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United Capital Secures Landmark Investment Banking Licenses in Ethiopia and Rwanda

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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.

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Baze University acquires two aircraft as founder expands aviation education

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Baze University, Abuja, has acquired two training aircraft from Austria as it expands its investment in aviation education.

The aircraft arrived at the Nnamdi Azikiwe International Airport, Abuja, on Friday and received a traditional water cannon salute, according to reports by Nigerian media.

The university’s founding Pro-Chancellor, Datti Baba-Ahmed, disclosed the acquisition, saying it would strengthen Nigeria’s aviation training capacity and support the development of skilled professionals.

Baze University acquires two aircraft as Baba-Ahmed expands aviation investment
Baze University acquires two aircraft as Baba-Ahmed expands aviation investment

The Vice-Chancellor, Abiodun Adeniyi, a professor, also described the development as part of a broader entrepreneurial vision to build institutions that contribute to national development.

The acquisition represents another expansion of Baze University, which has invested in higher education and healthcare before venturing into aviation training.

In a reflection shared on Facebook on Saturday, Mr Adeniyi described the development as an example of entrepreneurship driven by vision, patience, hard work and calculated risk-taking.

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He said the acquisition illustrated how businesses could grow through personal investment, borrowing, reinvestment and diversification, rather than waiting until they had accumulated all the capital needed for expansion.

“Successful entrepreneurs do not necessarily wait to become debt-free before expanding. They distinguish productive borrowing from reckless indebtedness, deploying resources into assets that create lasting economic value,” he wrote.

Mr Adeniyi said the investment went beyond private wealth creation, arguing that businesses established around education, healthcare and aviation could contribute to national development by creating jobs, building local capacity and developing human capital.

He described such investments as an expression of economic patriotism, where entrepreneurship also responds to national needs.

Expanding into aviation

The two aircraft are expected to support practical flight training at Baze Aviation School, which is being developed in Bwari, Federal Capital Territory.

The school is part of the university’s plans to combine classroom instruction with practical aviation training. Its proposed facilities include a dedicated runway, hangar, terminal building, laboratories and simulation centres.

The Coordinator of the Aviation School, Aliyu Bello, said the aircraft would enable students to gain hands-on experience alongside ground-school instruction.

Mr Baba-Ahmed said the institution planned to train at least 600 professionals in areas including air traffic control, air rescue and firefighting, subject to approval by relevant regulatory authorities.

He also disclosed plans for an aerodrome hub with a runway measuring 1,800 metres by 30 metres, with an additional 15 metres.

The National Universities Commission has approved two undergraduate programmes at the university for the 2026/2027 academic session: Aviation Management under the Faculty of Management and Social Sciences and Aerospace Engineering under the Faculty of Engineering.

Mr Adeniyi said the university would become the first private university in Africa to operate its own aviation school.

Entrepreneurship and national development

Mr Adeniyi’s remarks place the aircraft acquisition within a broader debate about the role of private investment in addressing Nigeria’s development challenges.

Nigeria’s aviation industry requires specialised human resources across several fields, including pilots, aircraft maintenance engineers, air traffic controllers and other technical professionals. Training institutions that combine academic instruction with practical facilities could help expand the pool of skilled workers available to the sector.

READ ALSO: How community-based schools could help Nigeria tackle out-of-school children crisis – dRPC

However, aviation training is capital-intensive and requires substantial investment in aircraft, infrastructure, maintenance, safety systems and regulatory compliance.

Mr Adeniyi said the development demonstrated the importance of sustaining a vision through years of uncertainty and making investments that could generate long-term economic value.

He traced Mr Baba-Ahmed’s expansion from Baze University, established largely with personal resources and subsequently supported by bank financing, to investments in healthcare through Baze Hospital, higher education through Baba-Ahmed University in Kano and now aviation training.

The professor argued that investments in such sectors could help reduce dependence on foreign expertise while creating opportunities for Nigerians to acquire technical skills and participate in productive enterprises.

He said the benefits of entrepreneurship should not be measured only by wealth accumulated by investors but also by the institutions created, jobs generated and national needs addressed.

“Perhaps the lesson is that great enterprises are built not simply with money, but through vision, sacrifice, perseverance and the capacity to transform ambition into productive institutions,” Mr Adeniyi wrote.

He added that when private enterprise responds to national development priorities, it takes on significance beyond commercial success.

The vice-chancellor congratulated Mr Baba-Ahmed on the acquisition, describing it as another expression of a sustained investment philosophy whose benefits could extend beyond the investor.


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