The Chairman, United Capital Plc, Mr Uche Ike, says the company is well capitalised to meet the new recapitalisation requirements of the Securities and Exchange Commission (SEC).
Ike said this while fielding questions from shareholders at the company’s 13th Annual General Meeting on Friday in Abuja.
The chairman who was speaking on the preparedness of the company to meet up with the new recapitalisation requirements of SEC, said the company had appropriate equity to meet the requirements of regulators.
He thanked shareholders for their commendations adding that it would spur the group into doing more to ensure sustainable growth.
Ike who was re-elected as the Chairman of the group, reiterated the commitment of the Group toward ensuring the company’s growth.
Peter Ashade, the company’s Group Chief Executive Officer, said the group had capitalised its microfinance bank to N5.3 billion above the N5 billion recapitalisation requirement.
He said the group was resolute towards driving financial inclusion in line with the requirements of regulators.
On cyber-crimes, Ashade said the company had set up an information security department to ensure security of their services.
”All our seven businesses are profit driven. The operating environment might be turbulent but we will not relent until we give you N20 dividend,” he said.
The News Agency of Nigeria (NAN) reports that SEC had announced a major recapitalisation policy effective Jan. 16, 2026.
The new Minimum Capital Requirement (MCR) mandated all regulated capital market entities to comply with the revised requirement on or before June 30, 2027.
SEC pegged Broker-Dealer (full scope) capital at N2 billion against N300 million.
The minimum capital requirement for inter-dealership brokers was fixed at N2 billion against N50 million old requirement while sub brokers (digital) would require N100 million against N10 million formal requirement.
Also, under the new minimum capital requirement, SEC fixed N200 million as the MCR for venture capital fund manager against the initial N150 million.
NAN reports that United Capital Plc is a Pan-African investment bank and financial services group also into asset management, wealth management and securities, among others.
