United Capital Plc, the prominent Nigerian financial services group backed by billionaire tycoon Tony Elumelu, has secured landmark regulatory approvals to operate in Ethiopia and Rwanda. The expansion marks a major milestone for the Lagos-listed firm, making it the first foreign institution in history to be granted an investment banking license by Ethiopia’s newly liberalized financial regulatory regime.
The double-market entry shifts United Capital’s center of gravity across East Africa, expanding its total corporate footprint to 12 African countries. In Ethiopia, a nation historically characterized by strict state controls and heavily guarded financial sectors, the approval signals a pivotal moment in Prime Minister Abiy Ahmed’s broader economic liberalization agenda.
Under the new authorization from the Ethiopian Capital Market Authority (ECMA), United Capital is cleared to establish localized operations and directly engage in financial advisory services, securities brokerage, and portfolio management. The move positions the firm at the ground floor of an emerging capital market ecosystem designed to attract international dollar flows and unlock domestic equity.
Breaking Into Restricted Markets
The regulatory breakthrough follows a rigorous screening process. According to the Ethiopian Capital Market Authority, the approval was granted only after an exhaustive regulatory review process involving multiple government ministries and extensive cross-market due diligence.
For United Capital, the entry into Ethiopia comes on the heels of another successful push into neighboring Rwanda. The Capital Market Authority (CMA) of Rwanda formally authorized the group to provide trust services, corporate investment banking, and portfolio asset management within its borders.
Peter Ashade, Group Chief Executive Officer of United Capital Group, framed the regional expansion as a strategic bet on East Africa’s macroeconomic reforms.
“Ethiopia and Rwanda represent two of Africa’s most significant growth opportunities, and we are pleased to receive these licenses at an important moment in the region’s capital market development journey,” Ashade said in an official statement. “The region’s strategic location as an international trade route connecting Africa and the East, a large youthful workforce, and ongoing reforms are expected to continue attracting foreign investment.”
Ashade added that the expansion serves as a benchmark for West African corporate diplomacy: “This is also a significant milestone for our country, Nigeria, as we export our business expertise to Ethiopia and Rwanda as they open their doors to foreign players.”
United Capital’s expansion highlights the growing muscle of Nigeria’s financial services industry, which has increasingly sought pan-African dominance to buffer against domestic currency shocks and growth caps in its home market. By establishing physical operations in West, East, and Central Africa—including the West African Economic and Monetary Union (WAEMU) region—the firm aims to build an interconnected pipeline for cross-border transactions.
Ejikeme Okoli, United Capital’s Director for Africa, emphasized that the firm intends to rely on its six-decade institutional track record to guide these newly opening capital ecosystems.
“Our journey from Nigeria to Ethiopia, from Abidjan to Kigali, is a single pan-African strategy, built on the conviction that African capital, mobilized and structured through African institutions and regulated within African frameworks, is the most sustainable foundation for the prosperity of this continent,” Okoli stated.
By breaking the foreign barrier in Addis Ababa, United Capital has positioned itself ahead of continental peers as East Africa aggressively hunts for alternative, cheaper regional funding routes amidst tightening global debt markets.
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