United Bank for Africa (UBA) has successfully raised N178.3 billion through a rights issue, pushing its capital base above the N500 billion threshold required for Tier 1 banks with international licenses.
The bank confirmed the milestone following the conclusion of the rights offer in September 2025, marking a significant step toward compliance with the Central Bank of Nigeria’s recapitalization directive.
The latest capital raise builds on NUBA’s previous N239 billion rights issue in November 2024, which had lifted the bank’s capital base to N355.2 billion. With the additional N178 billion, UBA is now among the first banks to meet the new capital requirement ahead of the March 2026 deadline, positioning it for increased competitiveness and growth in both domestic and international markets.
UBA disclosed that it received 6,404 valid acceptances for 3,566,081,624 shares, valued at N178.3 billion. Of these, 6,399 were standard rights issue applications, while five were traded rights totaling 10,462 shares. Invalid applications amounted to 568,666,066 shares, valued at N28.43 billion, bringing the total share count—including valid and invalid applications—to 4,134,747,690 shares.
Full acceptances came from 6,293 submissions covering 453,578,211 shares, with partial acceptances totaling 106 applications for 135,274,777 shares. Traded rights accounted for five transactions during the acceptance period, totaling 10,462 shares worth N523,100. The rights issue was offered at N50 per share for 3,156,869,665 ordinary shares of 50 kobo each to shareholders registered as of 16 July 2025.
