United Capital Group has completed the recapitalisation of its Securities and Exchange Commission (SEC)-regulated subsidiaries, satisfying the revised minimum capital requirements issued under the Commission's Circular No. 26-1, more than 14 months before the June 30, 2027, compliance deadline. This was disclosed at the Group's Annual General Meeting (AGM) held in Abuja on Friday, 24th April.
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 N5.00 billion, up from N150 million; Trustees must hold N2.00 billion, up from N300 million; and Issuing houses providing underwriting services are required to carry N7.00 billion in minimum capital, compared to N200 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, a leading Pan-African investment banking and financial services group, has four SEC-regulated subsidiaries: United Capital Investment Banking, United Capital Asset Management, United Capital Trustees, and United Capital Securities. Each of these entities has independently met or exceeded the applicable thresholds under the new framework. The Board confirmed at the AGM that all compliance milestones had been met without any recourse to external capital raising.
The early completion of a full recapitalisation exercise of this nature is 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 of the Board of Directors of 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 of United Capital Group, Peter Ashade, said: "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 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 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 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 N10.00 billion enables the management of collective investment schemes and alternative investment funds with net asset value above N250 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 N0.70 per share, bringing the total dividend for the 2025 financial year to N1.00 per share, equivalent to N18 billion. This represents a 25% increase over the N14.4 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 N58.55 billion and a 17% growth in profit after tax to N28.15 billion. With an Assets under Management (AUM) base of over N2 trillion 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 Assets under Management, expanding its institutional and retail client base, and scaling its financial services franchise across the continent.
