes alongside a series of strategic moves by the firm, including the recapitalization of its regulated subsidiaries ahead of regulatory deadlines and the rollout of new operations in East Africa. It recently secured investment banking licences in Ethiopia and Rwanda, marking an early entry into two tightly regulated markets. In West Africa, the group also established a new asset management arm in Côte d’Ivoire in May 2025 and has since expanded coverage across all eight countries in the West African Economic and Monetary Union.

Core businesses drive earnings expansion

Financial results show the group has continued to grow through this expansion phase. United Capital completed the recapitalization of its Securities and Exchange Commission-regulated subsidiaries 14 months ahead of the June 30, 2027 deadline, relying on internal reserves rather than new share issuance. For 2025, it reported gross revenue of N58.55 billion ($43 million), while net profit rose 17 percent to N28.15 billion ($20.7 million).

The company carried that performance into 2026, with unaudited results for the first quarter showing net profit of N9.79 billion ($7.2 million), up from N5.89 billion ($4.3 million) a year earlier. Gross earnings rose 31 percent to N17.17 billion ($12.62 million), reflecting steady activity across its core business lines despite pressure from inflation and foreign exchange volatility in key markets.