The corporate news 360 (2025)

02/07/2025

IMF Applauds Nigeria FX Reforms

The International Monetary Fund’s latest Article IV Consultation affirms a new reality: Nigeria is making meaningful progress following a series of significant structural reforms to restore financial discipline and credibility.

As stated in the IMF Executive Board Assessment, the Fund also “praised reforms to the foreign exchange market that supported price discovery and liquidity.” The CBN, under the leadership of Governor Olayemi Cardoso, dismantled the long-standing multiple exchange-rate regime, replacing it with a “willing-buyer, willing-seller” framework supported by a digital trading platform (B-Match).

The results have been transformative. As the IMF noted, “gross and net international reserves increased in 2024, with a strong current account surplus and improved portfolio inflows.” The FX premium, or gap between official and parallel markets, has fallen from over 60 percent to below 3 percent. FX inflows have surged to $6.9 billion in Q1 2025, and external reserves climbed to a peak of $40.9 billion at the end of 2024, providing over eight months of import–well above benchmark thresholds. “Reforms to the FX market and foreign exchange interventions have brought stability to the naira,” the IMF noted.

In January 2025, Nigeria successfully returned to the Eurobond market, its first issue in four years, reflecting, as the IMF noted, “strengthened investor confidence” and “a resumption of portfolio inflows.”

The Fund “recognised actions to strengthen the banking system, including the ongoing process of increasing banks’ minimum capital,” as stated in the IMF Executive Board Assessment. It also “welcomed the authorities’ efforts to boost financial inclusion and promote capital market development.”

The CBN’s recapitalisation plan will see banks’ minimum capital raised significantly by March 2026. This move is designed to ensure banks can absorb future shocks, deepen credit access, and support the planning for a$1 trillion Nigerian economy.

At the same time, Governor Cardoso’s team is expanding access to banking services for previously excluded demographics through digital platforms and financial literacy programmes, such as the Women’s Financial Inclusion Initiative (Wi-Fi).

28/06/2025

Business Mogul and Elder Statesman, Aminu Dantata is dead, Dies at 94

Kano-born business mogul and philanthropist, Alhaji Aminu Alhassan Dantata is dead.

Cantata died at Aged 94 after an old age related prolonged illness.

The elder statesman succumbed to death in the early hours of Saturday in Abuja.

Dantata, an uncle of Africa’s richest man, Aliko Dangote, was widely known for his business and philanthropic activities

Late Dantata's Principal Private Secretary, PPS, Mustapha Junaid, confirmed the demise in a post on his Facebook handle.

Junaid wrote, “Innalillahi wa inna ilaihi rajiun. Innalillahi wa inna ilaihi rajiun. It is with heavy heart that I announce the passing of our beloved father Alhaji Aminu Alhassan Dantata. May Allah grant him Jannatul Firdaus and forgive his shortcomings.”

“The Janazah (funeral) details will be shared later insha Allah,” the post further read.

Dantata was born on May 19, 1931 and was versed in investment, particularly, in the finance, real estate and petroleum sectors.

Alhaji Dantata, a member of the influential Dantata family of Kano, was known for his decades-long contributions to commerce, Islamic scholarship, education, and humanitarian causes.

He played a vital role in expanding the business empire inherited from his father, Alhassan Dantata, one of West Africa’s wealthiest men in the early 20th century.

Over the years, Alhaji Dantata diversified the family business into sectors including construction, manufacturing, banking, agriculture, and oil and gas.

He also served in various public and private sector leadership positions, offering mentorship to generations of entrepreneurs and civic leaders.

He was elected a member of the Northern House of Assembly in 1966 and the following year appointed a Commissioner in the Kano State Government and served from 1967 to 1973.

He also served as member of the Assembly Drafting Committee for the 1979 constitution which ushered in the second republic.

He was a recipient of two prestigious national honours – Commander of the Order of the Niger (CON) and Commander of the National Republic of Niger (CONN)

25/06/2025

SEC Canvasses Advanced Financial inclusion by 2030

The Securities and Exchange Comission (SEC) has stressed the need for Nigeria to harness its demographic dividend to advance financial inclusion through investments by 2030 for national survival or face deepening inequality.

The Director-General of the SEC, Dr Emomotimi Agama, said this at the United Capital Asset Management Investment forum on Wednesday in Lagos.

Agama, in his keynote address titled: "Advancing Financial Inclusion through Investments: Bridging
Nigeria's Knowledge and Wealth Gap," said Nigeria must harness its demographic dividend to boost investment.

"Our theme, Advancing Financial Inclusion through Investments, is not aspirational; it is foundational to national survival.

"We stand at a pivotal moment. By 2030, Nigeria can either harness its demographic dividend or face deepening inequality. The knowledge-wealth gap is not merely an economic challenge; it is a moral imperative," Agama said.

He said the term inclusion should be reframed as active financial involvement, where access meets empowerment, and capital becomes a tool for transformation.

Agama said that closing the financial inclusion gender gap could lift 700,000 Nigerians from poverty.

He said, "Nigeria has a great population yet we have a tiny drop of this number of persons involved in the capital market.
Thats one reason for poverty, because we are running from money. We have to do something. Our market capitalisation is an opportunity to do something,
We all have

"We need to change the narrative and move the market forward. We must reach out to make the difference. We are committed to protecting investors and developing the market. Our goal is to do the right thing no matter whose ox is gored. We will work by the principles of fairness and equity to change the market. We will provide a fair ground for everyone to aspire.

He noted that MTN Nigeria's share offering drew 150,000 new investors - 75 per cent women, 85 per cent under 40.

Agama recommended a four-pillar strategy for bridging the gaps.

He listed the four-pillar strategy as democratisation of financial knowledge, catalyse MSME Investment Channels, blended Finance Vehicles: Partner with Bank of Industry (BOI) to de-risk loans for women-led SMEs.

"We need to educate people about finances. As we drive this market, we do so for a purpose, I enjoin everyone to be the disciple and the apostles. Getting this market to move is a deliberate action" He added.

19/06/2025

United Capital Asset Management West Africa Limited (UCAMWAL) Launches Two New Mutual Funds to Empower Investors in
Francophone West Africa.

United Capital Plc has officially commenced operations of its latest subsidiary, United
Capital Asset Management West Africa Limited (UCAMWAL) with the launch of two
CFA franc-denominated mutual funds: the UCAMWAL Bond Fund and the UCAMWAL
Diversified Fund, in Abidjan, Côte d’Ivoire.

This milestone marks a significant step in the
Group’s strategic pan-African expansion and signals a kickstart of the operations of
the newly launched subsidiary.

The new mutual funds, denominated in CFA francs, represent a significant milestone in
UCAMWAL's mission to deliver sophisticated yet accessible wealth management
solutions to investors throughout Francophone West Africa. These products have been
carefully designed to meet the diverse needs of both individual and institutional
investors, offering tailored support to long-term wealth creation while addressing
varying risk appetites.

The funds will be available for intending customers across the eight member countries
- Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo
within the WAEMU Region.

The UCAMWAL Bond Fund is a low-risk, open-ended fund that focuses on fixedincome
and money market instruments, making it ideal for steady capital preservation and long-term wealth building. This fund is particularly suited for conservative investors who prioritize capital preservation while seeking steady,
consistent returns.

The UCAMWAL Diversified Fund provides investors with a balanced risk
approach through strategic allocation across multiple asset classes by
investing across fixed income assets, money market instruments, and equities.

The Group Chief Executive Officer, Mr. Peter Ashade, had this to say:
“This product launch signals the kick-off of the expansion of our pan-African footprint,
starting with the WAEMU region.
As a group, our mission is to shape a more financially
inclusive and economically resilient Africa, for Africa by Africans. We are here to make
a difference, and we are bringing our proven investment expertise into this market, to
support cross-border investment, and support Africa-driven prosperity.

The Director, Africa Operations at United Capital Plc, Mr. Ejikeme Okoli, shared the
company’s long-term vision for the WAEMU region, saying:
“Our expansion into WAEMU is about more than presence, it’s about impact. We’re
building a truly Pan-African financial institution that partners with local economies to
unlock long-term prosperity. Our strategy is not exploitative but collaborative and will
harness local insights to create shared value. We aim to deliver tailored financial
solutions, manage risk effectively, and drive inclusive growth across the region. I invite
investors to join us on this journey of growth and empowerment, as we stay true to our
promise of driving progress, delivering value, and powering economic improvement
across Africa.”

Also speaking at the launch, Labas Bamba, Managing Director of UCAMWAL, said:
“Today marks a pivotal step in our mission to reshape asset and wealth management
in Francophone West Africa. These funds are tailored to meet the distinct needs of our
investors, blending global standards with local market insight. We recognize that every
investor’s journey is unique, which is why our solutions are built to support diverse goals
across different life and business stages.”

The launch of these funds comes at a critical time for the WAEMU region, as
governments and the private sector increasingly seek innovative solutions to mobilize domestic savings and channel them into productive investments. UCAMWAL's entry
into this market is expected to contribute significantly to the development of the
region's capital markets while providing investors with professionally managed
alternatives to traditional savings instruments.
Backed by a strong track record and trusted legacy of United Capital Plc, which
manages nearly ₦2 trillion in assets and more than $500 million in mutual funds in
Nigeria, UCAMWAL is positioned to become a leading investment partner for
individuals, institutions, and governments across the WAEMU region.

16/06/2025

FCCPC SUMMONS AIR PEACE OVER NON-REFUND OF TICKET FARES

The Federal Competition and Consumer Protection Commission (FCCPC) has summoned the management of Air Peace Limited over a deluge of consumer complaints from across the country relating to the non-refund of ticket fares, even in instances where the airline had cancelled its flight operations.

These actions potentially contravene Sections 130(1)(a) and (b), and 130(2)(b) of the Federal Competition and Consumer Protection Act (FCCPA) 2018, which expressly guarantee consumers the right to timely refunds where advance bookings, reservations, or orders are unfulfilled due to service-provider’s failure. This provision enshrines the principle of fair dealing and safeguards consumers against unfair, unjust, or unreasonable practices by service-providers.

In a formal summons dated June 13, 2025, the Commission, invoking Sections 32 and 33 of the Federal Competition and Consumer Protection Act (FCCPA) 2018, requires Air Peace to appear before the Commission at its Abuja Headquarters on Monday, June 23, 2025.

Specifically, Section 33(3) of the FCCPA mandates compliance and failure attracts severe sanctions including fines or imprisonment.

The airline is further directed to produce documentary evidence including complaint log for refunds over the past twelve (12) months, total records of processed refunds to date, list of cancelled flights on all routes within the past twelve (12) months, and remedial actions taken to mitigate consumer hardship resulting from cancelled flights.

Earlier in December 2024, the FCCPC had commenced inquiries into separate allegations of exploitative ticket pricing, including substantial price hikes for advance bookings on certain domestic routes by Air Peace. In response, the airline instituted legal proceedings seeking to restrain the Commission from continuing its inquiry.

11/06/2025

CBN Debunks Report on BDC Recapitalisation Deadline

The Central Bank of Nigeria (CBN) has debunked a news story in circulation suggesting that the Bank has extended the deadline for the recapitalisation of Bureau De Change (BDC) operators to December 31, 2025.

The CBN, through its Acting Director of the Corporate Communications Department, Mrs. Hakama Sidi Ali, described the information as false, misleading, and stated that it should be disregarded.

According to her, the Bank has not granted any such extension beyond the previously communicated deadline of June 3, 2025.
She consequently urged the general public, journalists, media platforms, and all stakeholders to consistently verify information directly from official CBN sources, such as the Bank’s website and authorised communication channels, before publishing or sharing news about the Bank and its regulatory directives.

The CBN remains committed to ensuring transparency, stability, and compliance in the foreign exchange market and will continue to engage with all relevant stakeholders in accordance with its statutory mandate,” Sidi Ali noted.

As part of the revised framework introduced in February 2024, BDCs are required to meet new minimum capital requirements: ₦2 billion for Tier-1 and ₦500 million for Tier-2 operators.

04/06/2025

Oando Profit-After-Tax up 267% to N220 billion in FY2024 Audited Results

Oando PLC, Africa’s leading integrated energy company listed on both the Nigerian Exchange Group (NGX) and Johannesburg Stock Exchange (JSE), posted robust Audited Full Year (FY) 2024 financial results with a 44% increase in revenue to N4.1trillion compared to N2.9 trillion in FY 2023.

In the upstream, Oando’s production witnessed a 3% increase to 23,727 boepd; made up of crude oil production which increased by 27% to 7,558 bopd, while NGL production and gas decreased respectively by 35% to 156 bpd, and 5% to 16,013 boepd. The company’s 2P reserves grew 95% year-on-year to 983 MMboe (2023: 505 MMboe), representing a 188% reserves replacement ratio and underscoring the strength of the company’s upstream portfolio post-acquisition. The company also reported a sustained operational uptime of 86%, supporting off-take reliability and reducing deferred production.

Similarly, other indigenous players have also reported significant revenue growth following the recent wave of International Oil Company divestments. Seplat recorded a revenue of ₦1.65 trillion, representing a 137% increase from 2023, while Aradel posted ₦581.2 billion in revenue, a 162% increase compared to the previous year.

Speaking on the company’s upstream performance, Group Chief Executive, Oando PLC, Wale Tinubu said, “2024 was a defining year for Oando, with the successful acquisition and integration of NAOC marking the culmination of a decade-long strategic growth journey which has significantly deepened our upstream portfolio, resulting in our assumption of operatorship of the OML 60–63 series and the doubling of our working interest in the assets from 20% to 40%, as well as our 2P reserves from 500 million barrels of oil equivalent to 1 billion barrels.”

In the downstream, Oando’s trading subsidiary reported that it sold 20.7 million barrels of crude oil in 2024; a 37% decline from 2023 due to structural changes in the Nigerian oil market. Additionally, refined product volumes declined by 64% to just over 599 kMT, due to weakened domestic demand, driven by the challenging macroeconomic in-country.

Projections for global oil prices and demand in 2025 remain uncertain due to persistent macroeconomic and trade policy uncertainties. JP Morgan pegs Brent to peak at $66/bbl in 2025 and $58/bbl in 2026 while the U.S. Energy Information Administration’s (EIA) predictions project Brent crude oil prices to fall from an average of $81 per barrel (b) in 2024 to $74/b in 2025 and $66/b in 2026 citing an increase in global production coupled with slower global demand growth.

Within its renewable energy business, the company continued to advance its clean energy agenda recording measurable progress across multiple verticals. By the end of 2024 the electric mass transit programme had covered 121,145 km, transported over 205,000 passengers, displacing 163,546 kg of CO₂ emissions and saving more than 60,000 litres of diesel.

Other notable achievements include signing MoUs for wind projects with Cross River and Edo State as well as launching a geothermal feasibility study in collaboration with NNPC, exploring the conversion of mature wells to renewable power assets.

As the company continues to integrate its expanded portfolio following its most recent strategic acquisition, current projections show it’s gone into 2025 with strong momentum and clear ambition. Tinubu remarked ‘Looking ahead, 2025 will be our year of ex*****on. Our key priorities shall include unlocking synergies from the acquisition, addressing above-ground security risks through the implementation of a revamped security framework aimed at curbing the persistent theft of oil, cost optimization, balance sheet restructuring, enhancing operational efficiency, and leveraging technology to improve productivity across our operations. In our bid to ramp up production towards achieving our target of 100,000 bopd and 1.5 tcf of gas by 2029, we shall pursue a dual-track approach of rig-less interventions and well workovers, complemented by an aggressive drilling program. We are excited by the opportunities that lie ahead and remain committed to delivering enhanced shareholder returns, shared prosperity and maintaining our position as a leading player in Africa’s evolving energy landscape.’

The published audited FY 2024 results also include approximately four months of contribution from Nigerian Agip Oil Company (NAOC), following the completion of the acquisition on August 22, 2024. Following this, the company has set a production guidance of 30,000–40,000 barrels of oil equivalent per day (boepd) in its 2025 outlook. This aligns with its post-acquisition optimisation plans to maximise portfolio value and supports its four-year target of reaching 100,000 barrels per day.

It is evident that local players, particularly those that have become operators following the recent IOC divestments, are increasingly well-positioned to drive the future of the Nigerian energy sector. These indigenous companies possess unique insights and contextual experience that enable them to more effectively manage onshore and shallow water assets. This shift is expected to generate a ripple effect across the economy by increasing local employment, enhancing capacity development, and improving government revenue through taxes retained within the country, revenue that was previously repatriated to the home countries of the International Oil Companies (IOCs).

Oando Profit-After-Tax up 267% to N220 billion in FY2024 Audited Results

Oando PLC, Africa’s leading integrated energy company listed on both the Nigerian Exchange Group (NGX) and Johannesburg Stock Exchange (JSE), posted robust Audited Full Year (FY) 2024 financial results with a 44% increase in revenue to N4.1trillion compared to N2.9 trillion in FY 2023.

In the upstream, Oando’s production witnessed a 3% increase to 23,727 boepd; made up of crude oil production which increased by 27% to 7,558 bopd, while NGL production and gas decreased respectively by 35% to 156 bpd, and 5% to 16,013 boepd. The company’s 2P reserves grew 95% year-on-year to 983 MMboe (2023: 505 MMboe), representing a 188% reserves replacement ratio and underscoring the strength of the company’s upstream portfolio post-acquisition. The company also reported a sustained operational uptime of 86%, supporting off-take reliability and reducing deferred production.

Similarly, other indigenous players have also reported significant revenue growth following the recent wave of International Oil Company divestments. Seplat recorded a revenue of ₦1.65 trillion, representing a 137% increase from 2023, while Aradel posted ₦581.2 billion in revenue, a 162% increase compared to the previous year.

Speaking on the company’s upstream performance, Group Chief Executive, Oando PLC, Wale Tinubu said, “2024 was a defining year for Oando, with the successful acquisition and integration of NAOC marking the culmination of a decade-long strategic growth journey which has significantly deepened our upstream portfolio, resulting in our assumption of operatorship of the OML 60–63 series and the doubling of our working interest in the assets from 20% to 40%, as well as our 2P reserves from 500 million barrels of oil equivalent to 1 billion barrels.”

In the downstream, Oando’s trading subsidiary reported that it sold 20.7 million barrels of crude oil in 2024; a 37% decline from 2023 due to structural changes in the Nigerian oil market. Additionally, refined product volumes declined by 64% to just over 599 kMT, due to weakened domestic demand, driven by the challenging macroeconomic in-country.

Projections for global oil prices and demand in 2025 remain uncertain due to persistent macroeconomic and trade policy uncertainties. JP Morgan pegs Brent to peak at $66/bbl in 2025 and $58/bbl in 2026 while the U.S. Energy Information Administration’s (EIA) predictions project Brent crude oil prices to fall from an average of $81 per barrel (b) in 2024 to $74/b in 2025 and $66/b in 2026 citing an increase in global production coupled with slower global demand growth.

Within its renewable energy business, the company continued to advance its clean energy agenda recording measurable progress across multiple verticals. By the end of 2024 the electric mass transit programme had covered 121,145 km, transported over 205,000 passengers, displacing 163,546 kg of CO₂ emissions and saving more than 60,000 litres of diesel.

Other notable achievements include signing MoUs for wind projects with Cross River and Edo State as well as launching a geothermal feasibility study in collaboration with NNPC, exploring the conversion of mature wells to renewable power assets.

As the company continues to integrate its expanded portfolio following its most recent strategic acquisition, current projections show it’s gone into 2025 with strong momentum and clear ambition. Tinubu remarked ‘Looking ahead, 2025 will be our year of ex*****on. Our key priorities shall include unlocking synergies from the acquisition, addressing above-ground security risks through the implementation of a revamped security framework aimed at curbing the persistent theft of oil, cost optimization, balance sheet restructuring, enhancing operational efficiency, and leveraging technology to improve productivity across our operations. In our bid to ramp up production towards achieving our target of 100,000 bopd and 1.5 tcf of gas by 2029, we shall pursue a dual-track approach of rig-less interventions and well workovers, complemented by an aggressive drilling program. We are excited by the opportunities that lie ahead and remain committed to delivering enhanced shareholder returns, shared prosperity and maintaining our position as a leading player in Africa’s evolving energy landscape.’

The published audited FY 2024 results also include approximately four months of contribution from Nigerian Agip Oil Company (NAOC), following the completion of the acquisition on August 22, 2024. Following this, the company has set a production guidance of 30,000–40,000 barrels of oil equivalent per day (boepd) in its 2025 outlook. This aligns with its post-acquisition optimisation plans to maximise portfolio value and supports its four-year target of reaching 100,000 barrels per day.

It is evident that local players, particularly those that have become operators following the recent IOC divestments, are increasingly well-positioned to drive the future of the Nigerian energy sector. These indigenous companies possess unique insights and contextual experience that enable them to more effectively manage onshore and shallow water assets. This shift is expected to generate a ripple effect across the economy by increasing local employment, enhancing capacity development, and improving government revenue through taxes retained within the country, revenue that was previously repatriated to the home countries of the International Oil Companies (IOCs).

08/05/2025

Pope Leo XIV Emerges as the new pontiff

Cardinal Robert Francis Prevost has emerged as the head of the Catholic Church and takes the name Pope Leo XIV, on Thursday, May 8th.

"Cardinal Prevost who is the first American pope in the 2,000-year history of the Catholic Church is a strong voice for the Catholic Church's social mission to address poverty.

Executive Director of the religious development group Jubilee USA Network ,Eric LeCompte who advises Vatican and Catholic Church leadership in its statement said the selection of the name of Leo XIV is a special acknowledgement of the need to support the poor and workers.

"As Prevost takes the name Leo XIV, he will follow the path that Francis set to build a more inclusive and transparent Church.

"Leo XIII, the previous Pope Leo, was the author of the Encyclical Rerum Novarum which became the Church's primary teaching on the rights of workers and those who struggle for a better life and to live in dignity.

"The new Pope has a strong sense of how important the global Church is to address global challenges.

"Coming from the Augustinian religious order, Leo XIV will bring a commitment to building a world where we all have enough.

"Pope Francis followed previous Popes in establishing debt relief to address poverty as a key focus for the Church's Jubilee holy year that's taking place this year. Pope Leo XIV will continue that focus for this holy year."

22/04/2025

Pope Francis to be buried Saturday at St. Mary Major Basilica .

The Vatican has released images of Pope Francis, showing him in a wooden casket with red vestments.

In his will, Francis, said he wanted to be buried in a tomb that “was simple, without particular decoration and with only the inscription Franciscus.”

The Holy See Press Office announced on Tuesday that Pope Francis’ funeral Mass will take place on Saturday, April 26, 2025, at 10:00 AM in St. Peter’s Square.

Public viewing of Pope Francis who died at the age of 88 will begin Wednesday, before he’s laid to rest on Saturday.

Francis died Monday from a stroke that led to a coma and irreversible heart failure. The Vatican’s top doctor said Francis also suffered from “acute respiratory failure” related to his recent bout of double pneumonia, as well as type 2 diabetes and hypertension.

21/04/2025

Pope Francis died on Easter Monday at 88
The Catholic Church’s first Latin American pontiff Pope Francis is dead.

He died at the age of 88 at his residence in the Vatican’s Casa Santa Marta the Vatican .

The Vatican announced the death of Pope Francis on Monday , ending a groundbreaking pontificate who charmed the world with his humble style and concern for the poor.

The pontiff, who was Bishop of Rome and head of the Catholic Church, became pope in 2013 after his predecessor Benedict XVI resigned.

Francis had experienced a string of health worries in recent years and spent 38 days in hospital in February and March this year.

But he recovered enough to leave hospital and just yesterday was greeting crowds on Easter Sunday in St Peter’s Square.

Standing somberly behind a microphone at the Vatican, Cardinal Kevin Farrell announced the pope’s death. “At 7:35 this morning, the Bishop of Rome, Francis, returned to the house of the Father,” he said. An American of Irish origin, Cardinal Farrell becomes the Vatican’s de facto administrator after the death of a pope.

04/04/2025

UNITED CAPITAL PLC APPROVES N14.4 BILLION DIVIDEND PAYOUT AT 12TH ANNUAL GENERAL MEETING

United Capital Plc, a leading pan-African financial and investment services group, held its 12th Annual General Meeting (AGM) at the Transcorp Hilton Hotel, Abuja, where shareholders approved a total dividend payout of N14.4 billion for the 2024 financial year. This represents a 33% increase from the previous year, reinforcing the company’s commitment to delivering exceptional value to its investors.

The meeting, which brought together shareholders and key stakeholders, served as an opportunity to review the company’s outstanding results for the 2024 financial year and outline its strategic vision for continued growth.

In his opening remarks, Prof. Chika Mordi, Chairman, United Capital Plc, highlighted the company’s outstanding financial performance despite macroeconomic challenges. “In 2024, our Profit Before Tax (PBT) accelerated by 74.0% year-on-year to N30.10 billion in 2024, indicating impressive growth in the overall profitability of the Group. In terms of our financial position, the Total Assets of the Group appreciated by 82.6% year-on-year to N1.7 trillion. Prof. Mordi reassured investors of the company’s commitment to sustaining this momentum, stating that United Capital remains well-positioned to deliver even greater returns in the coming years.

The declaration of a final dividend of N0.50 per share, complementing the interim dividend of N0.90 per share distributed within the financial year, received unanimous shareholder endorsement. Investors commended the company's consistent delivery of strong returns, spotlighting the previously declared 2-for-1 bonus share issuance that significantly enhanced their equity positions. This robust shareholder value creation is reflected in the 47% growth of Shareholders' Funds to N133.50 billion

Peter Ashade, Group CEO, United Capital Plc, attributed the company’s continued success to strategic ex*****on, operational excellence, and the dedication of its leadership team and employees. “We remained committed in our mission to create sustainable value for our stakeholders despite a volatile operating environment. Our market capitalization surged by 200% to N396 billion, while our Return on Average Equity (RoAE) stood at 21.5%, underscoring the wealth creation and business stability we have achieved,” he said. Looking ahead, Ashade reaffirmed United Capital’s commitment to sustaining its growth trajectory and delivering superior performance in 2025. “Our focus remains on expanding our market leadership, enhancing innovation, and driving long-term value creation.”

Following a profitable year with the firm leading key transactions, expanding into digital banking, consumer finance and recording impressive growth in funds under management, the Group is determined to solidify its position as a high-performing, sustainable financial services group, with key strategic expansion into new markets and sectors, setting new standards of excellence in Africa’s financial landscape.

About United Capital Plc
United Capital Plc remains a leader in the financial and investment services space, offering a robust suite of service offerings: Investment Banking, Asset Management, Trusteeship, Securities Trading, Wealth Management, Consumer Finance, and Microfinance Banking. The group aims to transform the African continent by providing innovative and creative investment banking solutions to governments, companies, and individuals.

United Capital is listed on the Nigerian Exchange Limited (NGX) and is at the forefront of becoming the financial and investment role model across Africa by leveraging on innovation, technology, and specialist skills to exceed client expectations, while creating more value for all stakeholders.

The corporate news 360

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