Peter Ashade, Group CEO of United Capital Plc, a leading African investment banking group providing capital and financing solutions to African governments, companies, and individuals, has increased his stake in the company in accordance with the insider dealing rule by the NSE.
According to the statement released on the Nigerian Stock Exchange, Peter purchased ordinary shares of 1,780,000 units at N 4.08 per unit on November 2, 2020.
A peek into United Capital’s Financials
United Capital Plc grew its Gross Earnings and Net Income (i.e. PAT) by 33% and 26% respectively to ₦7.069 billion and ₦3.463 billion compared to the corresponding period of 2019.
Sharp Drop in Other Income Failed to Impact Gross Earnings
Despite the 65% decline in United Capital Plc, Other Income (to ₦308.82 million) relative to the corresponding period of 2019, the company’s Gross Earnings rose by 33% in 9M’2020 to print at ₦7.069 billion compared to ₦5.322 billion reported in 9M’2019.
The increase in Gross Earnings was jointly driven by a 55% surge in Investment Income to ₦74.386 billion, a 62% increase in Fee & Commission Income to ₦2.249 billion, and a 61% spike in Net Interest Margin to ₦125.28 million relative to 9M’2019.
Peter Ashade is an astute investment banker and business leader with 29 years’ cognate experience in Nigeria’s capital market; 14 years as Chief Executive. He is a well-rounded capital market player having participated in various landmark capital market transactions across all segments of the market and a member of various policy-formulating capital market committees. He is reputed for transformational leadership and outstanding execution capabilities.
Prior to his appointment as the Group CEO of United Capital, Peter was Managing Director/CEO, Africa Prudential Plc (then UBA Registrars Limited). Peter led the transformation of the business from a subsidiary of UBA Plc to the only listed investor services firm on the Nigerian Stock Exchange. More than 15000% growth in profitability was achieved within eight years.
Peter recorded a number of landmark achievements at Africa Prudential Plc, including consistent growth in earnings and payment of dividends, and development of the first share registration portal in Nigeria in 2008. Under his leadership, the company also developed GreenPole, the first web-based core registrars operating software in 2016, and the first USSD based product in the Nigerian Capital Market in 2017.
Under his leadership, the company’s blue ocean strategy also produced some giant strides outside the Capital Market space. Africa Prudential ventured into the cooperative space and within a short while, the company developed EasyCoop Cooperative Manager, which is Nigeria’s first independent self-service portal for cooperative thrift and loans societies.
This feat, coupled with the company’s growing reputation in deploying business support solutions resulted in the firm’s appointment as consultant development partners to the International Cooperative Alliance – Africa (Alliance Africa).
Peter has a diverse academic and professional background:
- BSc, Banking and Finance
- MBA, Marketing
- MSc, Finance
- Fellow, Institute of Chartered Accountants of Nigeria
- Fellow, Chartered Institute of Bankers
- Fellow, Institute of Capital Market Registrars
- Associate, Chartered Institute of Taxation of Nigeria
- Associate, Institute of Directors
- He is an alumnus of the prestigious Lagos Business School (CEP23, LBS).
He is currently:
- Treasurer, Institute of Capital Market Registrars (ICMR)
- 1st Vice Chairman, Chartered Institute of Bankers of Nigeria (CIBN), Lagos State Branch.