Nigerian investment banker Peter Ashade’s United Capital gains $29 million in 18 days

United Capital Plc, a fast-growing banking and investment services company led by renowned investment banker Peter Ashade, has seen its market capitalization increase by $29 million in the last 18 days as investors renewed their interest in the company.

United Capital is a fast-growing banking and investment services firm that provides financial products and services to enterprises, governments, high-net-worth individuals, and institutional and retail investors across Africa, under the leadership of Ashade, a prominent banker who has been at the helm of the firm since 2018.

According to data tracked by Billionaires.Africa, the company’s shares were presently valued at N12.5 ($0.029) per share at the time of writing this report, giving the Lagos-based financial and investment services firm a total market capitalization of N75 billion ($171.8 million) at the time of writing.

Shares in the company have increased by more than 20 percent since Oct. 4, nearly 18 days ago, from N10.4 ($0.0238) per share on Oct. 4 to N12.5 ($0.0286) per share on Oct. 22 due to renewed buying interest on the Nigerian Exchange.

The recent price surge resulted in a N12.6-billion ($29 million) rise in its market capitalization, from N62.4 billion ($142.9 million) on Oct. 4 to N75 billion ($171.8 million) at the time of writing this report.

The multibillion-dollar increase in the company’s market capitalization comes after the company reported a profit of N7.72 billion ($17.7 million) in the first nine months of its 2022 fiscal year, despite a challenging macroeconomic environment.

The double-digit increase in the group’s gross earnings from N11.33 billion ($26 million) to N14.55 billion ($33.4 million), contributed to the double-digit growth in its profits.

This outstanding performance was primarily driven by a 31-percent increase in fee and commission income and a five-percent increase in investment income over the period.