Yemisi Izuora
United Capital Group, the Nigerian financial services company has completed the acquisition of a 5 per cent minority stake in Nigerian Exchange Group (NGX Group) Plc, the holding company that controls Nigeria’s main stock exchange.
The transaction, announced on June 16, was not valued publicly.
Through the investment, United Capital is deepening its position in Nigeria’s capital markets and signaling its interest in the infrastructure that supports the country’s financial system.
The United Capital described the acquisition as a deliberate and strategic decision. The company said it has operated at the center of Nigeria’s financial markets for decades and views the strength of market infrastructure as essential to the growth of the broader capital market.
United Capital’s entry into NGX Group’s ownership structure comes as the holding company’s shareholder base continues to evolve following its conversion into a public company in 2021.
As of December 31, 2025, NGX Group had 7,415 shareholders. Stanbic IBTC Nominees Limited was among the largest shareholders, with a 7.24 per cent stake. Board members and management collectively held 11.54% of the company, while the free float stood at 70.56 per cent.
NGX Group is a capital markets holding company registered with Nigeria’s Securities and Exchange Commission (SEC).
Its main subsidiaries include Nigerian Exchange Limited, which operates the stock exchange; NGX Regulation Limited, responsible for market regulation and compliance; and NGX Real Estate Limited, which manages real estate assets and investments.
The group also holds majority stakes in Coral Properties Limited, NSE Consult Limited, and Central Securities Clearing System Plc, Nigeria’s securities clearing and settlement infrastructure.
NGX Group posted stronger financial results in 2025. For the year ended December 31, 2025, the group reported profit before tax of 15.6 billion naira, up 14.3 per cent from 2024. Revenue rose 36 per cent to 22.9 billion naira ($16.8 million), while operating profit increased 44.4 per cent to 11.8 billion naira.
The Nigerian capital market is also undergoing significant modernization. Since June 1, 2026, the exchange has operated on a one-business-day settlement cycle, known as T+1, replacing the previous two-day settlement system. The shorter cycle reduces the time between trade execution and final settlement.
For investors, the change allows faster access to funds after securities are sold and improves liquidity across the market. It also forms part of broader efforts to improve the efficiency and appeal of Nigeria’s financial market.
United Capital’s acquisition comes only weeks after the company obtained investment banking licenses in Rwanda and Ethiopia, expanding its presence beyond Nigeria.