United Capital Group has acquired a 5 percent equity stake in the Nigerian Exchange Group (NGX Plc), finalising a transaction that marks a strategic shift in its long-term growth plans. The investment positions the Group as a shareholder in one of the central institutions underpinning Nigeria's capital market infrastructure. NGX Plc plays a key role in capital allocation, market efficiency, and economic growth, serving as a critical platform for market development and investor confidence.
Peter Ashade, Group Chief Executive Officer of United Capital Group, said the acquisition reflects the company's confidence in Nigeria's capital markets and its commitment to actively contributing to their expansion. "This strategic investment in NGX Plc is exactly that: we are building for impact," Ashade stated. He described United Capital not merely as a market participant but as a builder, reinforcing its alignment with the leadership and strategic direction of the Exchange. The move is consistent with the Group's vision of generating long-term value while supporting the ecosystems in which it operates.
United Capital offers services in investment banking, asset management, securities trading, and wealth management, with operations across 12 countries in West, East, and Central Africa. The investment follows recent milestones, including the recapitalisation of all its subsidiaries ahead of regulatory requirements and the acquisition of operational licences in Ethiopia and Rwanda. The Ethiopian licence makes United Capital the first foreign investment bank approved to operate in the country, advancing its Pan-African strategy.
Peter Ashade leads a firm that calls itself a builder of Nigeria's capital markets while also profiting from them as a service provider. This dual role as participant and stakeholder in NGX Plc creates a conflict of interest that could influence how United Capital approaches regulatory reforms or market transparency. The firm's growing influence across Africa adds weight to how it balances its commercial interests with its public commitments.
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