Business
United Capital’s African expansion driving growth in regional investment banking
The story of African development is undergoing a profound, historic shift. For decades, the narrative was dominated by foreign capital, with investments flowing inward from distant global capitals, development projects managed by external actors, and the resulting profits regularly finding their way back across oceans. While Africa has always been rich in resources and opportunities, its financial destiny was largely shaped by outsiders. Today, that old story is being rewritten. Across the continent, African-owned institutions are stepping forward, expanding beyond their national borders, mobilising local capital, and proving that Africa possesses both the expertise and the financial strength to fund its own progress.
In the vanguard of this transformation is United Capital Plc, whose expansion into Ethiopia and Rwanda marks a defining moment in the evolution of regional investment banking.
The Nigerian financial services giant recently achieved a historic milestone by becoming the first foreign investment bank to secure an operating license in Ethiopia, one of Africa’s fastest-growing economies. Around the same time, the company obtained regulatory approval to operate in Rwanda, significantly strengthening its footprint in East and Central Africa. These milestones represent much more than standard corporate expansion; they symbolise the growing confidence of African financial institutions in the continent’s long-term future and highlight the increasing integration of Africa’s capital markets, proving that cross-border collaboration is a commercial reality.
The entry into Ethiopia is particularly momentous. With a population exceeding 120 million people and an ambitious economic reform agenda, Ethiopia has historically maintained a tightly controlled, closed financial sector. The government’s recent decision to gradually liberalise the financial industry has attracted global attention, and United Capital’s successful entry positions the company as a foundational architect in Ethiopia’s evolving capital market ecosystem. For Ethiopia, granting United Capital the country’s very first foreign investment banking licence signals deep trust, reflecting confidence in the institution and validating the broader vision of economic openness championed by Prime Minister Abiy Ahmed to modernise the economy and encourage private-sector participation.
Rwanda presents a similarly compelling success story. Widely regarded as one of Africa’s most business-friendly destinations, Rwanda has steadily transformed its capital, Kigali, into a premier regional financial hub. With this new regulatory approval, United Capital is authorised to provide a full suite of services, including investment banking, portfolio management, trust services, and capital market advisory services, thereby strengthening Rwanda’s position as a strategic gateway for investments flowing into the wider region.
Together, Ethiopia and Rwanda offer direct access to some of the continent’s most dynamic economic corridors. Their youthful populations, expanding middle classes, urgent infrastructure needs, and strategic trade links make them prime destinations for long-term growth. By establishing a physical presence in these markets, United Capital presents itself directly at the intersection of opportunity and structural transformation, creating reliable pathways for local businesses seeking both expansion capital and world-class financial advisory services.
At the same time, it unlocks new wealth-creation opportunities for individuals and institutions through sophisticated fund management offerings, diverse investment options, and tailored portfolio management solutions designed to preserve and grow wealth across generations.
However, the real weight of this expansion extends far beyond corporate balance sheets and market share. It perfectly embodies the philosophy of Africapitalism, a school of thought championed by renowned investor, entrepreneur, and Group Chairman, Heirs Holdings, Tony Elumelu, a major investor in United Capital PLC. The core premise of Africapitalism is that Africa’s private sector must play a leading role in driving economic development, and that true, sustainable prosperity is generated when businesses commit to long-term investments that create both economic profit and social wealth.
For years, Mr Elumelu has argued that Africa’s development cannot depend solely on foreign aid or external borrowing. Rather, sustainable growth occurs when African businesses actively invest in African opportunities, create sustainable jobs, build domestic industries, and unlock the immense potential of the continent’s people.
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Through institutions like the Tony Elumelu Foundation and his leadership of major corporate engines like UBA Group, Transcorp, and Heirs Energies, Elumelu has consistently advocated for private-sector-led development as the only reliable path to true economic independence.
This vision is rapidly becoming an everyday reality. Across critical sectors, African companies are proving they can compete at global standards while solving deeply rooted local development challenges. The expansion of institutions like United Capital reflects the growing maturity of African financial markets. It signals the rise of a new generation of homegrown champions capable of mobilising capital on a massive scale.
United Capital’s journey from Nigeria into new regional markets mirrors a broader continental ambition, most clearly seen in initiatives such as the African Continental Free Trade Area, which aims to deepen economic integration, encourage cross-border investment, and build interconnected financial systems that can support large-scale industrialisation. In this ecosystem, investment banks act as vital engines that connect idle capital with productive opportunities, facilitate complex infrastructure financing, and enable widespread wealth creation.
Industry analysts emphasise that one of the most valuable assets United Capital brings to Ethiopia and Rwanda is the transfer of knowledge, as the migration of technical expertise, professional training, market insights, and institutional best practices will significantly accelerate the development of local financial ecosystems. Furthermore, this expansion sends a powerful message about Nigeria’s leadership role within Africa’s financial services landscape. As Nigerian institutions expand across the continent, they export an invaluable wealth of innovation and investment solutions refined over decades of operating in one of Africa’s most competitive regulatory markets.
This export of talent strengthens regional cooperation and reinforces the foundational truth that African solutions can effectively solve African challenges. Ultimately, United Capital’s milestone entry into Ethiopia and Rwanda reflects a continent taking full ownership of its economic destiny, proving that the vision of Africapitalism is no longer a distant aspiration but a powerful reality unfolding right now.
Dan Aibangbe is a Media and Public Relations Consultant
BY NKECHI BAECHE-ESEZOBOR—The National Insurance Commission (NAICOM), on Friday debunked reports in the media allegedly issued by the management of Niger Insurance Plc, describing it as false, misleading and intended to deceive the public.
According to the commission,the report which was published by various media organizations lon July 15, 2026, misrepresented the legal status of Niger Insurance Plc, whose operating licence was revoked in 2022.
The commission disclosed this in a statement made aviation to BusinessTodayNG that it remains the only Federal Government agency established by law and vested with the exclusive statutory powers to license, regulate, and cancel the licence of any insurance institution in Nigeria.
It said due to the insolvent state of affairs of Niger Insurance and its persistent inability to pay verified insurance claims, NAICOM, in the exercise of its statutory mandate to protect policyholders, cancelled the its licence in 2022. Consequently, Otunba Sanya Ogunkuade, Esq. was appointed by NAICOM as the Receiver/Liquidator of the Company.
NAICOM added that “Following the cancellation of the licence, some former directors of the Company instituted a suit at the Federal High Court in 2022, purposely to challenge the cancellation of the Company’s licence and the appointment of the Receiver/Liquidator.
“The suit was struck out by the Federal High Court on 31 January 2023 on the grounds that the Plaintiffs lacked the power to institute the suit after the appointment of the Receiver/Liquidator, whose appointment had been duly registered by the Corporate Affairs Commission (CAC).
“The decision of the Federal High Court validated the cancellation of the Company’s licence and the appointment of the Receiver. An appeal by the Plaintiffs to the Court of Appeal by the Plaintiffs in the above suit was also struck out on 27th February 2025 by the Court of Appeal. A further appeal by the Plaintiffs to the Supreme Court is still pending
It added that an appeal against the judgment was also dismissed by the Court of Appeal on February 27, 2025, while a further appeal remains pending before the Supreme Court.
NAICOM noted that another suit filed by the same group of former directors resulted in a judgment delivered by the Federal High Court on June 5, 2026.
However, the Commission said the judgment is already being challenged at the Court of Appeal, where applications for a stay of execution have also been filed by both NAICOM and the Receiver/Liquidator.
The regulator maintained that the June 2026 judgment cannot override the earlier Court of Appeal decision, which upheld the cancellation of Niger Insurance’s licence.
The Commission also disclosed that some former directors whose names appeared as plaintiffs in the latest suit had written to disclaim any knowledge of the action, alleging that their names were used without their consent.
It further revealed that it has petitioned the Inspector-General of Police over what it described as the unlawful activities of individuals allegedly parading themselves as the management of Niger Insurance Plc.
According to the Commission, the petition seeks to prevent attempts to interfere with or dispose of the company’s assets, which are meant to satisfy legitimate insurance claims and other obligations.
The Commission reiterated that Niger Insurance Plc remains prohibited from underwriting new insurance business and that its affairs continue to be managed exclusively by the Receiver/Liquidator.
The commission also advised the general public to distance themselves from any person or group of persons purporting to act for or on behalf of the Company, other than the lawfully appointed Receiver/Liquidator
While reassuring that the company’s licence remains revoked, its former board and management remain dissolved, and the Receiver/Liquidator will continue to administer the company’s assets pending the final winding-up of its affairs.
The post NAICOM Dismisses Niger Insurance Claims, Says Company’s Licence Remains Revoked appeared first on Business Today NG.
Nigeria’s foremost development finance institution, the Bank of Industry (BOI), has secured a €60 million credit facility from the European Investment Bank to fund Nigeria’s cocoa and dairy value-addition drive, with a focus on processing, ingredients, and chocolate manufacturing.
The Managing Director/CEO of BOI, Olasupo Olusi, disclosed this on Tuesday, during the Africa Cocoa Summit convened in Abuja by the Federal Ministry of Industry, Trade and Investment.
With the summit, the ministry aims to transition Africa from exporting raw beans to local processing and branding.
Also known as the Cocoa Value Addition Summit, with the theme ‘From Bean to Brand,’ it was attended by leaders and stakeholders from Nigeria, Ghana, Côte d’Ivoire, and Cameroon, who signed the Abuja Declaration to establish the Cocoa Value Addition Alliance (CVAA).
According to Mr Olusi, the €60 million forms part of the €85 million EIB–BOI facility, backed by the European Union under the Global Gateway initiative, and designed specifically to strengthen these critical sectors in Nigeria.
The BOI chief said the cocoa value chain initiative provides livelihoods for thousands of Nigerians, aims to enhance productivity, value addition, and market linkages that will directly improve the incomes of farmers and processors in the country.
“This agreement reinforces the Bank of Industry’s commitment to unlocking long-term, affordable finance for priority sectors that drive inclusive growth.
“Approximately 70 per cent of the €85 million financing facility will be channeled to Nigeria’s cocoa and dairy sectors, which BOI considers among the industries with the greatest potential to create jobs and retain foreign exchange earnings.”
“We are particularly focused on cocoa value chains, which provide livelihoods for thousands of Nigerians. Through this initiative, we aim to enhance productivity, value addition, and market linkages that will directly improve the incomes of farmers and processors,” Mr Olusi said.
The BOI MD said that the bank would prioritise lending to processors, cooperatives, and MSMEs that add value locally, rather than only to traders exporting raw beans.
He added that the era of celebrating volume of raw exports must end, as Nigeria loses billions by shipping beans and importing finished chocolate.
According to him, the goal is to create factories around cocoa communities so that value, jobs, and taxes remain in Nigeria.
Technical assistance
However, Mr Olusi noted that financing alone is not enough, and as such, BOI will complement the loans with technical assistance on compliance, climate standards, and access to the EU market.
BOI, he said, will also support farmers and processors to meet the EU Deforestation Regulation and other international environmental and social standards.
Citing BOI’s track record, Mr Olusi said the bank disbursed over ₦164 billion in 2025 to more than 3,500 agro and food-processing businesses.
The support financed factories, mills, packhouses, and cold chains, and linked nearly 48,000 smallholder farmers into industrial value chains, he stated.
The BOI boss said the new financing would target the entire ecosystem, from nurseries and farmer cooperatives to grinding plants, ingredient factories, packaging lines, and chocolate manufacturers.
Cocoa value addition
Speaking also at the summit, President Bola Tinubu, who was represented by the Minister of Agriculture and Food Security, Abubakar Kyari, called for a decisive shift from Africa’s long-standing dependence on exporting raw cocoa beans.
Mr Tinubu urged the stakeholders of the producing countries to prioritise value addition and capture a larger share of the global chocolate industry’s wealth.
He noted that although Africa accounts for about 70 per cent of global cocoa production, the continent retains only six cents of every dollar generated by the global chocolate industry.
Mr Tinubu stressed that Nigeria was committed to processing more of its cocoa locally, expanding chocolate manufacturing, building indigenous brands, and competing more effectively in international markets, rather than continuing to export raw cocoa beans.
According to the president, cocoa value addition remains a key component of his Renewed Hope Agenda and the country’s broader industrialisation strategy.
He further disclosed that investors are developing a 70,000-tonne cocoa processing facility in Shagamu, Ogun State, while Nigeria’s cocoa grinding capacity has already surpassed 120,000 tonnes annually.
One-trillion-dollar economy
Earlier at the summit, the, Minister of Industry, Trade and Investment, Jumoke Oduwole, said the summit aligns with the Federal Government’s ambition of building a one-trillion-dollar economy by 2030.
She observed that despite Nigeria’s significant contribution to global cocoa production, the country continues to earn only a small fraction of the value created across the cocoa value chain.
According to Ms Oduwole, the FG is promoting greater value addition through manufacturing incentives, inves,tment promotion and stronger collaboration among relevant institutions.
The minister added that the government would also deepen market access by leveraging existing trade partnerships and opportunities under the African Continental Free Trade Area (AfCFTA), while encouraging investors to take advantage of regional and global value chains to unlock the sector’s full economic potential.
Cocoa Value Addition Alliance
Also speaking, the Minister of State for Industry, John Owan Enoh, described the summit as another milestone in implementing Nigeria’s Industrial Policy, and announced plans for the establishment of the Cocoa Value Addition Alliance, b,ringing together Nigeria, Ghana, Côte d’Ivoire and Cameroon, countries that collectively account for about 75 per cent of global cocoa production.
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According to Mr Enoh, the alliance is designed to strengthen regional cooperation, promote local processing, and enable producing countries to capture greater value from the global cocoa market.
“We are not here to disrupt existing partnerships but to expand them,” the Minister of State for Industry, Mr Enoh, said.
He urged African cocoa-producing nations to move beyond exporting raw beans and instead focus on developing branded cocoa products capable of competing successfully in global markets.
On his part, the Chief Executive of the Ghana Cocoa Board (COCOBOD), Ransford Abbey, urged African cocoa-producing countries to deepen domestic processing.
“I am here to support the effort and commit to a joint effort towards increasing value for our hardworking cocoa farmers and our respective economies,” Mr Abbey said.
He said Africa produced about 75 per cent of the world’s cocoa but earned less than 10 per cent of the global chocolate industry’s wealth.
“This system cannot continue. We must shift the paradigm from exporting raw poverty to creating refined wealth right here on ,the African continent,” he said, adding that stronger regional collaboration, investment, and technology transfer will help African countries capture greater value from the global cocoa economy.
The Head of Cooperation of the European Union Delegation to Nigeria and ECOWAS, Massimo De Luca, reiterated the importance of value addition in the cocoa value chain.
While expressing the support of the EU, Mr De Luca called on governments of the various countries to ensure they play their part in ensuring that a proper framework necessary for the success of the initiative was established and clarified.
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