United Capital logo
InvestNow

United Capital Group Delivers Impressive FY-2024 Performance

RECORDS 74% GROWTH IN PBT, PAT SOARS BY 111%; AS DIVIDEND PAYOUT RISES 33%

Peter Ashade, Group CEO, United Capital

United Capital Group, a leading Pan-African investment bank and financial services group, has announced its audited financial results for the 2024 financial year, further extending its track record of exceptional financial performance and enhanced value for shareholders. 

The Group recorded a 74% increase in Profit Before Tax (PBT) to N30.10 billion and an 111% increase in Profit After Tax (PAT) to N24.10 billion. This stellar growth was driven by an 83% growth in Total Assets to N1.70 trillion and a 47% growth in Shareholders’ Funds to N133.50 billion.

Speaking on the Group’s performance, Mr. Peter Ashade, Group Chief Executive Officer, United Capital Plc, said, “I am honoured to inform our stakeholders of the Group’s exceptional financial performance in 2024. Despite a challenging business environment, we achieved remarkable growth, reinforcing our market leadership and unwavering commitment to our shareholders.”

Continuing its decade-long legacy of dividend payments, United Capital announced a dividend increase of 33% to N14.4 billion. This follows a landmark interim dividend payment to shareholders of N0.90 per share and a 2-for-1 bonus share issuance that effectively tripled investors’ holdings, significantly enhancing their equity position. The Group also declared a final dividend of 50 Kobo per share, bringing the total dividend payout for the year to N2.40 per share – a monumental milestone in the Nigerian capital market. 

Board Chairman, Prof. Chika Mordi, reinforced the Group’s commitment to sustainable growth, stating: “United Capital Group held true to its philosophy of creating shared prosperity by delivering record profitability and significant corporate actions. We will continue to strengthen governance frameworks across the Group to protect investors’ assets and sustain superior value delivery to our stakeholders well into the foreseeable future.”

The Group’s stellar performance in 2024 was bolstered by its leadership in executing landmark transactions, including the FGN Domestic US Dollar Bond issuance and the N1.8 trillion listing of Transcorp Power on the Nigerian Exchange (NGX), among others. These achievements further cemented the Group’s reputation as a market leader, earning multiple prestigious industry awards across its business lines. With a proven track record of resilience, innovation, and strategic growth, United Capital has proven to be the ultimate shareholders’ dream, delivering on its promise of long-term value creation. With an already strong start to 2025, the Group is well-positioned to sustain its leadership in the Nigerian Capital Market and expand its footprint across Africa’s financial ecosystem. For the full report, please click here

JOSEPH ONYEMA

Head, Group Enterprise Performance Management
Joseph Onyema
Joseph is the Head, Group Enterprise Performance Management at United Capital Plc.
Over the last 16 years, Joseph has worked with and led teams whose responsibilities cut across a major spectrum of technology transformational and retail growth projects and consultancy. Joining the group in 2017, Joseph started out leading the technology team for 5+ years in the position of the Group, Chief Information Officer, a role in which his focus on execution to reposition the business was exemplary, hence leading to increased digital presence, retail growth and improved revenues, with keen focus on our growth during the COVID-19 pandemic where the business was run totally virtual and saw outstanding growth in customers, revenue and profitability.​
Leveraging on his education, performance, experience and spirit of execution, Joseph transitioned to the Group Head, Enterprise Performance Management, where he brings his analytical and technological prowess coupled with his background in managing teams and businesses to bare in monitoring and tracking business units and employees performances, while helping them to improve in their performance and ensuring the group continues to win in all its endeavours.
Before joining United Capital, Joseph headed the Group Technology Operations at Cordros Capital Limited where he transitioned the business from a High Net-worth Individual (HNI) focused business to retail-focused business with total leverage on technology to drive B2C sales across verticals while exploring new markets and partnerships. Prior to Cordros Capital, he had led the Enterprise & Cloud Services team at Soft Solutions Limited, an IT Consultancy firm with a footprint across 15 Nigerian banks on enterprise security, cloud projects, and consultancy where he developed, deployed, and led support teams to manage several financial and FMCG application suites.
A Tony Elumelu entrepreneur from 2016 before joining the group, and a member of the prestigious Beta Gamma Sigma international business honor society, continues to reinvent himself and deliver exceptionally to the United Capital family.