United Capital Plc (NGX: UCAP) has announced a significant move in its strategic pan-African expansion with the launch of its new subsidiary, United Capital Asset Management West Africa Limited (UCAMWAL).
The new subsidiary, headquartered in Abidjan, Côte d’Ivoire, marks the Group’s first licensed and fully operational subsidiary in Francophone West Africa.
The subsidiary will offer a comprehensive suite of asset management services, including portfolio management, mutual funds, and financial advisory services.
UCAMWAL has secured a license from the Financial Markets Authority of the West African Economic & Monetary Union (AMF-UMOA), enabling it to operate across eight WAEMU member countries.
These include Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo.
Commenting on the development, Prof. Chika Mordi, Board Chairman of United Capital Group, emphasized the significance of this expansion.
He said, “The launch of UCAMWAL is a pivotal step in our pan-African growth journey and a reflection of our deep conviction in the strength and potential of Africa. While we have taken steps to expand our regional presence over the years, this marks our first major move, establishing a physical office and regional headquarters outside Nigeria.”
United Capital gained 0.26% on Friday to close at N19.15 per share on the Nigerian Exchange.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
