Business

United Capital’s African expansion driving growth in regional investment banking

Published

4 months ago

June 23, 2026

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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United Capital’s quarterly profit jumps 66% as revenue crosses N17 billion

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

Related Topics:African banking Capitals driving expansion growth investment regional United

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Zenith General Insurance Supports Students in Six Lagos Schools with Back-to-School Supplies

Published

6 hours ago

October 16, 2026

PlateauReports

L-R: Favour Ihechimere, Modupe Ujadughele and Pero Giwa (all of Zenith General Insurance Limited); a student of Alimosho Junior Grammar School; Mrs Maria Ojo, Director of Schools’ Administration, Education District I; a student of State Senior College, Alimosho; Dolapo Talabi of Zenith General Insurance Limited; Ozioma Okenyeka, School Counsellor, Alimosho Senior Grammar School; Promise Okonkwo, Gbemisola Adesanmi, Marshall Nwoke and Vincent Ogunkorode (all of Zenith General Insurance Limited), during the company’s presentation of back-to-school items to selected schools in Lagos State recently.

BY NKECHI NAECHE-ESEZOBOR—For many Lagos parents, the start of a new school session brings a familiar worry: how to cover school bags, exercise books and mathematical sets when even putting food on the table is a daily struggle.

This season, that pressure eased a little for families in six public schools, as Zenith General Insurance Limited stepped in with the supplies their children needed to begin the term prepared, and with a message that where they come from should never limit how far they go.

The initiative, implemented under the company’s Corporate Social Responsibility (CSR) programme, seeks to ease the financial burden on parents, improve students’ access to essential learning materials and promote inclusive education, particularly among children in public schools.

Speaking during the presentation, Mrs. Dolapo Olatayo Talabi, General Manager at Zenith General Insurance Limited, challenged students to recognise their present academic experiences as the foundation for future achievements. Addressing students at Alimosho Junior Grammar School, Talabi engaged them in an interactive session around the theme, “Prepared for Success,” encouraging them to develop habits that would position them to take advantage of opportunities. She described the classroom, textbooks, assignments and everyday choices students make as essential parts of their preparation for the future.
Talabi identified purpose, preparation and persistence as three essential ingredients for success.

“Success is not an accident. Success is what happens when preparation meets opportunity,” she said. She also cautioned against allowing their age or the location of their schools to limit their aspirations, stressing that greatness depends on preparation rather than geography. Describing the students as potential game-changers of today, rather than merely leaders of tomorrow, she encouraged them to commit themselves to academic excellence and personal development.

Explaining the rationale behind the donation, Hashim Okunbor, Head of Corporate Communications at Zenith General Insurance Limited, said the company regarded children as the foundation of the nation’s future and considered investment in education essential to sustainable community development.

According to him, the back-to-school initiative was designed to provide practical assistance to families facing the financial pressures associated with the beginning of a new academic session. “As a company, we believe strongly that children are the future. The Back-to-School Initiative allows us to maximise long-term social impact and build multigenerational brand loyalty. But more importantly, we know that the new school session comes with some financial pressure on parents, hence our decision to help in our own little way,” he said.

Okunbor explained that the beneficiary schools were selected in consultation with the relevant local government school district to ensure the intervention reached students across different communities.He expressed hope that the donated materials would support students’ academic activities and encourage them to pursue their ambitions.
“We hope that these items serve them well and encourage them to dream big,” he said.

He added that the initiative formed part of the insurer’s broader commitment to education and community development, recalling that the company supported a school library project in 2024.According to him, Zenith General Insurance conducts annual assessments to identify areas where its resources and expertise can deliver meaningful social impact.

He noted that the programme also demonstrated the human side of insurance by showing how businesses could support vulnerable communities, address practical challenges and contribute to restoring hope.

Responding on behalf of the six beneficiary schools, the Principal of Alimosho Junior Grammar School, Mrs Ige Adekunle Mary, commended Zenith General Insurance for the donation, describing it as timely and beneficial to students, parents and the wider school community. She observed that many parents struggled to provide basic necessities, including food, making it difficult to meet additional expenses for school bags, exercise books and other learning materials.

Mary said the intervention would provide financial relief to families while helping to reduce disparities between students from different economic backgrounds. She added that access to appropriate educational materials was essential for effective classroom participation, consistent learning and improved understanding of school subjects.

The principal called on other private-sector organisations to support public schools, describing them as critical platforms for grassroots development and national transformation.
“I wish to appreciate Zenith General Insurance and other private organisations and encourage them to see public schools as a rich field for grassroots nation-building,” she said. She also advocated increased investment in educational infrastructure and extracurricular activities to improve students’ learning experiences and promote their overall development.

The donation underscores the potential of corporate social responsibility programmes to complement government efforts to improve access to education in Nigeria.

For Zenith General Insurance, the initiative combines material support for students with a broader message: preparing young people for success requires access to learning resources, encouragement and the determination to make the most of available opportunities.

The post Zenith General Insurance Supports Students in Six Lagos Schools with Back-to-School Supplies appeared first on Business Today NG.

Business

IMF, World Bank launch Bangkok Blueprint to tackle cyber fraud

Published

14 hours ago

October 16, 2026

PlateauReports

The International Monetary Fund (IMF) and the World Bank, in partnership with the Bank of Thailand, have launched a framework titled ‘Bangkok Bueprint’, which outlines key considerations for tackling cyber-enabled fraud in financial services.

The institutions said the launch was a response to the increasing sophisticated scams around the world which threaten consumer confidence and financial stability.

The framework was launched on the sidelines of the 2026 IMF/World Bank Annual Meetings in Bangkok, Thailand.

It seeks to guide policymakers, regulators, financial institutions and other stakeholders in identifying vulnerabilities and developing measures to prevent and respond to digital financial fraud.

Bangkok blueprint

According to the institutions, the growing scale and sophistication of cyber-enabled fraud pose a systemic policy challenge that requires coordinated action across the financial sector and beyond.

The blueprint defines cyber-enabled fraud as the use of digital technologies and psychological manipulation to obtain illicit gains through transactions authorised or unauthorised by victims.

The lenders noted that while digitalisation has improved efficiency and expanded access to financial services since the 2018 IMF–World Bank Bali Fintech Agenda, it has also increased the scale, speed and sophistication of fraud.

“Large-scale operations—often linked to transnational organized crime—are now generating losses significant enough to affect households and businesses and potentially undermine trust in the financial system,” the framework stated.

They warned that declining confidence in digital financial services could undermine the benefits of financial inclusion, resilience, job creation and economic growth.

12 key considerations

The Bangkok Blueprint outlines 12 key considerations organised around five pillars: establishing strategic and legal foundations; strengthening the fraud-mitigation cycle; leveraging existing risk-mitigation and enforcement frameworks; expanding domestic and cross-border cooperation; and promoting consumer protection and resilience.

National strategies and legal foundations

Under the first pillar, the institutions recommended that countries establish comprehensive national strategies for fraud-resilient digital finance, with clear objectives, accountability arrangements, designated leadership, adequate resources and monitoring mechanisms.

The second consideration called for sound legal, regulatory and supervisory frameworks that empower authorities to allocate liability, protect consumers, share information promptly, and freeze and recover fraud proceeds.

The document revealed that these frameworks should be proportionate to the risks and adaptable to changing fraud methods.

Prevention, detection and recovery

The second pillar contains four considerations focused on strengthening the fraud-mitigation cycle in order to fight cyber fraud.

The third consideration called for safeguards to be embedded in the design of digital financial services, ensuring that fraud prevention is accessible, proportionate and continuously adapted to emerging threats.

The fourth consideration recommended collaborative and adaptive fraud prevention, with financial institutions and other relevant stakeholders identifying vulnerabilities early and working together to disrupt fraudsters and their networks.

The fifth consideration called for a system-wide fraud-detection architecture combining monitoring by individual institutions with ecosystem-level surveillance.

According to the instructions, this should be supported by structured data sharing, enabling protocols and collaborative analytics.

The sixth recommended coordinated response and recovery mechanisms to contain fraud incidents quickly and limit their impact.

These should include preparedness, escalation planning, investigation, and standardised incident reporting across relevant institutions and authorities, the IMF and World Bank’s framework stated.

Cybersecurity, money laundering and law enforcement

The third pillar outlines three considerations for leveraging existing risk-mitigation and enforcement frameworks.

Under the third pillar, the seventh consideration called for stronger cybersecurity regulation, supervision and risk-management arrangements to protect financial service providers, infrastructure and users against cyber-enabled fraud.

The eighth recommended using existing anti-money laundering and combating the financing of terrorism frameworks to strengthen fraud prevention and detection, deprive criminals of illicit gains and disrupt organised criminal networks.

The ninth consideration called for effective law enforcement, proportionate and dissuasive criminal sanctions, and the recovery of criminal proceeds to deter fraud and related money laundering.

The document added that publicising successful law enforcement actions can strengthen deterrence and demonstrate that offenders are being held accountable.

Domestic and international cooperation

The fourth pillar contains two considerations addressing cooperation within and across national borders in the combat targeted at cyber fraud around the global financial systems.

Here, the tenth consideration recommended systematic, risk-based collaboration between public and private sector stakeholders to address vulnerabilities and enable rapid action throughout the fraud-mitigation process.

The eleventh called for cross-border cooperation, coordination and information-sharing arrangements to prevent and mitigate fraud across jurisdictions.

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The institutions emphasised that fraud often originates outside the financial sector, including on social media, digital platforms, e-commerce websites and telecommunications networks.

The framework identified central banks, financial regulators, data protection authorities, finance ministries, financial intelligence units, law enforcement agencies, telecommunications providers, digital platforms and financial infrastructures as important participants in this coordinated response.

Consumer protection and awareness

The twelfth and final consideration focused on strengthening consumer protection, empowerment and awareness in the fight against cyber fraud.

The blueprint recommended that existing financial consumer protection frameworks be strengthened to address emerging fraud risks.

It also called for consumers to understand the threats they face, their rights and protections, and the liability, redress and remediation arrangements available when fraud occurs.

The institutions said national authorities should adapt the recommendations to their domestic circumstances, considering differences in legal and regulatory frameworks, institutional capacity, fraud risks and the structure of digital financial ecosystems.

The IMF and World Bank clarified that the Bangkok Blueprint is a non-prescriptive framework and does not constitute formal policy guidance from either institution.