United Capital acquires 5% stake in NGX Group
United Capital Group has acquired a five per cent equity stake in Nigerian Exchange Group, in a move aimed at deepening its participation in Nigeria’s capital market.
The pan-African investment banking and financial services firm disclosed this in a statement on Monday.
It said that the acquisition is a strategic investment aligned with its long-term growth objectives.
The company said the investment reflected its confidence in the future of the capital market and its commitment to supporting institutions that drive market development, investor confidence and economic growth.
Group CEO of United Capital, Peter Ashade, said the acquisition underscored the company’s belief in the growth prospects of the Nigerian capital market.
“This acquisition reflects our confidence in Nigeria’s capital markets and our responsibility to contribute actively to their growth.
“We have always said that United Capital is not just a participant in Nigeria’s capital markets; we are also builders.
“This strategic investment in NGX Plc is our vote of confidence in the leadership and strategic direction of the NGX and our commitment to supporting the continued growth of the market,” he said.
Mr Ashade said the investment aligns with the group’s objective of creating sustainable long-term value for shareholders while supporting the development of the financial ecosystem.
United Capital said its operations across 12 countries in West, East and Central Africa, alongside its investment banking, asset management, securities trading and wealth management businesses, position it to maximise the benefits of the investment.
The company noted that NGX Group remained a critical institution in the capital market ecosystem, playing key roles in capital formation, market efficiency and economic growth.
It added that the acquisition would enable it to participate more actively in the next phase of the exchange’s growth and transformation.
The development follows recent strategic milestones by the group, including the recapitalisation of its subsidiaries ahead of regulatory deadlines and the acquisition of operational licences in Ethiopia and Rwanda.
According to the company, its approval in Ethiopia makes United Capital the first foreign investment bank licensed to operate in the country, further advancing its pan-African expansion strategy.
(NAN)
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