United Capital, backed by Tony Elumelu, has won Ethiopia's first foreign investment-banking licence, a milestone as Addis Ababa opens its financial sector.
Ethiopia · Markets
Key Facts
—The first. United Capital is the first foreign firm to win an investment-banking licence in Ethiopia.
—The backer. The Nigerian group is linked to billionaire Tony Elumelu’s Heirs Holdings.
—The deal. Ethiopia’s Capital Market Authority approved it on June 8; the licence was issued on June 5.
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