By Bassey Udo
After the successful completion of the second tranche of its Rights Issue, which was fully subscribed to the tune of about N157.84bn from its shareholders, United Bank for Africa (UBA) total share capital now exceeds the ₦500 billion minimum capital requirement prescribed by the Central Bank of Nigeria (CBN).
As at the 2025 half-year audited results, the Bank’s share capital and share premium stood at approximately ₦350 billion.
The allotment of the rights issue to shareholders approved by the Securities and Exchange Commission (SEC) affirms UBA’s strong balance sheet and its full compliance with applicable regulatory capital requirements.
The rights issue offered for subscription by its existing shareholders a total of 3,156,869,665 ordinary shares at N50 per share, on the basis of one new share for every 13 existing shares held by shareholders on the register as of July 16, 2025.
At the close of the acceptance list on September 19, 2025, UBA said it initially received 6,404 applications for 4.13bn shares valued at N206.74bn.
However, following scaling adjustments by shareholders, the final allotment amounted to 3.16bn shares valued at N157.84bn, representing 100 percent subscription of the rights issue.
Details of the subscriptions released by the Bank on Wednesday shows that 6,404 valid applications were received for 3.57bn shares valued at N178.3bn, while 568.7m shares valued at N28.43bn were declared invalid.
Shares that were fully accepted accounted for 453.58m, while partial acceptances totalled 135.27m shares, resulting in 190.93m shares partially renounced.
During the rights issue, a total of 2,568,006,215 shares were renounced and reallocated, while applications for additional shares amounted to 2.98bn shares valued at N148.86bn, out of which 2.57bn shares valued at N128.4bn were allotted, following a scale-down by one shareholder.
With the clearance already received from the capital market regulator, the Securities and Exchange Commission for the basis of allotment, the PAC Registrars and Investor Services Limited will proceed to credit the Central Securities Clearing System (CSCS) accounts of allottees by Friday, January 16, 2026, after returning surplus subscription monies by Tuesday, January 13, 2026.
Shareholders without CSCS accounts are expected to have shares credited using a Registrar Identification Number in line with SEC directives on dematerialisation of share certificates.
The Bank said the successful rights issue highlights strong investor confidence and provides additional capital to support the bank’s operations and expansion initiatives across Africa.
