(Ecofin Agency) - • UBA Group expands asset management arm to Abidjan with UCAMWAL
• Subsidiary to offer diversified investment solutions beyond Nigeria
• Strategy aims to tap into growing West African demand for financial products

United Bank for Africa (UBA), led by Nigerian businessman Tony Elumelu, has launched a new asset management subsidiary in Côte d’Ivoire as part of its regional expansion. The new entity, United Capital Asset Management West Africa Limited (UCAMWAL), was officially inaugurated on May 29, 2025, in Abidjan.

UCAMWAL represents the first expansion of UBA’s asset management operations outside Nigeria. From its base in Abidjan, the subsidiary will serve the broader West African market by offering diversified investment solutions to individuals, businesses, and institutions seeking alternatives to traditional placements such as real estate and savings accounts.

The decision to launch in Côte d’Ivoire builds on UBA’s existing presence in the country through its commercial banking division. The Ivorian market is increasingly drawing interest from clients seeking a broader range of financial instruments.

Côte d’Ivoire already hosts major asset management players, including the National Social Security Fund (CNPS), which manages more than CFA1,000 billion ($1.72 billion) in assets. Of that, 48% is invested in government bonds within WAEMU markets, 35% in shares of companies listed on the BRVM, and the remainder in private and unlisted investments.

The move into Côte d’Ivoire follows the recent launch of the Children Investment Fund (CIF) in Nigeria, a naira-denominated product designed to help families save for education, healthcare, and other milestones. United Capital Asset Management now oversees more than 1,000 billion naira ($630 million) in assets across 10 open-ended mutual funds.

This regional strategy underlines the group’s ambition to develop long-term investment offerings across West Africa, capitalizing on Abidjan’s growing status as a financial hub.