NGX RegCo Approves Listing of UBA’s 3.16 Billion Shares

The Nigerian Exchange Regulation (NGX RegCo) has approved the admission of an additional 3.16 billion ordinary shares of United Bank for Africa Plc (UBA) to the Daily Official List of the bourse.

In a confirmatory letter dated 12 January, signed by Godstime Iwenkehai, Head of the Issuer Regulation Department at NGX, the listing followed the completion of the bank’s N157.83 billion rights issue.

The rights issue involved 3,156,869,665 ordinary shares of 50 kobo each, offered at N50 per share on the basis of one new share for every 13 held. With the listing, UBA’s total outstanding shares on NGX have increased from 41,039,305,642 to 44,196,175,307 ordinary shares of 50 kobo each.

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, welcomed the confirmation, noting that it demonstrates strong investor confidence in the bank’s capitalisation strategy and long-term prospects. “This successful listing highlights market trust in UBA’s financial strength, governance, and growth strategy. The additional capital will support our Pan-African and global expansion while enhancing our ability to deliver sustainable value to all stakeholders,” he said.

The rights issue also positions UBA above the Central Bank of Nigeria’s minimum capital requirement for banks with international operations, bringing its combined share capital and share premium comfortably above the regulatory threshold.

UBA remains one of Africa’s largest employers in the financial sector, with 25,000 employees serving over 45 million customers across 20 African countries, as well as in the United Kingdom, United States, France, and the United Arab Emirates.