In a notice sent to the Nigerian Stock Exchange (NSE) on Wednesday, the board of United Capital Plc has announced the appointment of Peter Ashade as its new Group Chief Executive Officer (GCEO).
Ashade is the current Managing Director of African Prudential Plc (formerly African Prudential Registrars). African Prudential, is yet to name Ashade’s replacement.
He replaces the outgoing GCEO Oluwatoyin Sanni. The company in the notice did not give reasons for her resignation.
Sanni had recently announced her resignation from the firm in a post on her Linkedin page. She was appointed Group Chief Executive Officer (GCEO) in January 2014.
While not giving specific reasons for her action, she however hinted at the possibility of starting a venture of her own. Prior to working at United Capital, she had stints at First Trustees (now FBN Quest Trustees) and the Cornerstone Group.
Ashade’s appointment takes effect on June 30, 2018, subject to regulatory approval.
About Peter Ashade
Peter Ashade joined the services of UBA registrars (the forerunner of African Prudential) in June 2006. He holds a B.Sc. in Banking and Finance, an MSc in finance from the University of Lagos (UNILAG), and a Masters in Business Administration (MBA) from the Obafemi Awolowo University (OAU), Ile-Ife.
He is also a member of several professional bodies including the Chartered Institute of Bankers of Nigeria (CIBN), Chartered Institute of Taxation of Nigeria (CITN) and Institute of Capital Market Registrars (ICMR).
United Capital Plc
United Capital Plc was incorporated in Nigeria as a limited liability company on March 14, 2002. It became a public company and was listed on the NSE in January 2013 after a successful spin-off from United Bank for Africa Plc.
The move was following an instruction by the Central Bank of Nigeria (CBN) in December 2011 to commercial banks to either spin off their non-banking subsidiaries or form a Holding Company (HOLDCO) structure.
Other subsidiaries spun off include African Prudential Plc (formerly African Prudential Registrars) and Afriland Properties Limited. UBA shareholders thus, received shares in African Prudential, Afriland Properties, and United Capital. Afriland was, however, not listed on the NSE and currently trades in the NASD OTC exchange.
United Capital is a holding company with three subsidiaries namely United Capital Trustees Limited, United Capital Asset Management Limited and United Capital Securities Limited. Its areas of business include investment banking, trusteeship, asset management and stock broking.
Results for the first quarter ended March 2018 show gross earnings increased from N2.1 billion in 2017 to N2.2 billion in 2018. Profit before tax rose slightly from N1.3 billion in 2017 to N1.4 billion in 2018. Profit after tax also moved in like manner from N1.1 billion in 2017 to N1.2 billion in 2018.
African Prudential Plc closed at N4.11 in today’s trading session, down 4.42%. Year to date return by the stock has now slipped into negative territory at 2.52%.
United Capital Plc closed at N3.16 in today’s trading session on the NSE, up 0.32%. Year to date return by the stock, however, remains negative at 6.48%. The two stocks have thus underperformed the All Share Index (ASI) which is up 2.57% year to date.