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Tony Elumelu's reach across African finance has grown again. United Capital, the Pan-African investment banking and financial services group associated with the Nigerian financier, has completed the acquisition of a 5% equity stake in the Nigerian Exchange Group, securing a meaningful slice of one of the most important institutions at the heart of the country's financial system.
The transaction, concluded in Lagos and announced June 15, marks what United Capital calls a significant milestone in its long-term growth strategy. The deal places a group long shaped by Elumelu's vision of African-led capital deeper inside the machinery of the nation's markets.
The Nigerian Exchange Group sits at the center of the country's capital market infrastructure and plays a central role in advancing national economic development goals. United Capital's investment, the firm said, reflects its confidence in the future of the Nigerian capital market and its commitment to the institutions that drive market development, investor confidence and economic prosperity.
Peter Ashade, group chief executive officer of United Capital Group, framed the deal as a statement of intent. "This acquisition reflects our confidence in Nigeria's capital markets and our responsibility to contribute to their growth actively," he said. "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 exactly that, we are building for impact."
The stake, Ashade added, is a vote of confidence in the leadership and direction of the exchange, and aligns with United Capital's broader vision of creating sustainable, long-term value for shareholders while taking an active role in the ecosystems where it operates.
United Capital carries a growing footprint across 12 countries in West, East and Central Africa, with a full-service suite spanning investment banking, asset management, securities trading and wealth management. That breadth, the firm says, positions it to leverage the equity stake in ways that benefit both the group and the wider market.
The move follows a run of strategic milestones. United Capital recently completed the recapitalization of all its subsidiaries well ahead of regulatory deadlines and secured operational licenses in Ethiopia and Rwanda, extending its reach into new markets.
To Elumelu and the group he helped build, the bet is straightforward. Where the Nigerian capital market is headed, United Capital intends to help take it there.
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