United Capital Plc has taken a bold step in its regional growth strategy with the launch of a new subsidiary in Abidjan, Côte d’Ivoire, named United Capital Asset Management West Africa Limited (UCAMWAL). The move, formally announced in a regulatory filing on Friday, marks the Nigerian financial services group’s official entry into the West African Economic and Monetary Union (WAEMU) market.
The company secured an operational license from the Financial Markets Authority of the WAEMU (AMF-UMOA), enabling it to offer a full suite of asset management services — including portfolio management, mutual funds, and financial advisory — across the bloc’s eight member nations.
Expanding Into Francophone West Africa
WAEMU is made up of Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo — all French-speaking countries with shared economic structures and a unified currency, the CFA franc.
This expansion positions United Capital to access a sizable and largely underpenetrated financial services market, as the group moves to solidify its pan-African credentials. Prior to this launch, the firm had operated solely in Nigeria and Ghana.
According to Chika Mordi, Chairman of United Capital Plc, the establishment of UCAMWAL represents more than just geographic diversification. “The launch is a pivotal step in our pan-African growth journey and a reflection of our deep conviction in the strength and potential of Africa,” he said.
He added that Côte d’Ivoire, one of the largest and most economically vibrant countries in the bloc, offers an ideal gateway to Francophone West Africa due to its stable financial infrastructure and investment-friendly policies.
Backed by Strong Financials and Strategic Vision
United Capital enters the WAEMU region at a time of strong financial performance. In Q1 2025, the company reported a net profit of ₦5.9 billion, representing over a 60% increase year-on-year. Revenue nearly doubled on the back of soaring investment income, reinforcing the group’s financial muscle as it expands its operational footprint.
The firm’s total assets also grew slightly to ₦1.72 trillion at the end of March, up from ₦1.7 trillion in December 2024, reflecting its robust balance sheet and capital strength.
Building Local Capacity for Regional Impact
Chief Executive Officer Peter Ashade outlined the company’s approach to regional integration: a focus on building institutional relationships, developing human capital, and leveraging cutting-edge technology.
“We are committed to partnering with local economies, governments, and institutions to unlock long-term prosperity across WAEMU countries,” Ashade stated. “We will invest in people, processes, and technology to ensure we deliver high performance and cross-border excellence.”
From Spin-Off to Regional Powerhouse
United Capital’s origins trace back to its days as the investment banking arm of United Bank for Africa (UBA). Following regulatory reforms by the Central Bank of Nigeria that ended the universal banking model, the unit was spun off in 2014 to become a standalone, publicly listed financial services group.
Today, United Capital operates under a holding company structure, with subsidiaries spanning investment banking, trusteeship, wealth management, micro-lending, and consumer finance — and now, with UCAMWAL, regional asset management.
With this strategic expansion into Francophone West Africa, United Capital is not only widening its market access but also reinforcing its long-term vision of becoming a truly pan-African financial powerhouse — one driven by local expertise, regional insight, and a firm commitment to sustainable development.