The Nigerian Exchange (NGX) has officially admitted an additional 3,156,869,665 ordinary shares of United Bank for Africa Plc (UBA) arising from its rights issue on its Daily Official List.
This was conveyed in a listing letter addressed to UBA, dated 12 January 2026, and signed by the Head of the Issuer Regulation Department at NGX, Godstime Iwenkehai.
According to the letter, the newly admitted units are ordinary shares of 50 kobo each, priced at N50 per share, on the basis of one new ordinary share for every 13 shares held.
The admission follows the successful completion of UBA’s rights issue, through which the bank raised N178 billion, pushing its capital base above the N500 billion minimum required for Tier 1 banks.
The admission of these units has increased United Bank for Africa’s total shares on the Nigerian Exchange from 41,039,305,642 ordinary shares to 44,196,175,307 ordinary shares.
The rights issue, priced at N50 per share for 3,156,869,665 ordinary shares of 50 kobo each, was offered to shareholders on the register as of 16 July 2025. However, applications exceeded expectations, with a total of 4,134,747,690 shares requested.
From all the valid applications, United Bank for Africa raised N178.3 billion through the exercise.
Combined with an earlier raise in November 2024, which had increased its capital to around N355 billion, the bank’s total capital now exceeds the N500 billion minimum required for Tier One banks with international licenses.
UBA reported a profit after tax of N537.5 billion for the first nine months of 2025, representing a 2.33% year-on-year increase, supported by gross earnings of N2.5 trillion.
Interest income grew 10.1% year-on-year to N1.98 trillion, boosted by a 3.5% rise in loans and advances to N7.20 trillion. Investment securities also contributed significantly to the growth in interest income.
However, the bank faced challenges in non-interest income, which fell 28.8% year-on-year to N310.1 billion, primarily due to a sharp decline in trading and foreign exchange income.
On the balance sheet, total assets rose 8% to N32.49 trillion, customer deposits increased 8.7% to N23.80 trillion, and shareholders’ funds grew from N3.42 trillion to N4.30 trillion.
The listing and capital raise bring UBA in line with the CBN’s minimum capital requirements for international licenses.
This adds resources to support the bank’s operations across African markets, with the stock rising from N43 to N45.20 following the announcement of the rights issue completion on January 7, 2026.
UBA’s previous capital raise of N239 billion in November 2024 increased its base to N355.2 billion, while the latest raise takes it past the N500 billion mark.
The surge in applications reflects strong shareholder participation and continued market interest in the bank.
The surge in applications reflects strong shareholder participation and continued market interest in the bank.
According to the Register of Shareholders as of June 30, 2025:
Elumelu, as both a major shareholder and Chairman, plays a central role in shaping UBA’s strategy and regional expansion plans.