Business

United Capital Secures Landmark Investment Banking Licenses in Ethiopia and Rwanda

Published

4 months ago

June 9, 2026

Preport

Pan-African financial services conglomerate United Capital Group has secured investment banking licenses in Ethiopia and Rwanda, achieving a historic milestone in its East African expansion strategy.

With the approval from the Ethiopian Capital Market Authority, United Capital becomes the first foreign institution permitted to offer investment banking, financial advisory, securities brokerage, and portfolio management services in Ethiopia. The development marks a major turning point for Ethiopia’s emerging capital market ecosystem.

According to the regulator, the operational license was granted following a rigorous review process that involved multiple government institutions and extensive cross-market due diligence.

The milestone follows closely on the heels of another regulatory approval from the Capital Market Authority (CMA) of Rwanda, which cleared United Capital to provide trust services, investment banking, and portfolio management services in Kigali. Together, the two licenses increase United Capital’s operational footprint to 12 countries across West, East, and Central Africa, including Nigeria and the West African Economic and Monetary Union (WAEMU) region.

Commenting on the expansion, Peter Ashade, Group Chief Executive Officer of United Capital Group, described both nations as vital growth frontiers for the continent.

“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. “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 lauded the visionary reforms led by Ethiopian Prime Minister Abiy Ahmed and Rwandan President Paul Kagame, noting that the cross-border expansion represents “Africapitalism in action.” He emphasized that the group intends to leverage its expertise to build robust, inclusive capital markets, facilitate efficient capital allocation, and unlock long-term economic value in East Africa.

Ejikeme Okoli, United Capital’s Director for Africa, highlighted the broader economic implications of the entry, noting that the group brings over six decades of financial services experience to the region.

“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.

The dual expansion reinforces United Capital’s long-term commitment to advancing Africa’s integrated capital markets agenda by delivering tailored financial and investment solutions to governments, corporations, and private investors across the continent.

Related Topics:banking capital Ethiopia investment Landmark Licenses Rwanda Secures United

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Gambia asks GTB, Access Bank, others to dismiss non-Gambian employees

Published

8 hours ago

September 24, 2026

Preport

The Central Bank of The Gambia ordered all commercial banks operating in the country to dismiss non-Gambian employees.

In a letter dated 19 September, the central bank asked commercial banks to phase out non-citizens who are not on approved expatriate quotas by the end of the year.

The letter, signed by the bank’s Second Deputy Governor, Ousman Mendy, was addressed to managing directors of all banks operating in the country, including Nigerian subsidiaries such as First Bank, Zenith, Access, Eco, and the Guaranty Trust Bank.

The regulator also directed that the non-citizens dismissed should be replaced with qualified Gambians.

It directed banks to put clear succession plans in place quickly and transfer skills. It also asked banks to keep operations running smoothly during the transition.

According to the letter, the decision followed a meeting between the central bank and bank managing directors in August, during which they discussed concerns about the employment of non-Gambian workers in the banking sector.

The CBG said a recent industry study it conducted found that banks employ a large number of foreigners.

It added that, in addition to recruiting expatriate workers, some banks allegedly violated provisions of The Gambia’s Labour Act 2023 and Guideline 9 on expatriate staff.

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These provisions identify the circumstances under which expatriate workers can be employed and the quotas permissible.

“A recent industry study conducted by the Bank revealed that a relatively high number of non-Gambians are employed by banks, in addition to recognised expatriate staff.

“This is in violation of the provisions of the Labour Act 2023 and also not in line with guideline 9 on expatriate staff,” the letter read.

The regulator further urged banks to adhere to the country’s laws and strictly follow the central bank’s guidelines.

“You are hereby directed to ensure full compliance with the law and strict compliance with CBG’s guidelines,” it stated.

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Business

African Alliance Secures Shareholders Nod to Raise N12bn, Eyes Return to Active Trading

Published

16 hours ago

September 24, 2026

Preport

BY NKECHI NAECHE-ESEZOBOR—The board of directors of African Alliance PLC on Wednesday got shareholders nod to raise N12 billion additional capital to shore up its baseline and meet National Insurance Commission, (NAICOM), Minimum capital requirement.

According to the details made available by the company under the approved resolutions, the Board is empowered to execute the capital injection through various channels, including private placement, rights issue, public offer, asset sales, or zero-coupon convertible subordinated debt notes.

The approval which was granted at the company’s Extra-ordinary general meeting held today in Lagos, shareholders also empower the board to determine conversion terms, allot shares, and revalidate legacy shares where necessary.

The EGM aligns with the Nigerian Insurance Industry Reform Act, 2025 (NIIRA), the Companies and Allied Matters Act, 2020 (CAMA 2020), the Investment and Securities Act, 2025, the Rule Book of the Nigerian Exchange Limited, and other regulations and directives of NAICOM.

Applauding the shareholders for the approval, the Chairman of company, Anthony Isa, said “The approval granted by our shareholders today marks a vital milestone in securing the long-term strength and regulatory compliance of African Alliance Insurance Plc. By authorising the Board to raise up to N12 billion across flexible capital structures—including equity, debt notes, and asset optimisation—we are positioning the company to fully satisfy the recapitalisation requirements of the Nigerian Insurance Industry Reform Act while creating sustainable value for all stakeholders.

The board also got approval as part of and in furtherance of the company’s recapitalisation, approval “to sell, transfer or otherwise dispose of such properties or other assets of the company, whether or not constituting a major asset transaction, on such terms and conditions as may be approved by the board of directors, and permitted by applicable law, subject to the requisite regulatory approvals.”

In addition, the board was also mandated to amend the organisation’s Memorandum and Articles of Association (MEMART) “to the extent necessary or desirable to give effect to the recapitalisation, including any consequential increase in issued share capital and the allotment of shares pursuant thereto.”

Also, Managing Director/Chief Executive Officer Ayobami Ogunkeye, African Alliance Plc, assured shareholders that leadership is thoroughly vetting all potential equity partners in order to safeguard the firm’s foundational identity.

“We are extremely cautious about who we bring on board or align with, because this is a lasting commitment,” Ogunkeye stated. “Many parties have capital, but what drives them? Do they value what African Alliance represents, or are they simply after breaking it up for parts? We are rigorously vetting interested parties to make sure our goals match theirs.”

Ogunkeye disclosed that leadership is actively in talks with the Nigerian Exchange Limited (NGX) and other regulatory agencies to clear up longstanding filing gaps and open the door for the company’s shares to begin trading again.

“There is underlying worth here that matters greatly. We are actively in discussions with the regulators so trading in our stock can be reinstated on the exchange,” he noted. “At present, our share price sits well under its face value, but once this recapitalisation drive is finalised, we anticipate raising the share value to roughly 70 kobo or N1.00, restoring our position among stocks that are actively traded and hold real worth.”

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