United Capital is preparing to expand into Rwanda, marking its next move into East Africa, following a successful rollout across Francophone West Africa. The Lagos-based financial services firm, chaired by billionaire Tony Elumelu, sees the move as part of its pan-African strategy, aiming to operate in ten African markets. The expansion builds on its May 2025 entry into Côte d'Ivoire, where it launched United Capital Asset Management West Africa Limited, extending its reach across all eight members of the West African Economic and Monetary Union (UEMOA).
Elumelu confirmed the Rwanda push while reflecting on the group's first year in Côte d'Ivoire, stating, "The journey has only just begun," and adding, "Rwanda next." Group Chief Executive Officer Peter Ashade said the West Africa phase focused on building institutional partnerships and connecting investors to regional opportunities. With that foundation in place, the firm is now turning to East Africa.
The expansion follows strong financial performance. For 2025, United Capital reported a 35 percent rise in gross revenue to N58.55 billion, with profit after tax up 17 percent at N28.15 billion. Assets under management exceeded N2 trillion. In the first quarter of 2026, unaudited figures show profit after tax surged 66 percent to N9.79 billion, driven by fee income, investment gains, and contributions from insurance associates.
The company, spun off from United Bank for Africa in 2014, recently completed the recapitalisation of its four Securities and Exchange Commission-regulated subsidiaries—fully funded through retained earnings—exceeding new capital requirements ahead of the June 2027 deadline. Its diversified model spans investment banking, asset management, securities trading, trusteeship, and digital financial solutions.
Tony Elumelu champions expansion into Rwanda while United Capital's growth is built on profits from Nigeria and Francophone markets, not East African demand. The firm's success so far relies entirely on internal funding, meaning Nigerian investors and regional operations are financing ambitions far beyond their immediate reach. If returns from Rwanda do not match those from West Africa, the strain will fall on the same investors who funded the expansion. There is no indication yet that East African markets offer the same opportunities as the UEMOA bloc.
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