Tony Elumelu's United Capital acquires 5% stake in NGX as Nigeria bets on capital market growth
As African governments and companies increasingly turn to capital markets to fund growth, one of Nigeria's largest investment banking groups is making a strategic bet on the institution at the centre of that sector.
Black News 
As African governments and companies increasingly turn to capital markets to fund growth, one of Nigeria's largest investment banking groups is making a strategic bet on the institution at the centre of that sector.
- United Capital has acquired a 5% stake in Nigerian Exchange Group.
- The deal gives the investment banking group a direct interest in Nigeria's capital market infrastructure.
- The acquisition comes as the firm expands across Africa, including Ethiopia and Rwanda.
- Analysts see the move as a vote of confidence in the long-term growth of Nigeria's capital markets.
Nigerian billionaire Tony Elumelu's United Capital has acquired a 5% stake in Nigerian Exchange Group (NGX Group), a move that places the financial services firm among the exchange's significant shareholders and gives it a direct interest in the future of Nigeria's capital market infrastructure.
The acquisition comes as Nigeria seeks to deepen domestic capital formation amid tighter global financial conditions, elevated borrowing costs and declining access to cheap foreign capital.
For years, United Capital has played a central role in Nigeria's financial markets as an investment banker, stockbroker, asset manager and trustee.
By acquiring a stake in NGX Group, the company is moving beyond being a participant in the market to becoming an investor in the platform that underpins it.
The transaction also reflects a broader shift taking place across Africa, where local financial institutions are increasingly positioning themselves to capture opportunities created by expanding pension assets, growing retail investor participation and rising demand for long-term financing.
NGX Group occupies a unique position in Nigeria's financial system. The company oversees the Nigerian Exchange Limited, one of Africa's largest stock exchanges, and serves as a key channel through which businesses raise capital, investors deploy funds and governments access long-term financing.
Since its demutualisation in 2021, NGX Group has pursued reforms aimed at modernising Nigeria's capital markets, attracting new listings and improving investor participation.
United Capital's investment suggests growing confidence in those efforts.
"This acquisition reflects our confidence in Nigeria's capital markets and our responsibility to contribute to their growth actively," Group Chief Executive Officer Peter Ashade said in a statement announcing the deal.
"We have always said that United Capital is not just a participant in Nigeria's capital markets, we are also builders. This strategic investment in NGX Plc is exactly that, we are building for impact."
The acquisition is the latest milestone in a period of expansion for the Lagos-based financial group. United Capital recently completed the recapitalisation of its regulated subsidiaries ahead of regulatory deadlines and has expanded into new African markets, including Ethiopia and Rwanda, as part of a broader continental growth strategy.
The company now operates across 12 countries spanning West, East and Central Africa. The NGX investment adds another dimension to that strategy.
Rather than simply expanding geographically, the firm is increasing its exposure to the infrastructure that supports capital formation in Africa's largest economy.
The move also strengthens the influence of a financial institution long associated with billionaire investor Tony Elumelu, whose business interests span banking, power, hospitality and investment across the continent.
While the acquisition does not amount to a controlling stake, it gives United Capital a meaningful position in an institution that sits at the heart of Nigeria's financial architecture.
