UNITED CAPITAL SECURES EAST AFRICA LICENCES — ENTERS RWANDA AND ETHIOPIA

Nigerian investment firm becomes latest financial institution to expand beyond West Africa; Rwanda and Ethiopia markets targeted

United Capital Plc, one of Nigeria's leading investment banking and financial services firms, has secured operating licences in Rwanda and Ethiopia, becoming the latest Nigerian financial institution to expand its footprint into East Africa as the continent's fastest-growing economies attract increasing Nigerian financial sector interest.

United Capital confirmed the licence approvals this week, marking the firm's first entry into the East African market following years of domestic consolidation and growth. Rwanda and Ethiopia represent two of Sub-Saharan Africa's most dynamic economies, Rwanda for its business environment and financial hub ambitions in Kigali, and Ethiopia for its scale as Africa's second-most-populous country.

The expansion follows a pattern established by Nigeria's largest banks, UBA, Access Holdings, and Guaranty Trust, which have built significant pan-African operations over the past decade. United Capital's move signals that Nigerian capital market operators, not just deposit money banks, are now pursuing the same continental strategy.

For Nigerian businesses with cross-border trade or investment ambitions in East Africa, a Nigerian investment firm with licences in both markets represents a meaningful change in the availability of locally-credentialed financial advice, structuring, and access to Ethiopian and Rwandan capital markets.

Stanbic IBTC Bank is separately considering establishing a wholly owned banking operation in Ethiopia, a market where foreign ownership caps on banking have historically been restrictive, reflecting the continued Nigerian financial sector interest in one of Africa's most significant frontier banking opportunities.