United Capital: Expanding to Unlock Shared Prosperity Across West Africa
With the launch of its West Africa office in Abidjan, Côte d’Ivoire, United Capital Plc has become the bridge between Anglophone and Francophone Africa that will unlock shared prosperity across the region through innovation in wealth management, writes Goddy Egene
“We remained committed in our mission to create sustainable value for our stakeholders despite a volatile operating environment. Our focus remains on expanding our market leadership, enhancing innovation, and driving long-term value creation.”
The above were the words of the Group Chief Executive Officer (GCEO) of United Capital Plc, Mr. Peter Ashade, to shareholders of leading pan-African financial and investment services group, at the 12th annual general meeting (AGM) held in Abuja in April 2025.
United Capital Plc has been a professionally managed business, satisfying the yearnings of all stakeholders. Profit tax after stood at N24.10 billion for the year ended December 31, 2024, showing an impressive 111 per cent jump from NN11.42 billion in 2023. Total assets appreciated by 82.6 per cent to N1.7 trillion. Shareholders went home with a total dividend of N1.40 per share for 2024 financial year.
So when Ashade gave those words of assurance on the commitment to create sustainable value, stakeholders received it with high confidenc. And barely two months after, United Capital Plc has put machinery in motion to ensure that its leading track record is sustained as it has scored another first with the launch of its West Africa office, United Capital Asset Management West Africa Limited(UCAMWAL) in Abidjan, Côte d’Ivoire.
Apart from positioning United Capital as a bridge between Anglophone and Francophone Africa, this move is about to unlock shared prosperity across the region through innovation in wealth management.
According to the company, as it opens its doors of its first Africa branch in Abidjan, the economic heartbeat of Côte d’Ivoire, it is doing so with a profound sense of responsibility, excitement, and commitment.
This expansion marks a significant milestone for the Group as United Capital is the first Nigerian investment management group to be licensed by the Financial Markets Authority of the West African Economic & Monetary Union (AMF-UMOA). The group now has licence to conduct investment management services (portfolio management, mutual funds, financial advisory)in Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. With Abidjan as its regional headquarters, United Capital is strategically positioned to deliver world-class financial services tailored to the region’s dynamic economic landscape.
“We are here not just to participate, but to partner—to bring transformative wealth creation to this region while upholding the highest standards of compliance, transparency, and integrity. With over 60 years of experience in investment and financial services management, we understand that trust is the currency of our industry, and we intend to earn it every single day,” it said.
The launch ceremony, held at the new regional office in Abidjan, was a landmark event, attracting top dignitaries, industry leaders, and prominent figures from across the continent. Among the notable guests were the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama; French-Ivorian Banker and Chairman of Algest Consulting, Ibrahim Magassa, Governor of the Bank of Central African States, Yvon Sana Bangui, amongst others.
The Special Guest of Honour and Group Chairman, Heirs Holdings, Tony O. Elumelu, in his goodwill message, praised the milestone as a “history in the making” emphasising the group’s consistency in championing African excellence, leveraging African resources, and building ecosystems that Africans.
He said: “Today marks a significant chapter in Heirs Holdings’ history as we celebrate United Capital’s bold expansion into West Africa. At Heirs Holdings, we advocate Africapitalism: this is a clear demonstration of our belief of Africa’s success led by its own private sector.
He added: “Cote d’Ivoire remains a significant hub for our investments and a welcoming country for investors. I commend President Alassane Ouattara, for his warm welcome. His visionary leadership has supported private sector-led growth. As a Group, we are proud to partner with Côte d’Ivoire in its economic transformation, and we will continue to support critical projects that uplift its communities, urban and rural. We look forward to United Capital Asset Management West Africa pacing up and catalyzing economic development, prosperity, and job creation for Africans.”
United Capital Group board chairman, Chika Mordi said: “The launch of UCAMWAL is a pivotal step in our pan-African growth journey and a reflection of our deep conviction in the strength and potential of Africa.”
“While we have taken steps to expand our regional presence over the years, this marks our first major move, establishing a physical office and regional headquarters outside Nigeria.
“Côte d’Ivoire stands out as a dynamic economy with a progressive financial landscape, making it the ideal gateway to expand our footprint across Francophone West Africa.
“By bringing our proven investment expertise into this market, we are not just scaling our business, we are enabling greater regional integration, facilitating cross-border investment, and contributing to Africa-driven prosperity.”
On his part, the GCEO of United Capital Plc, Peter Ashade, expressed the vision for the new venture, saying:“This expansion is not just about physical presence; it is about impact. We are here to work with local economies, governments, and partners to build a more prosperous Africa. Our vision is Pan-African, and our mission is generational wealth creation and sustainable development.”
He added: “This is the beginning of a legacy. A legacy of wealth transferred, lives enriched, and futures secured. We are here to stay, to deliver, and to write a new chapter in Africa’s financial story of innovation, inclusion, and enduring success.”
According to him, with a robust track record in Nigeria and strong ambitions for the WAEMU region, United Capital Asset Management West Africa Limited (UCAMWAL) is poised to become the go-to investment partner for individuals, institutions, and governments in Francophone West Africa.
“This expansion cements United Capital’s role as a pan-African powerhouse, dedicated to fostering regional integration, driving investment flows, and shaping the future of finance in Africa,” he stressed.
Sharing company’s long-term vision for the WAEMU region, Director, Africa Operations at United Capital Plc, Mr. Ejikeme Okoli, said: “Our expansion into WAEMU is about more than presence, it’s about impact. We are building a truly Pan-African financial institution that partners with local economies to unlock long-term prosperity. Our strategy is not exploitative but collaborative and will harness local insights to create shared value. We aim to deliver tailored financial solutions, manage risk effectively, and drive inclusive growth across the region. I invite investors to join us on this journey of growth and empowerment, as we stay true to our promise of driving progress, delivering value, and powering economic improvement across Africa.”
The Chief Executive Officer of UCAMWAL, Labas Bamba, said: United Capital Group’s decision to establish its subsidiary in Côte d’Ivoire is not accidental. It testifies to the vitality of the Ivorian economy, its strategic position within the WAEMU region, and a deep belief in the power of African markets and the potential of its people. Abidjan is the ideal base to replicate a proven success model from Nigeria and deliver value across Francophone West Africa. I am humbled to be entrusted with the responsibility of leading this vision.”
The company explained that because it believes in Africa’s potential and as the largest fixed-income mutual fund and the second-largest mutual fund manager in Nigeria, it has witnessed firsthand the power of strategic investments in unlocking prosperity.
“Now, we bring that expertise hereto deepen capital markets, enhance financial inclusion, and create a sustainable investment culture that will enrich lives today and for generations to come,” it said.
UCAMWAL added that its pillars are: people, process and technology, explaining that “In terms of people, we will invest in local talent, empower communities, and ensure that every stakeholder, from regulators to retail investors, benefits from our presence. In our process, we will deploy global best practices, tailored to the unique needs of the WAEMU region, ensuring efficiency, security, and trust, while technology wise, we will leverage cutting-edge digital solutions to democratise access to wealth-building opportunities, bridging gaps and bringing more people into the formal financial system.”
As part of its commitment to empower investors in its new business zone of Francophone West Africa, UCAMWAL has launched two CFA franc-denominated mutual funds.
The UCAMWAL Bond Fund and the UCAMWAL Diversified Fund. The new mutual funds, denominated in CFA francs, represent a significant milestone in UCAMWAL’s mission to deliver sophisticated yet accessible wealth management solutions to investors throughout Francophone West Africa.
According to the company, these products have been carefully designed to meet the diverse needs of both individual and institutional investors, offering tailored support to long-term wealth creation while addressing varying risk appetites.
The funds, the company explained, will be available for intending customers across the eight member countries- Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo within the WAEMU Region.
Commenting on the significance of the products launch, Ashade, said:
“This product launch signals the kick-off of the expansion of our pan-African footprint, starting with the WAEMU region. As a group, our mission is to shape a more financially inclusive and economically resilient Africa, for Africa by Africans. We are here to make a difference, and we are bringing our proven investment expertise into this market, to support cross-border investment, and support Africa-driven prosperity. This is the beginning of a legacy, for wealth creation, financial empowerment, and a new chapter in Africa’s story of innovation, and enduring success.”
Also speaking at the launch, Bamba said:“Today marks a pivotal step in our mission to reshape asset and wealth management in Francophone West Africa. These funds are tailored to meet the distinct needs of our investors, blending global standards with local market insight. We recognize that every investor’s journey is unique, which is why our solutions are built to support diverse goals across different life and business stages.”
According to him, the launch of these funds comes at a critical time for the WAEMU region, as governments and the private sector increasingly seek innovative solutions to mobilise domestic savings and channel them into productive investments.
“UCAMWAL’s entry into this market is expected to contribute significantly to the development of the region’s capital markets while providing investors with professionally managed alternatives to traditional savings instruments.”
“Backed by a strong track record and trusted legacy of United Capital Plc, which manages nearly N2 trillion in assets and more than $500 million in mutual funds in Nigeria, UCAMWAL is positioned to become a leading investment partner for individuals, institutions, and governments across the WAEMU region,” he added.
The UCAMWAL Bond Fund is a low-risk, open-ended fund that focuses on fixed-income and money market instruments, making it ideal for steady capital preservation and long-term wealth building. This fund is particularly suited for conservative investors who prioritise capital preservation while seeking steady, consistent returns.
On the other hand, the UCAMWAL Diversified Fund provides investors with a balanced risk approach through strategic allocation across multiple asset classes by investing across fixed income assets, money market instruments, and equities.
It is targeted at investors seeking a balance of capital appreciation and income diversification over the long term.
