United Capital Group has acquired a 5 percent equity stake in the Nigerian Exchange Group. The move is presented as a milestone in the company's continental growth strategy.
United Capital Group, described as Ethiopia's first foreign investment bank, announced the acquisition of a 5 percent stake in NGX Plc. The transaction is said to reinforce the group's long-term strategy across Africa.
Peter Ashade, CEO of United Capital Group, stated that the acquisition reflects confidence in Nigeria's capital markets. He added that the group aims to build for impact rather than simply participate.
The company currently operates in 12 African countries, including Ethiopia. It provides services in investment banking, asset management, and securities trading.