United Capital Group completes recapitalisation of SEC-regulated subsidiaries over a year ahead of deadline

United Capital Group completes recapitalisation of SEC-regulated subsidiaries over a year ahead of deadline

The SEC’s revised minimum capital framework, introduced pursuant to the Investments and Securities Act 2025, significantly raised the capital thresholds for all categories of regulated capital market operators. Under the new requirements, Fund and Portfolio managers operating at full scope must maintain a minimum capital of ₦5.00 billion, up from ₦150 million; Trustees must hold ₦2.00 billion, up from ₦300 million; and Issuing houses providing underwriting services are required to carry ₦7.00 billion in minimum capital, compared to ₦200 million previously. The framework was designed to strengthen market resilience, enhance investor protection, and align capital adequacy with the evolving risk profile of capital market activities.

United Capital’s four SEC-regulated subsidiaries, United Capital Investment Banking, United Capital Asset Management, United Capital Trustees, and United Capital Securities, have each independently met or exceeded the applicable thresholds under the new framework. This was disclosed at the Group’s Annual General Meeting (AGM) held in Abuja on Friday, 24th April, where the Board confirmed that all compliance milestones had been met without any recourse to external capital raising. Below is a detailed view of the Group’s total recapitalized SEC-regulated businesses:

United Capital TrusteesLimited

Tier 1Portfolio Manager(Full Scope Level

The early completion of a full recapitalisation exercise of this nature is quite significant in a market where many capital market operators are still preparing to meet the new requirements ahead of the 2027 deadline. The revised thresholds represent increases of between 10 and 33 times the 2015 minimums for several categories of operators, making compliance a material undertaking for most institutions. United Capital’s ability to complete the process across four regulated entities simultaneously, and ahead of schedule, places it among a limited group of fully compliant financial service groups in Nigeria at this stage.

The Chairman, Board of Directors, United Capital Plc, Uche Ike expressed confidence in the Group’s strategic direction, noting that “the early completion of this recapitalisation reflects the strength of our governance and our clear focus on building a resilient institution. In a market where the new capital thresholds are significant, this new capital base positions United Capital strongly for the opportunities ahead. With the strength of our capital base across all our regulated entities, we have not only met regulatory requirements but also enhanced our capacity to deliver sustainable growth and long-term value to our shareholders and stakeholders.”

Commenting on the significance of this achievement, the Group Chief Executive Officer, United Capital Group, Peter Ashade had this to say:

“Completing our full recapitalisation well ahead of the SEC deadline is not merely a regulatory milestone; it reflects the discipline with which we run this institution. We did not wait to be compelled. We acted with foresight.

As an institution, regulatory compliance is a baseline, not a second-thought. We have strengthened and solidified our capital base, meeting and exceeding the full scope of the guidelines set by the Securities and Exchange Commission (SEC), because it provides the right foundation for our long-term ambitions we have for our Group, our clients, and the broader market.

United Capital is firmly positioned and equipped to operate at the highest standards demanded by the capital market and to take advantage of larger, more sophisticated opportunities within Nigeria and across the regions we operate,”

In line with applicable regulations, United Capital has submitted all required audited documentation to the Securities and Exchange Commission (SEC) to confirm its full compliance with the revised capital requirements.

Beyond regulatory compliance, the strengthened capital base materially expands the scope of business each subsidiary can undertake. Under the SEC framework, higher capitalisation for the Investment Banking and Trusteeship services unlocks access to larger mandates, broader product authorisations, and, for fund managers, the ability to manage significantly larger pools of assets. For United Capital Asset Management, meeting the Tier 1 threshold of ₦10.00 billion enables the management of collective investment schemes and alternative investment funds with net asset value above ₦250 billion.

The recapitalisation of the SEC-regulated subsidiaries complements a broader strengthening of the Group’s already solid financial position. In its 2025 full-year results, also presented at Friday’s Annual General Meeting, United Capital’s Board and shareholders approved a final dividend of ₦0.70 per share, bringing the total dividend for the 2025 financial year to ₦1.00 per share, equivalent to ₦18 billion. This represents a 25% increase over the ₦14.4 billion distributed to shareholders in 2024 and signals the Group’s confidence in the sustainability of its earnings and its dedication to consistent wealth distribution.

The Group also reported a 35% rise in revenue to ₦58.55 billion and a 17% growth in profit after tax to ₦28.15 billion. With an Asset under Management [AUM] base of over N2trillion and with all seven of the Group’s subsidiaries recording profitability in the same financial year, United Capital group remains a dominant force and clear leader in the capital markets.

With its capital position now firmly established across its regulated businesses, United Capital Group is positioned to deepen its product offerings, pursue strategic growth opportunities, and accelerate its Pan-African expansion. The Group has signaled that 2026 will be a year of active deployment of its strengthened balance sheet, with particular focus on growing Asset Under Management, expanding its institutional and retail client base, and scaling its financial services franchise across the continent.

United Capital Plc is a leading Pan-African financial and investment services group committed to empowering dreams and unlocking Africa’s potential through innovative, client-centric financing solutions. With a strong heritage and a forward-looking approach, the Group empowers governments, corporates, and individuals by delivering bespoke investment banking, asset management, securities trading, wealth management, trusteeship, consumer finance, and microfinance solutions.