Nigeria’s United Capital eyes East Africa expansion as profits rises

Nigeria’s United Capital is preparing to expand into East Africa after deepening its footprint across Francophone West Africa, with Rwanda emerging as the next target in the group’s pan-African growth strategy, according to Shore Africa, a pan African digital platform.

The move would make Rwanda the tenth African market in which the financial services group operates, strengthening its ambition to become one of the continent’s leading investment and asset management institutions.

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The Lagos-based investment banking and financial services firm is building on the momentum from its entry into the West African Economic and Monetary Union (UEMOA) zone in 2025, a strategic move that extended its reach across eight Francophone countries and broadened its access to regional investors and capital markets.

United Capital’s latest expansion plans come amid strong earnings growth, rising assets under management and a successful recapitalisation programme that has strengthened its balance sheet ahead of new regulatory requirements.

The next phase of the company’s continental expansion was signalled by billionaire businessman Tony Elumelu, chairman of United Capital. Reflecting on the group’s first year of operations in Côte d’Ivoire, Elumelu said the expansion had opened new opportunities for wealth creation and financial inclusion across the Francophone region.

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“The journey has only just begun,” Elumelu said, before hinting at the company’s next destination: “Rwanda next.”

United Capital established United Capital Asset Management West Africa Limited in Côte d’Ivoire in May 2025, marking its first major operational expansion beyond Nigeria. Over the past year, the subsidiary has helped extend the group’s presence across all eight member states of the UEMOA bloc, creating a platform for broader regional growth.

Peter Ashade, group chief executive officer, said the company’s strategy extends beyond geographic expansion and is focused on widening access to investment products and financial services across Africa.

“The last year has been dedicated to building institutional partnerships and connecting investors to opportunities across the region,” Ashade said. “With a solid foundation now in place in West Africa, we are ready to continue that journey into East Africa.”

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The expansion drive comes as United Capital records strong financial performance. The group recently completed the recapitalisation of its four core subsidiaries regulated by Nigeria’s Securities and Exchange Commission, exceeding new capital requirements more than a year ahead of the June 2027 deadline.

The company, formerly the investment banking division of United Bank for Africa (UBA), was spun off as a separate entity in 2014 after the Central Bank of Nigeria scrapped the universal banking system

Unlike many firms that turned to shareholders or external investors for fresh capital, United Capital funded the recapitalisation entirely through retained earnings and internal reserves, underscoring the strength of its balance sheet.

For the 2025 financial year, gross revenue rose 35 percent to N58.55 billion, while profit after tax climbed 17 percent to N28.15 billion. Assets under management also surpassed N2 trillion.

Momentum has continued into 2026, with unaudited first-quarter results showing profit after tax surged by 66 percent to N9.79 billion, supported by strong fee income, investment gains and contributions from its insurance associates.

The performance reflects the resilience of United Capital’s diversified business model, which spans investment banking, asset management, securities trading, trusteeship services and digital financial solutions.

With stronger capital buffers, rising profitability and an expanding continental footprint, United Capital is positioning itself to evolve from a leading Nigerian financial institution into a broader pan-African investment powerhouse, with East Africa now firmly in focus.