UBA Completes Rights Issue, Secures ₦157.84bn

United Bank for Africa (UBA) has successfully completed its rights issue, raising ₦157.84 billion after the offer was fully subscribed, the bank announced on Wednesday.

The exercise involved 3,156,869,665 ordinary shares at ₦50 each, offered on the basis of one new share for every thirteen existing shares held by shareholders on the register as of 16 July 2025.

At the close of the acceptance list on 19 September 2025, UBA received 6,404 applications for 4.13 billion shares valued at ₦206.74 billion. After scaling adjustments, the final allotment stood at 3.16 billion shares worth ₦157.84 billion, representing full subscription of the rights issue.

Of the applications received, 3.57 billion shares valued at ₦178.3 billion were valid, while 568.7 million shares valued at ₦28.43 billion were rejected. Full acceptances totalled 453.58 million shares, partial acceptances accounted for 135.27 million shares, and 190.93 million shares were partially renounced. A total of 2,568,006,215 shares were renounced and subsequently reallocated. Applications for additional shares reached 2.98 billion shares valued at ₦148.86 billion, with 2.57 billion shares worth ₦128.4 billion allotted after scaling down.

The Securities and Exchange Commission (SEC) has approved the basis of allotment. PAC Registrars and Investor Services Limited will credit the CSCS accounts of allottees by Friday, 16 January 2026, while surplus subscription funds will be returned by Tuesday, 13 January 2026. Shareholders without CSCS accounts will have shares credited using a Registrar Identification Number, in line with SEC’s dematerialisation guidelines.

The fully subscribed rights issue reflects strong investor confidence in UBA and provides additional capital to support the bank’s operations and growth initiatives across Africa.